Would Home Remodeling Raise Its Value?

The 2023 Cost vs. Value Report by Remodeling by JLC, released in April, compares the average cost of 23 remodeling projects in 150 markets throughout the U.S., with three offering a high return on investment. While not all home improvements yield a high return on investment, a handful of high-quality, functional, and cohesive home improvements can increase buyer interest and resale value.

The report analyzed the top five home improvements that can increase property value: adding a pool, finishing a basement, and adding a home office. These upgrades aren’t just for sellers; some will quickly increase your home’s value while others will give you a great return on the original renovation cost over time.

Creating an addition is a great way to add major value to your home and increase square footage as your family grows. Maximizing your investment by selecting the right renovations before listing your home can attract more interest, speed up the sale, and net a higher price.

Renovations made with shoddy materials and poor workmanship may be detrimental to the house’s value, but if planned and executed well, making home improvements can increase the value of your house through curb appeal and a higher list price. Curb appeal can attract buyers.

Remodeling and renovating can make your home more enjoyable and increase its value along the way. However, not all renovations offer high returns on investment (ROI). Electric HVAC conversions, garage door replacements, manufactured stone veneers, and steel entry can boost the return on investment (ROI) of a house.

Big ticket items like a kitchen remodel are going to add the most value but have lower returns per dollar spent, if that makes sense. Not every renovation project will increase your home value, but keeping pace with what buyers want can help increase your resale value.

What is the least desirable style house?

American Home Shield’s new report reveals the most and least admired home styles in the US based on median daily listing views. The report analyzed Zillow listings across the US to identify the most popular and least admired home styles, based on a list of 65 architectural styles. The top 10 least desired home styles include shipping containers, tidewater, tiny houses, Beauties arts, Art deco, New traditional, Federal, and Art moderne. Staying updated on real estate trends is crucial for agents to cater to clients’ preferences and stay ahead of the latest trends.

Does a new staircase add value?

Staircase renovation can significantly enhance the value of a home and improve safety. It can be done in various ways, such as replacing handrails, newel posts, and spindles with materials like glass, oak, or steel. This is a manageable and less expensive project.

If old stairs aren’t worth saving, consider installing a new staircase. Companies like Hampshire Staircase Refurbishment offer custom-made staircases tailored to your taste and style. This will increase the value of your home and make it more attractive to potential buyers. Upgrading to a bespoke staircase not only adds value but also provides peace of mind regarding safety and reliability.

Staircases are a crucial part of a home, and worn-out ones can become dangerous, potentially causing future buyers to avoid your property. A staircase refurbishment or installation can improve safety and provide peace of mind for both you and future buyers.

What style of house is easiest to sell?

Mid Century, Farm Style, and Craftsman Style homes are popular styles that sell quickly due to their timeless appeal and desirable features. These homes are typically smaller, more affordable properties, ideal for first-time buyers or individuals looking to downsize. They typically feature two to three bedrooms and one or two bathrooms, and are popular among young professionals, newlyweds, and small families.

To ensure a quick sale of your starter home, focus on modernizing and staging it attractively, as minor repairs and updates can make the property more appealing to potential buyers. Understanding these property types can provide valuable insights for sellers and buyers interested in what’s in demand.

What is the most expensive part of remodeling a house?

The kitchen, bathroom, basement, and other entertainment areas are the most expensive parts of a home remodel. These areas can transform a living space into a more functional and aesthetically pleasing environment, but they also require significant financial investment. Understanding which parts of a remodel are the most expensive can help homeowners plan and budget more effectively. Structural changes and repairs, particularly those involving the foundation, are one of the most costly aspects of a remodel. Repairing or reinforcing a foundation and removing or altering load-bearing walls requires professional expertise and can significantly increase costs.

What adds $100,000 to your house?

Finishing your basement can increase living space and make your home more appealing to potential buyers. Consider adding a family room, additional bedroom, or home theatre to make the most of the space. Update your landscaping with a well-manicured lawn and beautiful plants to add curb appeal and value. Add a deck or patio for outdoor living space, perfect for entertaining guests or relaxing during warm months. Install energy-efficient upgrades like solar panels or a new HVAC system to reduce energy costs and increase the value of your home.

What decreases property value the most?

Property value can be lowered by various factors, including neglected maintenance, sloppy home improvement projects, outdated kitchens and bathrooms, damaged roofs, mold or mildew damage, asbestos, smoking, and other out-of-control factors. Neglectful maintenance, outdated kitchens, and patchy projects can lead to lower property values. Other factors include messy neighbors, foreclosures, power lines, natural disasters, local real estate market, and the overall economy. To improve property value, it is essential to identify which factors can be addressed and which cannot. By addressing these factors, homeowners can potentially increase their home’s value.

Which exterior renovation adds the most value to a house?

The most beneficial exterior renovations for a residential property include the replacement of the roof, the installation of new windows manufactured from vinyl, the addition of a new garage door, and the application of new vinyl siding.

What is the value after renovation?

After-Repair Value (ARV) is the estimated value of a property after completed renovations, not in its current condition. It is commonly used by house flippers to gauge the worth of a fixer-upper property, including its potential for purchase and resold after repairs. The basic formula for calculating ARV is: Current Value + Value of Renovations = ARV. For example, if a home is worth $150, 000 and the estimated value of renovations is $30, 000, the ARV would be $180, 000.

What style of home has the highest resale value?

Colonial-style homes are timeless and symmetrical, with a rectangular shape and prominent front door. They are popular due to their historical charm and practical layouts, making them a top choice in real estate markets. Craftsman-style bungalows are charming and cozy, featuring exposed rafters, detailed woodwork, and front porches. They are known for their attention to craftsmanship and architectural details, making them a safe bet for good resale value. Cape Cod-style homes, with steeply pitched roofs, symmetrical facades, and dormer windows, are simple yet elegant, appealing to a wide range of buyers and resulting in strong resale values.