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Homes and Gardens

5 renovation projects that will add value to your home in 2024

This article outlines renovation projects that can increase a home's resale value in 2024, according to real estate experts. It emphasizes that while many buyers prefer updated, move-in-ready homes, not all renovations yield the same return on investment. The top recommendation is kitchen renovations, which can offer up to a 100% return on investment. Experts suggest focusing on high-quality materials, state-of-the-art appliances, and exquisite cabinetry. Even smaller updates, such as painting cabinets, swapping countertops, replacing hardware, or upgrading appliances, can significantly enhance appeal and value. Neglecting the kitchen can deter potential buyers. Outdoor living spaces are also highlighted as a high-demand renovation, potentially offering a 100% return. Buyers prioritize easy-to-maintain green spaces and paved patios or decks suitable for relaxation and cooking. The article advises against overly elaborate planting schemes, favoring low-maintenance designs. Finished basements present another opportunity to add value. Many buyers are unwilling to undertake basement renovations themselves, making a fully integrated basement — complete with electrical supply, finished flooring, lighting, and walls — a strong selling point. These spaces can serve as additional living areas, home offices, or playrooms. Luxury bathrooms are identified as a safe bet, with an average return on investment of around 70%, potentially reaching 100% for well-executed projects. The focus should be on lavish fixtures, elegant finishes, and meticulous attention to detail, while sticking to universally appealing materials and colors. Zillow data suggests a successful bathroom renovation can yield a $1.71 value increase for every $1 spent. For homes with already updated kitchens and bathrooms, smaller upgrades throughout the house can still add value. These include fresh interior paint in calming, modern colors and consistent flooring updates. These relatively inexpensive projects can significantly impact perceived value. The article also addresses common questions. Kitchens generally offer the highest value return, with an average 54% ROI in the US, but this can vary geographically. Bathroom renovations typically recoup over 70% of costs. Conversely, certain renovations may not add value or could even harm resale potential. These include highly specific customizations, such as unconventional paint colors, extravagant built-in features, or converting spare bedrooms into highly specialized spaces (e.g., theater rooms, home gyms), as these may not appeal to a broad range of buyers. Garage conversions are also advised against, as many buyers value garage functionality for parking and storage. Overly luxurious additions that exceed a neighborhood’s standard appeal are also unlikely to provide a significant return on investment. #HomeRenovation #KitchenRemodel #BathroomRenovation #OutdoorLivingSpaces #BasementFinishing #HomeValue #PropertyInvestment #RealEstateTrends #HomeImprovement #HomeRenovation #KitchenRemodel #BathroomRenovation #OutdoorLivingSpaces #BasementFinishing #HomeValue #PropertyInvestment #RealEstateTrends #HomeImprovement
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