Nearly half of all homeowners plan to make renovations this year, and of those, 41% are doing so to increase the value of their home. If you’re thinking of making updates, consider choosing from these seven suggestions which give you more return on your investment.
Upgrades That Boost Home Value:
1. Revamp the kitchen. Consider replacing old countertops with quartz or granite, adding a backsplash, updating appliances, and refacing cabinetry. These improvements can yield a 70% to 80% return on your investment.
2. Renovate bathrooms. Think about incorporating the latest trends like luxurious finishes and spa-like walk-in showers. Smaller updates include replacing faucet fixtures, retiling the shower, or upgrading lighting.
3. Update flooring. Replace old carpeting or tile with hardwood, engineered wood, or luxury vinyl planks. Look for durable, low-maintenance options in neutral tones that will hold their value for several years.
4. Add outdoor amenities. Extend living space by adding an outdoor patio or deck. Other popular amenities include built-in grills, fire pits, pergolas, or an outdoor kitchen.
5. Get smart technology. Incorporate smart technology throughout your home with options like tech-advanced thermostats, lighting, video doorbells, and security systems. These devices provide comfort and peace of mind and can easily be controlled remotely.
6. Invest in energy efficiency. Update appliances like refrigerators, washers, and HVAC systems to meet Energy Star® standards. Or improve insulation, add solar panels, or replace old drafty windows.
7. Modernize lighting. Replace outdated fixtures with recessed lighting, dimmers on switches, pendant lights, and wall sconces. And consider installing a high-quality fixture above your island or in your main living room.
Making improvements not only enhances the enjoyment of your living space, but it may also increase the value of your home. If you make upgrades, contact a Westwood agent to review your home insurance policy and ensure you have adequate coverage.
Please Note: This article is for general informational and educational purposes only. It does not represent any specific insurance policy and does not modify any provisions, limitations, or exclusions of any current policy.
