When it comes to home improvements that add the most resale value, the kitchen is a great place to start. Investing in a 16-foot x 20-foot wooden deck with a railing system can increase function and stability, while replacing old lamps, countertops, cabinets, toilets, and floors can also boost appeal. Bathrooms come in second when it comes to return on investment. A full bathroom conversion or remodel in Minneapolis, for example, can make a few thousand dollars' difference in added resale value.
However, adding a bathroom or creating a master suite where one doesn't already exist can be expensive and won't necessarily add resale value. Data shows that adding a third bedroom can mean an average increase of 6.2% for a medium-sized home. Adding more usable space in the home is often a wise investment, especially for large families. Finishing an unfinished basement adds useful square footage that instantly increases the value of your home.
Smart home devices are becoming increasingly popular in the real estate world, helping to increase the value of homes and add new appeal to potential buyers. In southern markets such as Tampa, Jacksonville and Austin, the higher the value of the home, the more value a pool can add. Upgrading your kitchen with energy-saving stainless steel appliances, painting cabinets and installing new countertops are all valuable home improvements that can suit your budget and particular goals. If you already know the projects you want to do, you can use a home improvement calculator to get accurate estimates.
Value Report provides useful national data on which home improvements offer you the most bang for your buck.