The Best Home Improvement Projects To Add Value To Your Home In 2022

Dated: April 21 2022

Views: 42

Best Home Improvement Projects 2022

By O’Brien Realty 

 

The top 10 projects that can bring up to a 147% cost recovery rate! But no, surprisingly just installing marble countertops, a pool, or stainless-steel appliances did not make the list!

 

Spring is certainly a time for new beginnings, and what better way to celebrate than by beginning a new home improvement project that will make your home better and add more resale value! The 2022 remodeling impact report from the National Association of Realtors® surveyed 6,200 responses between August-February and identified a number of interior projects that brought both renovator satisfaction and cost recovery. To determine the project’s value, they compared estimated costs of the project to the likely dollar values it added to the home’s resale value. So, the higher cost recovery percentage, the more value the project adds to the home! 

 

Between new additions, conversions, renovations and upgrades, there is a lot that you can do to improve your home, and bring the best return on your investment. So here are the top 10 interior projects that will add the most value to your home! Starting at #10… 

 

Additions- (#10 A New Bedroom, #9 A New Bathroom)

Add a new room and value to your home! I am sure you guessed that adding an additional room to your home would increase it’s value, but it turns out the expensive project doesn’t add the best resale value. Adding a new bedroom came with the lowest cost return percentage at 56%, and a new bathroom will give you around 63%. But hey, if you need the extra space it is definitely worth it, but there are some more cost (and space) effective options higher up on the list.

 

Renovations- (#8 Kitchen Upgrade, #7 Bathroom, #6 Complete Kitchen, #4 Closet)

Renovation projects certainly add some great resale value to your home. Potential buyers love walking through and seeing that you cared for and upgraded your home. (Which means less work for them, and a bigger sale for you!) However, some projects get you more of your money back than others. Renovating your bathroom can bring 71% of your costs back and a complete kitchen remodel only passes it by a thin margin of 4%. (75% cost return) Although, that is way higher than just a kitchen upgrade which will give you a 67% cost return. Surprisingly, the best renovation you can make to your home is your closet! These changes will give back 83% of your costs!

 

Living Area Conversions- (#5 Attic, #3 Basement) 

So how can you get the additional space you need without the high costs for additions?- Conversions! Converting your attic or basement into living areas can give you that extra room and additional resale value for your home. If you convert your attic, you can see 75% of your costs back. But if you choose to convert the basement, the benefits jump up to 86% of your conversion costs back as home resale value! Not bad for a change of space!

 

Upgrade- (#2 Insulation)

More value, less costs, and less stress- What could be better?! Upgrading parts of your home helps you avoid the expensive costs that can come with remodels and additions, but still adds some great value to your home! According to the survey, when you upgrade your insulation, it improves your home and you add a great amount of resale value. In fact, the survey found you could see 100% of the costs that you invested returned to you in home resale value! That’s guaranteed value added right back in! 

 

The Number One Project Is…

This one might surprise you! With an astounding 147% return of your costs, the best home improvement project you can do is refinish your hardwood floors! New isn’t always better, and that is definitely reflected in this project as completely replacing your hardwood floors would only yield about 118% of your costs returned. Although 118% is guaranteed your costs back, and a significant bonus increase in home value, it just can’t beat the 147% jump in value that simply refinishing them would bring. So if you are looking to improve your home and increase your home’s value, start with your floors!

 

Top 10 Interior Home Improvement Projects Survey ResultsNow do you have some new spring projects to work on? It is important to remember that consistently investing in your home doesn’t just make it a better place to live, it also guarantees that when you sell your home, you get the best price. Whether you are ready to sell now, starting to consider it, or are just curious, the best place to start is right here! Simply enter your home address below, and we will give you a FREE Instant Home Valuation Report! The best time to sell is NOW! With historically low interest rates, record high home sales and a competitive home demand we can get you the best return on your investment! Don’t wait too long, these market conditions won’t stick around forever, and the interest rates are already starting to change. So get started with an O'Brien Agent today!

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