HVAC heating and cooling systems · 2.When planning your next renovation project, it's more important than ever to know which improvements increase the value of your home. In 2024, the world looks very different than it did a couple of years ago, and our homes have been at the center of massive changes and reevaluations. Using extensive surveys of HomeLight agents, data from experts from the National Association of Home Builders (NAHB), and the practical experience of first-tier agents, such as Gina Baum, from Northern Maryland, we've put together this list of 25 home improvement recommendations so you can make better decisions about where to invest your money. The Federal Reserve remains cautious when weighing rate adjustments due to high inflation.
Annual inflation of 3.0% starting in June 2024 is making everything more expensive, including the cost of installing new floors or renovating an outdated bathroom. But that doesn't mean you should stop investing in your home. According to a survey of real estate professionals conducted by Remodeling magazine, the average cost recovered in 23 popular remodeling projects in 2024 shows an increase compared to last year. You don't have to repaint your entire house to make it look new again, especially if you have a tight budget.
Touch up chipped or chipped paint, or paint the front door and trim with colors that don't make them look dated. In 2024, blues and earth tones are all the rage. A deck or patio is a common living room staple in the backyard of a home. It's a place to dine, drink, entertain, or work outside for a few hours. According to the NAHB, it's even the main feature homebuyers want in 2024, along with a laundry room.
If your home is 10 to 15 years old, some expensive items that buyers may have to repair or replace in the coming years may cause them to look elsewhere. Make some repairs now to help you get the most cost-effective price. Toilet technology has improved since 1994, when federal law restricted toilet tanks to 1.6 gallons per flush (GPF). You're likely to recover between 65 and 75% of window replacement costs when you resell.
According to the NAHB, a laundry room is still one of the main features that shoppers want (with 86%). One of the most affordable yet effective ways to add value to your home is to simply clean and tidy it up. A clean home looks good and allows prospective buyers to see themselves living in their space. Surface changes may have a greater impact on buyers than more intensive renovations.
Many real estate agents are excited about the difference a new coat of paint can make, especially given the low cost of this improvement. In many cases, remodeling a kitchen or bathroom can offer a return on investment of 100 percent or more, and that number could be even higher depending on the finishes you choose, the amount of labor you're willing to do yourself, and the amount of improvements these changes entail compared to the current state of your home.
