Written by 10:30 am Real Estate Appraisals

5 Renovations That Boost Home Appraisals in 2024

Table of Contents

  1. Introduction
  2. 1. Kitchen Remodels
  3. 2. Bathroom Upgrades
  4. 3. Energy-Efficient Improvements
  5. 4. Curb Appeal Enhancements
  6. 5. Finished Basements
  7. Conclusion
  8. FAQs

Introduction

When it comes to selling your home, understanding what renovations can boost your appraisal value is crucial. In 2024, homeowners are looking to maximize their investments, and certain renovations can significantly enhance your property’s appeal to appraisers. This blog will explore five renovations that can yield the best returns. By the end, you’ll have a clear understanding of what to prioritize if you want to increase your home’s worth.


1. Kitchen Remodels

The kitchen is often referred to as the heart of the home, and that sentiment holds true when it comes to appraisals. A well-executed kitchen remodel can significantly increase your home’s value.

What to Consider

  • Modern Appliances: Upgrading to energy-efficient appliances not only enhances functionality but also attracts appraisers’ attention.
  • Countertops and Cabinets: Invest in high-quality materials like granite or quartz for countertops. New cabinetry, whether it’s a full replacement or refacing, can also make a big difference.
  • Open Concept Layout: If feasible, knocking down walls to create an open concept can make your kitchen feel larger and more inviting.

“According to the National Association of Realtors, homeowners can expect to recover about 80% of their kitchen renovation costs upon sale, making it a worthwhile investment.”

For more on current kitchen trends, check out the top 5 housing market predictions for 2024-2025.


2. Bathroom Upgrades

Bathrooms are another area that appraisers scrutinize closely. Upgrading your bathrooms can yield impressive returns.

Key Upgrades

  • Fixtures and Fittings: Replacing old fixtures with modern ones can instantly uplift the space.
  • Luxury Features: Consider adding a walk-in shower or a freestanding tub, which are highly desirable features in today’s market.
  • Tile and Flooring: Updated tilework or heated floors can also increase the overall comfort and appeal of the bathroom.

“Research indicates that homeowners can recover about 70% to 75% of their bathroom renovation costs. Make sure to keep your upgrades in line with the rest of your home to ensure cohesion.”


3. Energy-Efficient Improvements

In 2024, energy efficiency is more than just a trend; it’s a necessity. Sustainable home improvements can significantly boost your appraisal.

What to Implement

  • Solar Panels: These can greatly reduce energy costs and are a highly attractive feature for environmentally conscious buyers.
  • Insulation and Windows: Upgrading insulation and installing energy-efficient windows can improve overall home efficiency and comfort.
  • Smart Home Technology: Installing smart thermostats and energy-efficient appliances can also appeal to tech-savvy buyers.

“Energy-efficient homes often receive higher appraisals due to lower operating costs, making them more appealing on the market.”

To explore more about the economic factors shaping the real estate market in 2024, refer to top 5 economic factors shaping the 2024 real estate market.


4. Curb Appeal Enhancements

First impressions matter, and curb appeal can significantly influence an appraiser’s opinion of your home.

Enhancements to Consider

  • Landscaping: A well-maintained lawn, trees, and flower beds can enhance your home’s exterior.
  • Exterior Paint: A fresh coat of paint can rejuvenate your home’s look, especially if you choose neutral, trendy colors.
  • Entryway Improvements: Upgrading your front door or adding new fixtures can create a welcoming entry that appraisers will notice.

“According to HomeLight, improving curb appeal can yield a return on investment of 100% or more, making it one of the most effective renovations.”

For insights into seasonal real estate trends, check out our article on 2024 seasonal real estate trends: what to expect now.


5. Finished Basements

A finished basement can add significant square footage to your home and boost its value.

What to Focus On

  • Functional Spaces: Create a usable space, whether it’s a family room, home office, or guest suite.
  • Natural Light: Adding windows can make the basement feel more inviting and less claustrophobic.
  • Quality Materials: Use durable, water-resistant materials to ensure longevity and ease of maintenance.

“Many appraisers see a finished basement as an asset, potentially adding 10% to 20% to your home’s overall value.”

For more on understanding the appraisal process, visit our guide on understanding real estate appraisals: a beginner’s guide.


Conclusion

Investing in renovations can yield significant returns when it comes to home appraisals. By focusing on kitchen remodels, bathroom upgrades, energy-efficient improvements, curb appeal, and finished basements, you can create a home that not only meets your needs but also appeals to future buyers and appraisers alike.


FAQs

Q1: What is the best renovation for increasing home value?
A: Kitchen and bathroom renovations are typically the most effective for increasing home value.

Q2: How much should I spend on renovations before selling?
A: Aim to spend 5-15% of your home’s value on renovations to maximize returns.

Q3: Do all renovations increase home value?
A: Not all renovations yield high returns. Focus on updates that appeal to buyers and appraisers.

Q4: How long before selling should I start renovations?
A: Ideally, start renovations at least 6 months before listing your home to allow time for completion and to enjoy the upgrades.

Q5: Should I DIY or hire a contractor?
A: While DIY can save money, hiring a contractor often ensures higher quality work, which can positively impact appraisals.

“For more information on home renovations and their impact on appraisals, check out resources from the National Association of Realtors and HomeAdvisor. Happy renovating!”

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