Renovating your home can be a great way to increase its value. While the specific projects that yield the highest return on investment can vary depending on factors such as location and current market trends, here are some generally popular home renovation projects known to increase property value in Northbrook, Illinois in 2023:
- Kitchen Remodel: Upgrading your kitchen is often considered one of the most impactful renovations. Focus on improving the functionality, aesthetics, and quality of materials. Consider upgrading appliances, countertops, cabinets, and flooring. Some of my favorites include quartzite countertops and the Samsung Bespoke fridge.
- Bathroom Remodel: Similar to kitchens, updated bathrooms are highly desirable. Enhance fixtures, install energy-efficient features, improve storage, and update the overall look and feel.
- Adding an Additional Bathroom: If your home has only one bathroom, adding a second bathroom can significantly increase its appeal and value. Look for unused spaces like closets or underutilized areas to convert into a bathroom.
- Basement Remodel: Renovating your basement into a usable living space can add valuable square footage. Consider turning it into a family room, home office, or an additional bedroom.
- Outdoor Improvements: Enhancing your home’s curb appeal can make a significant difference. Focus on landscaping, exterior paint, roof repairs, and the condition of the driveway. Outdoor living spaces, such as patios or decks, can also increase value as well as a fenced yard.
- Energy-Efficient Upgrades: Installing energy-efficient features can attract buyers and lower utility costs. Consider upgrading windows, insulation, HVAC systems, and incorporating smart home technologies. Some of these improvements also have tax rebates-so check.
- Attic Conversion: This may not be for you, because not every house has this type of layout. The model that comes to mind is my recent Cape Cod sold home that had a perfect area to build out more living space. Transforming an underutilized attic into a livable space can increase your home’s value. Add insulation, proper flooring, and ensure compliance with building codes.
- Open Floor Plan: Removing walls to create an open concept living space can modernize your home and improve functionality. Consult with a professional to ensure the structural integrity of your home is maintained. Just imagine how your home will look with more natural light beaming through!
Remember, the return on investment can vary, so it’s essential to consider factors such as your budget, local market conditions, and the preferences of potential buyers in your area. Consulting with a real estate professional Caroline Gau, Baird & Warner or a home appraiser can provide valuable insights specific to your property and location. Keep in mind that styles change. We aren’t suggesting you do all these improvements in order to sell your home now. You will want to update your home for your own benefit, with an eye on resale value in the future. Ask me for trusted professionals for your projects.