Best indoor home improvements to increase ROI
Your home should be a place that you enjoy. Since we spend the majority of our time inside, our homes should be functional and pleasing to the eye. Fixr Remodeling Specialist Cristina Miguélez says “it’s the small, cosmetic updates that add the most value” over major projects. Check out some of the most valuable indoor home improvements below!
Before you get started on your project, remember to consider the risks when choosing whether to DIY or hire professionals. Gian Moore, a DIY expert at Mellow Pine, states that “home improvement projects involving gas or electricity are not to be DIY'd unless you're skilled in that kind of work.” Moore states that it can be an issue of “safety and [a] danger to everyone in your home, and [there may be] lack of insurance when a claim is necessary.”
1. Do a minor kitchen remodel
Minor kitchen remodels have the best added value of any indoor home improvement project. On average, when U.S. homeowners go to sell, about 78% of what is spent on a minor to mid-range kitchen update is recouped in value. A good budget for something small-scale like upgrading cabinetry, painting or adding a tile backsplash is between $10,000-15,000. For a mid-range project like replacing flooring and countertops, allocate $15,000-25,000.
Pro tip: For minor kitchen remodel inspiration, check out Netflix star Bobby Berk’s advice for updating kitchen cabinetry!
2. Install energy efficient features
Having an energy-efficient household can do wonders for your comfort, your wallet and the environment. Thermal comfort, or the comfortability of the temperature inside, is closely tied to energy consumption. By refitting your home with energy efficient windows, you can save 17.4% on energy consumption, and you can save 10% on consumption using more efficient insulation. Energy efficiency adds value by regulating thermal comfort in your home, reducing your carbon footprint and saving you money on utility costs.
3. Update a bathroom
Remodeling an existing minor bathroom is another indoor improvement that retains good value. With an average 64% of the cost recouped, you can choose to update fixtures on your sink and shower, add wallpaper or redo the floor. The key is knowing you don’t have to start from scratch and that you should choose where to spend on your bathroom wisely.
Pro tip: Once you have updated your bathroom, add value to your life by organizing what’s inside like Clea and Joanna of The Home Edit.
4. Finish a bonus room
If you already have an existing bonus room, improving it for added functionality adds value and appeal. Jody E. Peters of The Riverside Realty Group says finishing the room with “neutral colors, understated light fixtures and limited built-ins make [bonus] spaces appealing to anyone and everyone.”
Nice finishes help prospective buyers see the room’s potential for whatever they need, like a playroom, office or media space. Depending on location and market, bonus rooms can add anywhere from $10,000 to $30,000 to the value of your home.