The real estate market is expected to stabilize in 2023, making it a great time to think about selling your home. When selling your home, it’s important to consider what items you could upgrade to get a higher return on your investment. Certain home improvement projects may look nice but don’t necessarily improve your home sale value.
Let’s look at five of the top home improvement projects to consider for 2023:
Kitchen Remodel
As you may have heard, kitchens sell homes. Even a minor kitchen remodel (replacing appliances or refinishing cabinets) can go a long way; it takes less time and costs less money to complete. Minor kitchen remodels cost around $15,000 on average, with a 98.5% ROI.
Major kitchen remodeling is a complete overhaul of your current kitchen. Maybe you want to knock a wall out to make the kitchen more open or add more cabinet and counter space. Major kitchen remodels cost anywhere between $30,000-$40,000 on average, with a 91% ROI.
Bathroom Remodel
In addition to kitchens, bathrooms are another huge selling point for buyers. Minor bathroom remodels (replacing the showerhead or updating the vanity) cost around $10,000 on average, with a 102% ROI. If you upgrade one room in your home, the bathroom is a great option!
Like kitchens, major bathroom remodeling includes upgrading everything in your bathroom. This includes everything from floor to ceiling: shower, toilet, lighting, vanity, sink, etc. Major bathroom remodels cost anywhere from $26,000 to $30,000 on average, with a 93% ROI.
Basement Remodel
Consider a basement remodel if you’re looking to add additional square footage to your home. They’re more expensive than kitchen or bathroom remodeling, but can help you add more living space to your home that buyers might be looking for. Basement remodeling can cost around $51,000 on average, with a 90% ROI.
Landscaping
When buyers are browsing online for homes, one of the first pictures they see is of the front of the home. So spending some money on landscaping is a great way to boost your home’s curb appeal and make it inviting for buyers. Depending on the amount of landscaping you’re looking to do, landscaping can cost anywhere from $4,000 – $5,000, with a 100% ROI.
Outdoor Entertaining Space Addition
People love spending the warmer months outside, so adding a deck, patio, or porch is a great selling point. At the very least, buyers love having a deck or patio overlooking the backyard to entertain family and friends. On average, they cost around $11,000, with a 90.3% ROI.
If you want to complete some home improvement projects in 2023 to prepare your home for the market, consider these options and decide what’s best for you and your budget. If you need any other remodeling ideas or home improvement projects, please reach out to us! We would love to be a resource for you!
