Remodeling Projects that are Worth the Money for 2023
Are you thinking of doing a home remodeling project in 2023? The idea of home improvement is good; however, you shouldn’t carry out remodelling blindly. Since the main focus is on boosting the overall value of your home, you should look into the current home improvement trends in your locality. Also, many homeowners compare the cost and value of home remodelling to ensure they get the most bang for their buck.
About Cost vs Value
The cost vs value concept ensures a balance between an item’s cost and its benefit in the long run. Regardless of the cost of an item, if it has minimal overall value, the cost cannot be justified. The remodelling project cost is high; however, some projects have low value. A suitable example is garage conversion; it is costly because of the flooring, electrical, lighting, and insulation. However, it has a low overall value.
When carrying out home improvement, some of the local trends you should consider based on ROI (return on investment) include:
• Garage door replacement
• Minor kitchen remodel
• Grand Entrance (fiberglass)
• Roofing replacement (steel)
• Universal design bathroom
• Bathroom remodel (upscale)
If you’re looking to really boost the value of your home, Newlin-Miller believes you should consider the following remodeling projects:
1. Upgrading the Appliances
If the appliances in your house don’t match, you should order new ones. Such upgrades will ensure the kitchen has a more cohesive appearance without spending significant money on remodeling. As you replace the appliances in your house, purchase energy-efficient models since they’re more environmentally friendly.
2. Remodel Your Kitchen
Updating the kitchen guarantees value for money. Why? When you list your house for sale on the market, prospective clients will be more interested in a home with an updated modern kitchen. When remodeling your kitchen, avoid going overboard. You should start with small renovations. For instance, instead of replacing the kitchen cabinets, you can paint them or replace outdated light fixtures and opt for energy-efficient options. Such updates may appear minor; however, the overall appearance of your kitchen will improve significantly.
3. Improve Energy Efficiency
If your house isn’t well insulated, the home inspector will note that down. Why does insulation matter? Lack of proper insulation leads to higher energy consumption. You can start by ensuring the attic is well-insulated. If there are cracks around the windows or doors, they should be sealed.
Does your house have single-pane and drafty windows? Then you’ll have a hard time attracting buyers. A buyer expects to purchase a home with windows that are in good condition. Although replacing the windows won’t raise the buying price, failing to replace them can lower the value of your home.
4. Remodel the Basement
Adding space to your home may end up costing more than expected. Fortunately, spaces such as the basement or attic can be renovated. For instance, the basement can be turned into a workout area. On the other hand, the attic can be turned into a bedroom or family room. If the rooms are versatile, you can easily attract potential buyers.
5. Boosting the Curb Appeal
The first impression matters. To enhance your home’s curb appeal, make sure to trim your shrubs, clean out flower beds and clear off driveways and walkways. Pressure wash the exterior and touch up any worn-out areas with a fresh coat of paint.
You can also install a new front door. The main focus is on improving the appearance of your home. At all costs…..avoid going overboard.
Which one should you opt for between a large and small remodel project? As per the cost vs value report, a large remodel project is costly; however, the overall value can be big. On the other hand, a smaller remodel project won’t cost as much, and, the overall value is slightly more significant compared to a larger renovation project.
What are your remodelling projects in 2023?
Until next time!
Thank you for this informative article. One area I’ve found to be a worthwhile investment is home automation. Adding smart technology, like a programmable thermostat, smart lighting, and a home security system, can not only enhance convenience and security but also boost your home’s appeal to potential buyers. It’s a modern touch that aligns with the tech-savvy trends of today’s homeowners, making it a valuable consideration for those looking to remodel in the coming year.
And what do you think about solar panel installation?
Yes, solar panel installation is an investment upfront, but you can potentially save up to £480 per year on your utility bills, which will turn into significant savings in the long run. Plus, government solar incentives have quite favorable terms for 2023.
Great and valuable tips, thank you!
Upgrading the appliances might be a wise solution, especially when to comes to heating and cooling systems – they consume more energy than others.
When choosing a new heating or cooling system for your home, look into appliances with an Energy Star label or a high SEER rating — these ones are more energy-efficient. Also, please remember to check the new SEER regulations for 2023. These changes are legally effective from January 1 this year.
Let me add one more thing related to home insulation. If you have a central air conditioning system, remember to inspect your ductwork for leaks and eliminate them when needed. Leaky ducts can cause a decline of up to 40% in your home’s heating and cooling efficiency, which means reducing your home’s energy efficiency.
The average cost of duct insulation is between $1.00 and $6.00 per square foot.
Yeah, a proper home insulation works wonders.
By the way, if you get your hot water from a hot water storage tank, you also need to insulate it for winter. Insulation with an R-value of at least 24 is preferable. This could reduce heat loss by up to 45% and save you around 10% in water heating costs.
Interesting list of most cost effective areas to renovate or remodel. Not sure what the fiberglass entryway would be. We really don’t have an entry at all. We have a small porch, not even porch but tiled area outside of the front door and a very small area right inside the door before you walk into the living room. At the time, I thought it was a good use of space because we didn’t have a grand entrance that really can’t be used for anything. But wish now we had a little more separation from the front door and the house. We have just finished a flooring project and I would like to replace our carpeting in all the bedrooms next. But we’ll see. Probably not wise to jump into anything until this economy settles down.