7 Ways To Increase Your Home’s Value in 2024

Marje / Getty Images

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

If you’re looking for ways to boost your property’s value, there are steps you can take that could make a big difference. Whether you’re planning to sell your home soon or simply want to increase its market value, there are effective ways to achieve your goal. Here are seven ways to enhance your home’s value this year, along with the estimated return on investment.

1. Energy-Efficient Upgrades

Estimated return on investment: 8%

Energy efficiency is a practical way to add value to your home. By installing energy-efficient windows, adding solar panels, or switching to energy-saving appliances, you can significantly reduce your utility bills. These upgrades not only save money in the long run but also appeal to environmentally conscious buyers. A home with energy-efficient features can see an increase in its value by as much as 8%.

2. Smart Home Technology

Estimated return on investment: 5%

Smart home technology is becoming increasingly popular. Incorporating smart thermostats, security systems, and lighting can enhance the functionality and appeal of your home. These technologies not only make life easier but can also reduce home insurance premiums and utility costs. A smart home can potentially increase your property’s value by up to 5%.

3. Kitchen Remodel

Estimated return on investment: 42%

The kitchen is often considered the heart of the home, and a modern, updated kitchen can be a significant selling point. Opting for energy-efficient appliances, modern fixtures, and a fresh design can offer a return on investment of 42% according to Remodeling’s 2023 Cost vs. Value report. The upgrade can vary from minor changes to a complete overhaul, depending on your budget.

4. Bathroom Renovation

Estimated return on investment: 67%

Bathroom renovations can significantly enhance your home’s value. Updating fixtures, tiles, and lighting can transform an outdated bathroom. Adding water-efficient toilets and showers can also reduce water usage, appealing to environmentally conscious buyers.

5. Landscaping Improvements

Estimated return on investment: 20%

First impressions matter, and landscaping is often the first thing potential buyers see. Investing in your home’s curb appeal by maintaining a neat lawn, planting flowers, or adding a new walkway can increase your home’s value by up to 20%. Good landscaping not only adds appeal but also reduces maintenance costs.

6. Adding a Deck or Patio

Estimated return on investment: 50%

Outdoor living spaces have become essential, especially since the pandemic. Adding a deck or patio can extend your living space and offer a significant ROI of up to 50%. This addition provides a place for relaxation and entertainment, making it a desirable feature for potential buyers.

7. Attic or Basement Conversion

Estimated return on investment: 70%

Converting an attic or basement into a livable space like a bedroom or home office can significantly boost your home’s value. This renovation can increase your home’s square footage and functionality, offering an ROI of up to 70%. It’s a cost-effective way to add space without the expense of a full addition.

Bottom Line

Enhancing your home’s value involves a mix of modern upgrades, energy efficiency, and regular maintenance. By investing in these areas, you can not only enjoy a more comfortable and efficient living space but also see a significant increase in your property’s market value. The key to a successful upgrade is balancing cost with potential ROI, ensuring that your investments are both wise and profitable.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

Share This Article: