Estimated read time: 3-4 minutes
Home improvement projects not only make your living space more enjoyable but can also significantly increase the value of your home. With Utah's competitive real estate market, smart upgrades can give you the advantage when it's time to sell. While some renovations boost your home's worth, others may not provide a strong return on investment. So, how do you know which projects are worth the effort? Here is a look at upgrades that can increase your home's value.
Update the kitchen
A modern kitchen is a major selling point for many homebuyers. According to Remodeling magazine's 2024 Cost vs. Value report, a major kitchen remodel in Utah typically recoups about 50% of the investment, depending on the scope of the project. By comparison, a minor kitchen remodel will recoup up to 96% of your expense. Swapping out old faucets, adding new hardware, or installing new lighting can transform your kitchen without spending too much money.
With rising energy costs, energy efficiency appliances can also add value to the kitchen and/or laundry room. ENERGY STAR certified models can make your home more attractive while lowering utility costs. Utah homeowners may also qualify for local rebates, like those through Rocky Mountain Power or Dominion Energy, which incentivize energy-efficient upgrades.
Freshen up the bathrooms
According to the Cost vs. Value report, a bathroom remodel in Utah recoups about 73% of the investment. Simple updates such as a fresh coat of paint, re-grouting the shower, or installing new mirrors and light fixtures can go a long way in enhancing the value of your home.
Finish the basement
Utah homes often have unfinished basements, offering a unique opportunity to increase livable space. Converting a basement into a family room, home office, and/or bedrooms can attract a wider range of buyers. According to the National Association of REALTORS, a basement conversion recoups about 86% of its cost.
Create an outdoor living space
With our state's scenic beauty and emphasis on outdoor recreation, adding an outdoor living space to your home for barbeques, family reunions, and other social gatherings can be a significant selling point. Per the Cost vs. Value report, building a deck or patio can yield a return of up to 70% in our state.
Boost curb appeal
First impressions matter when it comes to selling your home. As stated in a recent article on Bankrate.com, curb appeal can account for up to 7 percent of a home's value. Smaller projects such as repainting the front door, refreshing the landscaping, and upgrading the mailbox can have a big impact towards making your home more attractive.
Conclusion
When renovating your home, focus on projects that offer broad appeal. Your home should reflect your needs and tastes, but thoughtful upgrades will ensure you get the most out of your investment when it comes time to sell.
Finance your home improvement projects
Need financial assistance with your home improvement projects? Goldenwest Credit Union offers competitive home equity lines of credit with flexible terms to help you achieve your renovation goals. With an introductory fixed rate of 4.99% Annual Percentage Rate (APR) for the first six months and no closing costs, your home improvement projects will be more affordable than ever! Visit the Goldenwest Credit Union website or stop by any branch to speak with a lending expert today to get started. They'll take care of you!
