Home prices remain at an all-time high. But many homeowners looking to sell still want their property to stand out from the competition. Thankfully, home renovation projects are ideal for ensuring a sale and maximizing return on investment (ROI), especially for older homes.
The National Association of Realtors researched the topic and released a Remodeling Impact Report in 2022. However, this report primarily focused on the direct correlation between a project’s cost and its return on investment, meaning changes like installing hardwood floors and upgrading the insulation provided the greatest value on paper.
While these figures may make the most mathematical sense, most realtors and buyers will tell you visual appeal significantly impacts a person’s decision to buy a home. Therefore, it’s worthwhile to make changes and enhancements to parts of the house everyone will see if you’re remodeling for the sole purpose of selling your home.
According to Anne Capozzi, one of the founders and co-owners of the leading Cleveland firm Capozzi Design Build, kitchen remodels typically provide the highest ROI and make the most significant visual impact within the home.
“Remodeling your kitchen can maintain the character of the space but make it feel like a 2024 home. A remodeled kitchen with upgrades to the attached living space can help your home stand up against new construction, especially as remodel projects often use higher quality materials than current new homes use.”
Capozzi said the best kitchen remodels often spill into attached living spaces, such as family rooms. These overhauls to attached living spaces are necessary because they sell your home as a cohesive, move-in-ready space with the work “already done” for the buyer.
New flooring and insulation are worthwhile upgrades to any existing home, but our expert’s insights show kitchen remodels are the best investment whether you plan to sell your home soon or in several years. So, if you are looking for your next place to invest money into your home, upgrading the kitchen and any attached living spaces is often the most lucrative choice.