Home improvement or renovation is the repairing, improving, or modernizing of the interior or exterior of a residential property. It includes any additions or structural changes to the home, such as kitchens and bathrooms, but does not include building a new structure on the property.
According to our research, homeowners are planning an array of projects this year. Whether it’s creating a home office or installing hardwood floors, the options are endless. But before you dive into your 2023 home improvements, it’s important to understand which upgrades will add the most value and are worth the investment.
The most common improvements involve addressing energy efficiency issues like caulking or weather stripping around doors and windows (44%), and updating HVAC systems (35%). Adding a smart thermostat (21%), renovating the kitchen (17%), and upgrading the bathroom (16%) are also high on the list of to-dos for homeowners.
While many of these projects will increase the comfort and utility of a home, some may not have a positive impact on its resale value. For example, a fully-equipped home recording studio might not appeal to potential buyers who have children or are looking for an affordable starter home. However, projects that improve a home’s curb appeal are a great way to boost its resale value.
For example, refinishing wood floors is one of the top 10 projects for homeowners in 2022 and has an average cost-to-value ratio of 87%. In fact, a full 100% of homeowners reported more joy in their home after refinishing their floors. Other projects that scored high on the happiness scale included painting a room, installing a new front door, and renovating a closet.
With a little bit of sweat equity and a DIY attitude, it is possible to add significant value to your home without going into debt or running out of money. These do-it-yourself (DIY) upgrades will make your house more comfortable and functional, while beautifying your space. Some ideas include spray painting light switch and outlet covers, re-grouting tile, or cleaning out the garage to organize clutter and tools.