7 Upgrades to Help Increase Your Home’s Value
By Ring on May 29, 2024
From paint colors to kitchen configuration, there are probably a few things you’d like to change about your home. But some home improvement projects have a better return on investment than others. If you’re looking to sell, you should be strategic with your changes.
These seven home improvements can help add value to your home and give you an edge when it comes time to list.
Kitchen Renovation
Buyers will be picturing themselves cooking meals, hanging out with friends, and spending family time in your kitchen. That’s why kitchen remodels, from minor to major, can have a big impact on how you price your home.
The National Association of Realtors (NAR) estimates that kitchen upgrades can recoup 67% of what you spend, and a complete renovation can recoup 75%.1
It’s important to consider what buyers are looking for in your area and your home’s current value. If your kitchen is just a little outdated, upgrading the hardware and backsplash may be enough to attract buyers. Whatever option you choose, try to be as budget-savvy as possible to maximize those returns.
Energy-Efficient Enhancements
The more efficient your home is, the less you (and future buyers) will spend on energy bills. That’s why upgrades like insulation, new windows, and efficient systems are worth the splurge.
According to ENERGY STAR, studies show that energy-efficient homes sell faster and at higher prices than comparable homes — earning between a 2–8% premium.
Here’s how some popular improvements can impact your home’s value:
Exterior Improvements
Your home’s curb appeal and the appearance of your neighborhood can account for up to 7% of your selling price, according to a 2020 study. So if your home’s exterior doesn’t leave the best first impression, consider making a few changes.
Here are a few exterior home improvements that can add value to your home:
To make things easier for you (and future homeowners), you can also upgrade your landscaping with Ring solar-powered smart lighting.4 With a Ring Bridge, sold separately, you can control your Steplights, Pathlights, and Wall Lights5 from the Ring App.6 Plus, you’ll be adding another energy-efficient feature to your home, which can score you even more points when you sell. You’ll just need to work with the buyer to transfer ownership of your devices when they move in, which is as easy as uninstalling them from your Ring App.
Bathroom Remodel
If your kitchen is in good condition, your bathrooms are often the next best candidate for a remodel. Depending on your area and the current market, anything from a few cosmetic upgrades to a gut renovation can yield big results.
Bathroom renovations recover an estimated 71% of their value, according to the NAR.1 A new spa-like bathroom can also help you enjoy your home more while it’s still yours — and that feeling of relaxation is priceless.
Smart Home Technology
With smart home technology, you can say goodbye to minor inconveniences, like flipping light switches and fumbling with keys, so your home works harder for you.
While the exact value of smart home improvements will depend on your area and buyer, a Zillow study found that 42% of buyers view this technology as highly important.2 Plus, many smart devices are inexpensive, and you can often tackle installation without a contractor. Fully upgrading your house with smart home technology may cost several thousand dollars, depending on the devices you choose.
These upgrades may help to increase home value for smart-seeking buyers:
While you’re shopping for smart home tech, make sure it all integrates, so you and future owners can control everything from one place. Some of the top third-party smart devices work with Ring to enable easy controls and handy automations in the Ring App.
Basement or Attic Conversions
Every square foot in your home counts. So if there’s a way to make unfinished spaces liveable before you list, it can be well worth the money.
Converting your basement into living space has an estimated 86% return on investment, and refinishing your attic has an estimated 75%, according to the NAR.1 You’ll be able to factor extra square footage and additional bedrooms and bathrooms into your listing, which can generate more interest from potential buyers.
Outdoor Living Space Additions
When you can’t add any more living space inside, consider expanding your home into the great outdoors. While you won’t technically add any square footage, outdoor living areas can help attract buyers who like to grill, entertain, and relax in the sun.
According to estimates by the NAR, an outdoor kitchen can recover 100% of its cost, while a new patio or wooden deck can recover 95% and 89%, respectively. Spruce things up with a built-in firepit or pergola, and you’ll have a unique value-add when it’s time to sell your home.
Ready to make some simple yet high-impact changes to your home? Shop Ring lighting, video doorbells, and compatible smart devices to get started.
2 https://www.zillow.com/learn/best-home-improvements-to-increase-value/
4 Batteries not included. Ships to the US and Canada (excluding Quebec). Requires Ring Bridge for smart controls. Sold separately. One Ring Bridge supported per household.
5 Batteries not included. Ships to the US and Canada (excluding Quebec). Requires Ring Bridge for smart controls. Sold separately. One Ring Bridge supported per household.
6 One Ring Bridge supported per household. Supports approximately 50 Ring Smart Lighting devices, including Motion Sensors (dependent on usage and other factors).
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