Home remodels could be costly, so it’s always wise to keep an eye on ROI (return on investment). While some home improvement trends change from year to year, there are others that remain the same. Many remain popular because, in addition to improving a home, they also provide a great return on investment by increasing the value of a home. Let’s discuss 2023 home remodel trends with a high ROI.
Minor bathroom remodels net the highest ROI
Ask any friend or family member about what they would remodel given the chance, and we bet a bathroom remodel is high on most lists. A minor bathroom remodel focuses more on functionality. Trending are updated vanities and countertops, new flooring, updated lighting fixtures, and faucets.
Shower upgrades are quickly gaining in popularity, with many homeowners doing away with a bathtub/shower combination design. They are opting for large, luxurious walk-in showers instead. Bathroom trends include natural hues and lots of luxury. While a major bathroom remodel doesn’t bring as large a return as a minor remodel, it is still worth the money.
Investment in landscaping brings a big return
Improving your home’s curb appeal is never a bad decision. 2023 trends are including more simplistic landscaping design, using plants native to your area, and planting more trees on a property. Larger projects include the addition of garden ponds and outdoor smart technology.
Minor kitchen remodels are a wise investment
Minor remodels that don’t involve major structural changes can bring big returns. This might include new or updated cabinetry, new countertops, new lighting and fixtures, and new appliances. Simply replacing your old kitchen countertops can make a huge difference in the aesthetic of your space.
Similar to major bath remodels, major kitchen remodels don’t net as high a return as minor remodels, but they are still a great investment. Trends include the addition of a double sink, more counter space, a walk-in pantry, and elaborate kitchen islands.
Expanding living spaces
Many people have continued to work from home in 2023. This has led to a larger interest in renovating unused space in a home into a dedicated home office. Whether it be an attic, a basement, or another unused room, converting it to a home office can make for a more comfortable workspace. Converting that unused space to an extra bedroom can net you an even higher return. An unused space can also become a multifunctional room, designed to serve as an office, a quiet homework space, and a spare bedroom.
Deck/Patio/Porch additions
Renovations to outdoor areas of the home have been hugely popular for years. Homeowners are going all out with their deck, patio, and porch additions. We see patios that are outfitted with gourmet kitchens, outdoor hot tubs, and beautiful spaces for entertaining. These outdoor upgrades not only improve the value of a home but also improve the homeowner’s quality of life.
Energy-efficient upgrades
A focus on energy efficiency can bring a nice return on investment in the form of significant energy cost savings. This is evident in a continued trend to replace existing windows with more energy-efficient windows. With energy-efficient windows, your home’s energy consumption is reduced, so the benefit from window upgrades can be noticed almost immediately. A few of the trends in energy-efficient windows include tints, dual and triple panes, and thermal panes that deflect light.
Upgrading to smart appliances or programable or smart thermostats can save as well. It provides you with the convenience of cutting-edge home control technology right at your fingertips, enabling you to have stronger controls on your home energy use. Tankless water heaters are another rising trend. Tankless water heaters are more on-demand, heating water instantly. This eliminates the wasted energy of keeping a full tank of water heated when not in use.
Eco-friendly finishes are trending this year as well. This might include utilizing reclaimed wood or stone. Finally, solar panels are another trending energy-efficient upgrade that is a sound investment. They can either be installed at ground level or on a roof. There are often rebates available for homeowners who invest in solar panels.
Conclusion
Regardless of the 2023 home remodel trends with high ROI, it’s important to prioritize the home improvements that make the most sense for your family’s needs. Ultimately, your needs and comfort are what matter most. Guthrie Community Credit Union can make your home remodel dreams come true with our low rate no closing cost* home equity loans.
*Closing costs are waived unless the loan is discharged within 3 years of the origination date in which case you will be required to pay closing costs, which consist of the following: title search, flood determination, recording fees, and appraisal. Subject to membership, credit, and property approval. New York State mortgage taxes do apply. Some restrictions apply.