Major Home Upgrades with the Highest Return on Investment in 2024


If you’re considering a major home upgrade, one of your top priorities is likely to be how much value your project will add to your home. Whether you’re planning to sell in the near future or simply want to enjoy the long-term benefits of improving your living space, it’s essential to focus on updates that provide the highest return on investment (ROI). Below are some of the best 2024 upgrades that are sure to boost your home’s value.

home interior
Note: “TCB Case in Point” are examples of Thomas Custom Builders projects which add value.

Kitchen Remodels

The kitchen remains the heart of the home, and a well-executed kitchen remodel is often the key to attracting potential buyers and securing a high ROI. Whether you’re modernizing appliances, updating cabinets, or enhancing countertops, these improvements can have a major impact.

In 2024, kitchens continue to deliver an impressive ROI, particularly if you opt for energy-efficient appliances and timeless designs.

TCB Case in Point: We recently completed a custom home build in Purcellville. Our homeowners opted for comfortable, environmentally friendly, and easy to maintain features in their kitchen, as well as throughout the entire home. This is sure to appeal to future buyers, should they ever decide to sell.

Bathroom Renovations

Bathrooms are another crucial area to invest in if you want a solid return on your renovation budget. Simple upgrades like new fixtures, fresh paint, or updated tiles can make a huge difference. More extensive changes, such as adding an extra bathroom or expanding an existing one, are also likely to attract buyers. In particular, luxury features like walk-in showers, upgraded vanities, and modern finishes can give your home a competitive edge in today’s market.

TCB Case in Point: Over a 5-year period, our homeowners in Clifton renovated their existing 3 bathrooms and added a 4th. (They also updated the kitchen, and finished their basement).  They sold their home in May 2024 for almost twice the price they paid in August 2017.

 

Garage Additions

Adding a garage not only enhances curb appeal but also offers practical benefits for homeowners, such as increased storage and secure parking. In 2024, a well-planned garage addition remains a renovation project with one of the highest ROIs. Buyers appreciate the convenience and utility of a dedicated garage, and this addition can lead to higher offers and shorter market times when it comes to selling your home.

TCB Case in Point: Our homeowners in Woodbridge recouped all of their renovation expenses when they sold their home in April 2024. Over the years we designed and constructed an incredible 3-car garage and breeze-way. We also renovated their kitchen and mudroom and built a beautiful backyard gazebo, demonstrating how a well-planned renovation can fully pay off when it’s time to sell.

garage

Deck Additions and Outdoor Spaces

Outdoor spaces are increasingly important to homeowners, and adding a deck or enhancing your existing outdoor areas can greatly improve your home’s appeal. In 2024, outdoor living spaces continue to be a sought-after feature for buyers, especially those looking for entertainment areas or a tranquil spot to relax. Whether you choose to add a wood or composite deck, enhancing your outdoor living area can provide both immediate enjoyment and long-term value.

TCB Case in Point: Our homeowners in Falls Church recently sold their home for over the asking price. In addition to renovating their outdoor space, we also remodeled their kitchen, bathrooms, and basement over the last 8 years.

Curb Appeal Improvements

First impressions matter, which is why curb appeal improvements are a consistent winner for ROI. Landscaping, exterior painting, and upgrading your front door are all simple ways to boost your home’s exterior attractiveness and draw in potential buyers. Small changes like maintaining a well-manicured lawn or installing new lighting can have a big impact and generate strong returns without the need for a huge investment. Additionally, CNBC highlights that other curb appeal projects like upgrading walkways, adding stone veneer to the exterior, and installing modern front doors are among the best ways to increase your home’s value.

Attic and Basement Conversions

Adding usable space to your home is a great way to increase its value, and attic or basement conversions are prime candidates for this. By transforming these underutilized spaces into livable areas, such as an extra bedroom, office, or entertainment room, you can significantly boost your home’s functionality and market value. Attic and basement conversions are expected to continue delivering a high ROI in 2024, as more buyers seek multi-functional spaces.

TCB Case in Point: Our homeowners in Oakton added over 2,000 square feet of finished space with a basement remodel we completed back in 2007. We also built a 500 square feet all-season addition, new deck and remodeled the kitchen. Based on the comparable homes that have sold in this neighborhood in 2024, this home is sure to see a substantial return on investment.

Energy-Efficient Upgrades

Energy efficiency is a growing priority for homebuyers, and making energy-efficient upgrades can significantly enhance your home’s value. Adding features like energy-efficient windows, new insulation, and smart thermostats can help you save on energy bills while also attracting eco-conscious buyers. Solar panel installations, in particular, are gaining traction as a valuable addition that can provide long-term energy savings and increase your home’s marketability.

Conclusion 

When considering major renovations, it’s always smart to evaluate not only how much you plan to invest but also how those changes will align with market trends and buyer preferences. Choosing renovations that provide a high return on investment can make all the difference, ensuring you enjoy your home’s upgrades while also making it a more attractive property when it’s time to sell. Thomas Custom Builders has extensive experience in delivering high-ROI renovations, ensuring homeowners get the most value out of their investments.


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