Key Takeaways
- Boost property value through curb appeal, focal room upgrades, and energy efficiency.
- Functional spaces like basements and patios yield high ROI for home investments.
- Low-maintenance landscaping and routine maintenance enhance home desirability and value.
- Strategic, buyer-focused renovations maximize resale value while minimizing unnecessary costs.
As a busy physician, any property investments you make must be both impactful and relatively practical to fit into your demanding schedule and unique lifestyle needs.
Below, weโll share several insights on strategic, manageable ways to boost your propertyโs value.
Whether youโre considering a future sale, building equity for financial stability, or simply looking to improve your living environment, these upgrades are designed to be high-yield and low-maintenance, taking your specific situation into account.
Table of Contents
What Home Projects Can Increase Property Value?
1. Enhancing Curb Appeal
The exterior of your home is the first thing buyers and visitors see. When you maintain your front yard well, it can immediately increase perceived value. Some experts suggest that an inviting, appealing curb can increase a homeโs value by up to 10%.
Since you likely have limited free time, focus on low-maintenance curb improvements that can make your home more attractive without sacrificing your valuable time and effort. Here are a few options:
Low-Maintenance Landscaping
Xeriscaping
Xeriscape landscaping techniques utilize hardy, drought-resistant plants and native species that thrive in the local climate. These plants look attractive and require minimal watering and care. If you opt for them, theyโll enhance your lawnโs visual appeal, save you time, reduce water bills, and potentially increase your propertyโs value by up to 15%.
If xeriscaping isnโt to your taste, consider high-quality, low-maintenance grass or installing artificial turf that remains lush year-round with minimal effort.
Yard Edging
Donโt forget to define your walkways, grass beds, and flowerbeds by edging your yard. You can achieve this by lining their edges with gravel or brick, which ensures a tidier appearance.
Entryway Modernization
New Front Door
Your door plays an important role for the first impression of your home. A high-quality, stylish door can significantly boost your homeโs curb appeal, especially if it complements its design well and itโs made out of high-quality material.
Moreover, a 2020 national average from Remodeling Magazine indicates that you could recoup up to 68.8% of the cost in added home value by replacing it.
Updated Lighting
Beyond that, consider stylizing your outdoor lights, especially around the entrance and pathway. Energy-efficient lighting, like solar lights or LED fixtures, is attractive and will help you save on energy bills.
Driveway and Garage Touch-Ups
Driveway Touch-up
According to FastExpert, a paved driveway can add up to $10,000 to your homeโs value.
However, the extent of this increase depends on the material you choose, whether youโre paving for the first time or resurfacing an existing driveway, your regionโs regulations, the projectโs scope and costs, and other factors. Still, since most projects cost $2,000 to $7,000, the return on investment (ROI) is often worth it.
Garage Door Upgrade or Replacement
A new garage door or a replacement with modern features can be both a practical and aesthetic improvement. Make sure the design and color match your houseโs architectural style.
Luckily, upgrading your garage door is one of the highest home improvement projects ROI-wise. Various reports, including Remodeling Magazineโs Cost vs. Value Report, note that it has an ROI of up to 97.5%.
2. Upgrading Focal Rooms
Certain rooms have a higher impact on your propertyโs overall value than others. Typically, the kitchen and bathroom hold the most influenceโmost buyers regard them as focal points of a home that can drastically enhance appeal when updated.
Itโs very common for property descriptions to include hooks such as โrustic kitchen,โ โfarm-style kitchen,โ or โart deco bathroomโ to attract prospective buyers. Here are some options:
Kitchen Renovations
If you thought that the best way to instantly modernize your kitchen is to replace your old, outdated appliances with high-quality, energy-efficient models (stainless steel or smart appliances), you might be disappointed to hear that that isnโt the smartest financial move.
Instead, consider kitchen islands. Theyโre among the best projects you can undertake functionality- and ROI-wise, adding up to 70% or 80% of their cost into your homeโs value.
However, if a project of that scope isnโt feasible, small upgrades such as quartz or marble countertops, freshly painted cabinets, swapped-out cabinet hardware, a new backsplash, or a new faucet can do the job.
Bathroom Renovations
According to Angi, bathroom remodels usually have the highest ROI, with the national average being about 72.7%.
Focus on replacing your flooring with high-quality, water-resistant materials such as ceramic or porcelain tiles. If youโre in a cold region, installing heated floors will practically transform your bathroom functionality-wise. Accessibility features are also a plus, especially among the aging population who would benefit from support bars, wider doors, and extra space.
You can also replace outdated fixtures with modern high-end ones. For example, install a walk-in shower with a rainfall showerhead, a dual sink vanity with ample storage, and re-do your countertopโs finishes.
3. Adding Functional Spaces
Functional upgrades are valuable for homeowners. If your property has an extra bathroom, fitness area, or designated office space, itโll help accommodate part of their lifestyle or specific needs.
However, consider the scope of each project and whether the ROI is worth it. Here are a few projects typically undertaken by homeowners and their estimated ROIs.
|
Project |
Estimated ROI |
|
Finishing a Basement |
~70% |
|
Adding a Bedroom | |
|
Adding a Bathroom |
~72% |
|
Adding a Wooden Deck | |
|
Adding a Backyard Patio |
Other spaces, such as a home office or a dedicated fitness area, may be more of a hit-or-miss as they largely depend on your buyerโs individual lifestyle preferences.
For example, are they a fitness enthusiast? Do they have a remote job? Make sure any projects you undertake fit your target marketโs preferences so that you donโt incur a loss from them.
4. Going Energy-Efficient
In the U.S., the property value benefit is estimated at 10% of the value of the energy savings resulting from going green, whether through updating lighting fixtures, installing solar panels, or switching to smart home technology.
The chief reason is the cost savings and convictions; energy-efficient homes are more attractive to potential buyers because they can reduce their living costs or because they align with their environmentally conscious approach to life.
Smart home features, solar panels, insulation, and energy-efficient windows are also seen as modern amenities that add convenience and comfort to a home.
5. Upgrading Flooring and Interior Finishes
Flooring
One of the best ways to increase your propertyโs value is to replace your flooring. While carpet is often recognized as the standard flooring, it may be regarded as taboo in high-end homes where high-earners, such as physicians, can afford more luxurious options.
Other choices, such as laminate and luxury vinyl planks, have become popular among homeowners thanks to modern technology greatly enhancing their designs and availability. But, for the best ROI (~118%!), you might want to consider hardwood floors. Theyโre sophisticated, long-lasting, look luxurious, and are attractive to many.
Paint
Painting the interior of your home can yield an ROI of ~107%, while the exterior yields an ROI of ~55%. This makes it one of the best projects you can undertake, requiring minimal costs and adding significant value to your home if you plan to sell it.
However, pay attention that you opt for warm neutral colors (beiges, tans, golds, grays, gray-beiges), as they appeal to a wide range of buyers. Specific colors, particularly the โhotsโ and โneons,โ will usually hurt your homeโs value.
Zillow suggests avoiding all-white kitchens and opting for colors such as charcoal gray.
Lighting
Though itโs a minor improvement, the right sconces, light fixtures, and chandeliers can create a more luxurious atmosphere in your homeโextra points if theyโre energy-efficient.
7. Outdoor Space Additions
Decks and Patios
A wooden deckโs ROI can be up to 75%; a backyard patio, 55%. Both are functional in that they create an inviting outdoor area where your family and friends can relax and enjoy themselves, particularly in warmer climates.
Outdoor Kitchens and Fire Features
Two more additions with high ROIs include outdoor kitchens (55%โ200%) and fire features. The National Association of Realtors reported in a 2018 report that homeowners recovered 67% of the projectโs cost in home value, and recommended adding a fire feature before selling your home.
8. Routine Maintenance and Small Repairs
Finally, consider regularly inspecting your home and catching any minor issues before they escalate, specifically those related to roofing, plumbing, electrical, and HVAC.
If a potential buyer observes that your home is in top-notch condition, with a neat, clean roof, a well-maintained HVAC system, and modernized plumbing fixtures and electrical panels, they will perceive the home as higher-value and more appealing to their needs.
How Much Do Home Renovation Projects Cost?
For your convenience, hereโs a table that outlines the estimated costsย and potential returns on investment for each of the home improvements suggested above. Perhaps it can help you budget more effectivelyย and plan your way towards a higher asking price!
|
Project |
Estimated Cost |
Estimated ROI (%) |
Notes |
|
Xeriscaping/Landscaping |
$1,500โ$5,000 |
Up to 15% |
Focus on low-maintenance, drought-resistant plants. |
|
Yard Edging |
$100โ$500 |
โ |
Visually appealing. |
|
Front Door Replacement |
$500โ$2,000 |
Up to 70% |
High-quality doors improve first impressions. Cost is material-dependent. |
|
Energy Efficient Appliances |
$200โ$2,500 |
โ |
Efficient lighting appeals to energy-conscious and green buyers. |
|
Driveway Touch-up/Paving |
$2,000/$7,000 |
Up to $10,000 |
Cost and added value are material and quality-dependent |
|
Garage Door Replacement |
$750โ$1,500 |
Up to 98% |
Enhances curb appeal, especially if modern. |
|
Kitchen Island Installation |
$3,000โ$15,000 |
Up to 80% |
Very functional. |
|
Kitchen Upgrades |
$1,500โ$8,000 |
โ |
Cost depends on upgrades chosen. |
|
Bathroom Upgrades/Remodel |
$6,000โ$15,000 |
Up to 73% |
Focus on floors, accessibility features, modern fixtures, and storage. |
|
Basement Finishing |
$10,000โ$30,000 |
Up to 70% |
Very functional. Extra spaces for extra bedrooms, living areas, etc. |
|
Adding a Bedroom |
$20,000โ$40,000 |
Up to 75% |
Cost depends on the scope, style, and size. |
|
Adding a Bathroom |
$5,000โ$35,000 |
Up to 72% |
Functional and improves appeal, especially in family homes. |
|
Wooden Deck |
$4,000โ$10,000 |
Up to 75% |
Functional in terms of outdoor living space usability. |
|
Backyard Patio |
$2,000โ$10,000 |
Up to 55% |
Increases outdoor usability. |
|
Solar Panel Installation |
$15,000โ$25,000 |
Up to 10% in energy savings. |
High initial costs, but significant savings on energy over time. |
|
Hardwood Flooring |
$5,000โ$10,000 |
Up to 120% |
High-end choice. Very appreciated across many markets. |
|
Interior Painting (Neutral Colors) |
$1,000โ$3,000 |
Up to 105% |
Focus on fresh, neutral tones for wide appeal. |
|
Exterior Painting |
$3,000โ$5,000 |
Up to 55% |
A fresh coat of paint makes your home look โcleanerโ before listing. |
|
Smart Home Features |
$1,500โ$7,500 |
โ |
Very convenient. |
|
Fire Feature (Outdoor) |
$500โ$5,000 |
Up to 70% |
Increases outdoor coziness. |
|
Routine Maintenance |
$500โ$3,000 annually |
Preventative |
Focus on HVAC, plumbing, roof, and electrical. |
Take Charge of Your Finances with Physicians Thrive!
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