The Best Ways to Improve Your Home's Value in 2018

With price per square foot on the rise, many homeowners are opting to stay put but stretch their living space by turning their basements into recreational retreats. The trend in 2018 will focus on upscale renovations with a luxury feel. Small home theaters (seating for eight or fewer), wet bars, and open entertainment areas are good bets, but skip the wine cellar if you want to draw in potential buyers. Well-designed basement upgrades offer a 70 percent return on your investment.

Related: The 10 Best Colors for a Brighter Basement

Older Americans are choosing to remain at home longer, a trend known as “aging in place.” This means that the demand for accessible homes is on the rise. If someone in your family would benefit from an accessibility upgrade—think wider doorways and hallways, lever-style doorknobs, or flush or recessed thresholds—this is a good year to do it. Not only will you improve the quality of life for a family member with disabilities, you could also realize a 68 percent return on your investment.

Related: The Most In-Demand Home Upgrades for 2018

Enhanced outdoor living and entertaining spaces rank at the top of many a home buyer’s wish list, so if you’ve been dreaming about a new deck, this is a good year to make those dreams come true. Well-designed decks are top selling points, and you could recoup 65 percent of the money you spend on a new composite deck. Wood decks, such as cedar or redwood, are even more popular, netting homeowners a 71 percent ROI.

Related: 18 Design Ideas to Make Your Deck a Destination

Year after year, one remodeling project consistently nets homeowners the biggest return on their investment: adding attic insulation. Houses lose the greatest amount of heat through the roof, making additional attic insulation an investment in energy savings as well as home value. The average cost to insulate an attic with fiberglass insulation runs about $1,300, but the project increases resale value as much as $1,400, which means that you could recoup as much as 105 percent of the project's cost when it's time to sell.

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Many of today’s brand-new homes feature elaborate master suites, so if you have just a tiny bathroom off your master bedroom, it may be time for an update. A master suite addition is a pricey project, running $100,000 to $250,000, or more, but it could net from 65 percent to 80 percent ROI. Trending master suite amenities include his-and-her walk-in closets, separate bathing and changing areas, and smart-home functionality. 

Related: 10 Things Your Bedroom Might Be Missing

New siding is one of the best ways to refresh your home’s curb appeal. While any type of siding offers an updated look, masonry veneer will give you the best bang for your buck, with a whopping 91 percent return on investment. Choose from dozens of styles of either brick or stone veneer, and have it professionally installed for the best appearance and resale value.

Related: 9 Things Home Makeover Shows Never Tell You

The garage door sets the visual tone for your entire home. A run-down or dented garage door detracts from the look of your house and causes potential buyers to question how well you’ve maintained the rest of your property. Replacing your old garage door with a new mid-range model will boost your home’s curb appeal and offer a 76 percent return on the money you spent.

Related: The Best Things You Can Do for the Value of Your Home

When the appraiser comes calling, a new roof on your house will translate into a 69 percent return on the money you spent to have the old shingles removed and new asphalt shingles (with a 25-year warranty) installed. Not only does a shabby roof discourage potential buyers, but a mortgage company may not lend money to buyers if the roof shows signs of damage. If you plan to sell your home in the near future, consider replacing that old roof in 2018.

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If your bathroom has seen better days, this is a good year to undertake minor renovations. Consider, for example, replacing a worn tub and adding a tile surround. Small upgrades like luxury vinyl flooring and a new sink and vanity won’t break the bank, and you could see a full 100 percent return on your investment. To get the most value for your bathroom remodeling dollars, choose inexpensive to mid-range fixtures; buying high-end fixtures doesn’t pay off.

Related: 14 Jaw-Dropping Remodeling Ideas You Can Copy for Less Than $1,000

Turning an unused attic into an additional bedroom (or more) can yield as much as a 93 percent return on the cost of the project. New bedrooms—plus an extra bathroom, if possible—offer a greater ROI than converting the attic to a loft, den, or recreational area. Real estate agents list homes by the number of above-grade bedrooms, so adding two bedrooms in the attic of a three-bedroom home will result in classification as a five-bedroom, raising the home's value and increasing its marketability.

Related: 13 Mistakes Not to Make If You Ever Want to Sell Your Home

When you're ready to sell, whether it's next month or next year, know that you could be adding tens of thousands of dollars to your resale value when you make these improvements. If that's not incentive to remodel, what is?

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