10 of the best ways to increase home resale value

As homeowners, we all aspire to create a comfortable and aesthetically pleasing living space and increase the value of our property. With this in mind, we’ve curated a list of 24 home improvements for 2024 that are proven to boost your property’s worth. Whether you’re planning to sell soon or just want to make a worthwhile investment in your home, these updates range from minor tweaks to significant renovations, each with the potential to significantly enhance your property’s market value. Let’s dive in!

Multiple factors can increase the value of a home in Colorado, including a kitchen remodel. According to data from the National Association of Realtors, a kitchen remodel can recover anywhere from 57.4% to 62.1% of the project cost during resale.

The housing market in Colorado is competitive due to the state’s rapid population growth and limited housing stock. The Colorado Association of Realtors reported a 17% increase in median home prices between 2023 and 2024. This means that homebuyers are willing to pay premiums for homes that stand out in quality and aesthetics, including kitchen spaces.

According to the Remodeling 2024 Cost vs. Value Report, a major midrange kitchen remodel in the Mountain region, which includes Colorado, can recoup up to 67.2% of the cost during resale. This percentage is higher than the national average, indicating the high-value Colorado homebuyers place on updated kitchens.

Furthermore, a study by Zillow in 2024 found that homes in Colorado with the keyword ‘renovated kitchen’ in their listing description sold for 2.5% more than expected. This provides concrete evidence that a kitchen remodel can increase the sales price of a home in Colorado.

Bathroom remodels are one of the most effective ways to increase the value of a home, and this holds true in Colorado as well. In fact, according to Remodeling Magazine, the average bathroom remodel in the Mountain region, which includes Colorado, recoups 67.2% of the cost at resale. That’s higher than the national average of 64%.

Let’s break it down in terms of actual dollar amounts. The report indicates that the average cost of a midrange bathroom remodel in the Mountain region is $22,000. If you sell your home after such a remodel, you can expect to recoup $14,784 of that cost in the increased value of your home. If you opt for a more upscale remodel, the cost jumps to an average of $67,000, but you could recover $45,000 of that at resale.

This data suggests that a bathroom remodel not only makes your home more attractive to potential buyers but also directly increases its monetary value. In a Colorado housing market that Zillow predicts will grow by 5.4% in 2024, that’s a significant benefit.

Moreover, according to data from the National Association of Realtors (NAR), bathroom remodels are among the top three interior home improvements that attract buyers. The NAR’s 2024 Profile of Home Buyers and Sellers indicates that 29% of homebuyers are willing to pay a premium for a home with a renovated bathroom.

Adding a bathroom can significantly increase the value of a home in Colorado, as it enhances the overall functionality of the property. According to data from the National Association of Home Builders (NAHB) and Zillow, homeowners can expect to recoup approximately 50%-60% of their investment in a bathroom addition when they sell.

In 2024, the median home value in Colorado is projected to be around $600,000 according to Zillow. In Colorado’s competitive real estate market, homes with more bathrooms tend to sell at a higher price. A report from Redfin found that each additional bathroom in a home can increase the sale price by an average of 12%. Therefore, if a home in Colorado worth $600,000 in 2024 adds an extra bathroom, the value could increase by about $72,000, making it worth $672,000.

Furthermore, homes with more bathrooms tend to sell faster. A study by Zillow found that homes with more than the average number of bathrooms (which is 2.5 in Colorado, according to the U.S. Census Bureau) sold 15% faster than homes with an average or below-average number of bathrooms. This suggests that adding a bathroom not only increases a home’s value, but also makes it more appealing to potential buyers, leading to a quicker sale.

Custom landscaping can significantly increase the value of a home in Colorado. According to the American Society of Landscape Architects, homeowners can expect to get a 100% to 200% return on their investment in landscaping when they sell their home. This is significantly higher than the returns for kitchen or bathroom remodels.

In Colorado, the return can be even higher due to the state’s unique climate and outdoor lifestyle. A well-landscaped yard not only enhances the curb appeal but also extends the living space, particularly important in Colorado, where residents enjoy outdoor activities for much of the year.

A study by RealEstate.com suggests that landscaping can increase the value of a home by 12.7% on average, in Colorado. This means that for a home worth $500,000, custom landscaping could add approximately $63,500 to its value. In the competitive Colorado real estate market, landscaping can also help a home stand out from the competition, potentially leading to a faster sale.

In addition, a survey by the National Association of Realtors and the National Association of Landscape Professionals found that 79% of Americans think that a spacious, well-maintained lawn is an important factor in buying a home. Therefore, investing in custom landscaping can attract more prospective buyers and increase the likelihood of receiving multiple offers, which can further drive up the selling price of the home.

Investments in home improvements like new hardwood flooring or fresh carpet can significantly increase the value of a home. According to the National Association of Realtors, homeowners who install new hardwood flooring can expect to recover 91% of the cost upon resale (NAR, 2019).

On a similar note, fresh carpet can also provide a significant return on investment. According to HomeAdvisor, replacing a home’s carpet can offer a 50-75% return on investment (HomeAdvisor, 2020). In Colorado, where winter temperatures can be harsh, the warmth and comfort provided by new carpet is a significant selling point. Furthermore, data from Realtor.com reveals that homes in Colorado with new carpet sold for an average of 7% more than comparable homes without new carpet (Realtor.com, 2022).

To further illustrate this, let’s take into account that the median home price in Colorado in 2024 is approximately $600,000. If a homeowner invests $10,000 in new hardwood flooring, they may see a return of $9,100, or 91% of their investment. Similarly, an investment of $4,000 in new carpet could potentially return between $2,000 and $3,000, or 50-75% of the initial investment. This could result in an overall increase in the home’s value of between $11,100 and $12,100.

Interior and exterior painting can significantly influence the value of a home in Colorado. According to a 2024 publication by the National Association of Realtors (NAR), an interior painting project can yield a 107% return on investment (ROI), while exterior painting can generate a 55% ROI. Interior painting projects, when done professionally, can refresh the home’s look, making it more appealing to potential buyers. A study by Zillow in 2024 showed that homes in Colorado with newly painted interiors sold for an average 1.3% more than similar homes in the market.

On the other hand, exterior painting can significantly boost curb appeal. According to a 2024 report by the Colorado Real Estate Journal, homes with a fresh coat of exterior paint sold on average 5% more than homes with outdated or worn-out paint jobs. The exterior of a home is the first impression potential buyers have of the property, and a fresh paint job can make a home stand out in competitive markets like Colorado’s.

Furthermore, specific color choices can also impact a home’s sale price. A 2024 Zillow study found that homes in Colorado with light blue bathrooms sold for $5,440 more than expected, while homes with charcoal gray or black exteriors sold for $6,271 more.

Adding a new wood deck to your home in the Mountain region (which includes Colorado) can recoup roughly 70.1% of the project’s costs when you sell your home. On average, you can expect to spend around $14,360 on a new wood deck, which could increase your home’s resale value by about $10,065.

Moreover, the latest real estate sales data from Zillow (2024) shows that homes in Colorado with decks or patios sell for approximately 12% more than those without these features. Given that the median home value in Colorado is $538,000, this could represent an appreciable bump in your home’s value of around $64,560.

Such a project not only adds to the aesthetic appeal of your property, but it also expands your home’s living space, making it more appealing to potential buyers. In Colorado, where outdoor living and entertainment are highly valued due to the state’s beautiful weather and scenery, a deck or patio is a highly sought-after feature.

Additionally, according to a report by the National Association of Realtors in 2024, 43% of homebuyers would be willing to pay a premium for a home with a deck or patio. This data reflects the increasing demand for homes with outdoor living spaces, which subsequently drives up your property’s value.

According to recent data from the U.S. Department of Energy, energy-efficient windows can save homeowners between $126 to $465 a year when replacing single-pane windows, and $27 to $111 per year over double-pane, clear glass replacement windows (U.S. Department of Energy, 2020). Given that Colorado is known for its cold winters, these savings can be substantial, appealing to potential buyers.

Moreover, a study by the National Association of Realtors (NAR) in 2024 indicated that energy-efficient windows were among the top five features buyers look for in a new home. The study further found that 61% of home buyers considered energy-efficient windows essential or desirable. Thus, homes that meet this criterion are likely to sell faster and at a higher price than those that don’t.

Furthermore, data from Remodeling Magazine’s 2024 Cost vs. Value report suggests that vinyl window replacement recoups about 72.3% of the project cost in added home value. For instance, if you invest $15,000 in new windows, you could increase your home’s value by approximately $10,845.

In addition to these direct benefits, there are indirect advantages as well. Replacing windows with energy-efficient ones can qualify homeowners for green energy tax credits, reducing the overall cost of the upgrade (IRS, 2024).

The impact of the roofing condition on a home’s value cannot be overstated, especially in Colorado. According to a report by Remodeling Magazine (2022), homeowners can recoup up to 68.2% of the cost of a roof replacement upon selling their home. This percentage puts roof replacement among the top five investments for home value increase. Bonus points if insurance covers the replacement, adding a positive ROI.

A 2024 study by Zillow revealed that homes in Colorado with new roofs sold for 2.5% more than comparable homes with older roofs. Given the median home price in Colorado is approximately $525,000 (Zillow, 2024), a 2.5% increase would equate to an additional $13,125 in the selling price.

Furthermore, homeowners’ insurance rates are often lower for homes with newer roofs due to the reduced risk of water damage, mold, and other costly issues. This can be an attractive selling point for potential buyers looking to save on long-term costs.

Lastly, the Colorado housing market is highly competitive, and homes with newer roofs tend to sell faster than those with older roofs needing replacement. This can reduce carrying costs for sellers and lead to a more streamlined selling process.

Modern homebuyers in Colorado are not just looking for a roof over their heads; they are also seeking convenience, functionality, and efficiency, all of which can be offered by modern appliances.

Data from the U.S. Energy Information Administration (EIA) in 2024 indicates that homes with energy-efficient appliances have a higher market value compared to those without. Colorado’s homebuyers in 2024 are more eco-conscious, and they appreciate homes that feature energy-saving appliances. This is backed up by a survey by the National Association of Home Builders (NAHB) that found that Energy Star-rated appliances are among the top features home buyers want in 2024, and homes with these features can sell for up to 9% more (National Association of Home Builders, 2024).

Moreover, a study conducted by Remodeling Magazine in 2024 found that in Colorado, updating kitchen appliances can yield a return on investment (ROI) of up to 75%. This means that for every $1,000 spent on new appliances, the home’s value can increase by approximately $750 (Remodeling Magazine, 2024).

Lastly, Zillow’s 2024 Colorado Market Report showed that homes listed with the feature “updated appliances” sold faster and for 3% more compared to homes without this feature (Zillow, 2024). Therefore, upgrading appliances not only adds value to your home but also makes it more attractive to potential buyers, leading to quicker sales.