Home Improvements ROI in 2024: Beyond the Basics

In 2024, smart homeowners are focusing on renovations that not only enhance their living spaces but also provide a solid return on investment (ROI). While kitchen remodels, bathroom renovations and certain outdoor projects have long been the go-to upgrades for boosting home value—offering consistent ROIs of 50-75%—our changing world and evolving lifestyles have introduced new opportunities for maximizing your home’s potential.

New Priorities: Home Office Spaces

As remote work opportunities continue to increase following the pandemic, the need for dedicated home office spaces has skyrocketed. A home office renovation, whether by converting a spare room or transforming part of your basement, can not only yield an ROI of 60-70%, but a home office deduction could save you significant money on taxes if it isn’t already. This investment can increase your home’s functionality but also make it more attractive to potential buyers who prioritize work-from-home capabilities.

Multi-Functional Basements

Speaking of spaces for a home office, basement renovations offer another high-value opportunity in 2024. Converting an underutilized basement into a functional space can provide an ROI of 65-75%. With more people seeking versatile spaces that can adapt to various needs whether it is a home office, gym, or even a guest suite— a finished basement can be a game-changer for your home’s appeal.

Aging in Place Upgrades

As the population ages, and the costs of retirement and assisted living communities increase, aging-in-place modifications are becoming increasingly more common and valuable, with a potential ROI of 50-65%. While these upgrades—such as installing grab bars, walk-in tubs, or stair lifts—can sometimes come with higher upfront costs, they can also offer a unique ROI. Not only do these improvements make the home more accessible, they can enhance someone’s mental and emotional quality of life, by maintaining their independence, and safeguarding their environment.

Adapting to Change

Kitchens and bathrooms remodels will always provide solid returns, but expanding your focus and adapting to the changing needs and demands of today’s modern world can help us make better decisions that not only enhance your home’s functionality but also ensure it remains a valuable and attractive asset in the years to come.