Top 10 Upscale Home Renovations for the Best ROI

Is your home in need of some love? When was the last time you made upgrades? If it’s been a while, now might be the perfect time to consider some upscale home renovations. Whether you are a new homeowner interested in making changes, or have lived in your beloved house for several years, it is always wise to make high-end upgrades.

Why? Not only do luxury renovations improve your daily quality of life, but they’ll also increase the value of your home (should you ever sell). Most people aren’t sure what needs replacing, or where to even start. The best luxury remodels take thoughtful planning and execution. That’s why Tom Len Custom Homes is here with our list of the best home renovation projects to help you get the maximum return on your investment (ROI).

Imagine walking into a modern kitchen with state-of-the-art appliances, unwinding in a spa-like bathroom with all the bells & whistles, or soaking in the sun while lounging in your outdoor oasis. Or maybe it’s time to incorporate some built-in smart technology features? These upgrades aren’t just about adding luxury; they’re wise investments that will make your home not only beautiful but also even more functional.

With new home prices being at an all-time high, more homeowners are opting to remodel their current living spaces than to relocate. This trend makes now one of the best times to begin that renovation project you’ve been dreaming of! Get ready to boost your home comfort, aesthetic, and value.

Whether you are renovating your home to make your space more comfortable or want to add to your property value, it’s vital to make sure you’re going to get a positive return on your investment in 2024. TLCH is ready to dive into the best luxury renovations to consider…

Key Benefits of Luxury Home Renovations

Luxury home renovations offer numerous benefits beyond simply improving the aesthetics of your home. Here are a few key advantages of remodeling your house with upscale amenities and upgrades:

• Enhanced Comfort and Functionality: High-end renovations make your house unique to your needs so that you will find it suitable for your everyday use.
• Increased Property Value:  Essentially, luxury upgrades can significantly improve your home’s market value thereby attracting potential buyers in the future.
• Energy Efficiency & Sustainability: Many high-end renovations, such as window replacements and sustainability upgrades, increase your home’s energy efficiency, lowering long-term costs.
• Modern Aesthetic & Design Appeal: Keeping your home up to date with the latest design ideas and trends will keep it looking modern and stylish.
• Improved Quality of Life: High-end renovations often include wellness amenities and other features that enhance your daily living experience.
• Long-Term Durability: You are guaranteed that only quality material will be used in the renovations hence no need for constant repair services or expending more resources on new renovations.

Setting Your Priorities: What to Consider When Remodeling Your Home

When you are planning to renovate your home, we recommend narrowing down your primary goals. Here are some questions to ask yourself:

Purpose of the Renovation: Do you want to achieve better resale value, a better way to live, or both? This is very important because it will ensure that every decision made will bring the project to the intended goal.

Lifestyle Needs: What adjustments would improve your quality of life and efficiency? Think about how your family uses the space and what improvements would benefit your lifestyle.

Long-Term Goals: Are you planning to stay in your home for the long term, or you are unsure? It can also have a major impact on your potential for renovation. If the intention is to flip it soon, then target the areas that would make the property more attractive to buyers. But if you are here for the long term, spend money on what gives you the most pleasure in life.

Sustainability: How much does the environment actually matter to you, specifically when considering green upgrades? In essence, sustainable renovations can provide cost savings and sustainability in the long run.

Aesthetic Preferences: What style and design elements do you prefer for your home? Make sure your renovations reflect your interests and the properties layout. Is there anything missing you’d like to add?

Functionality: What modifications will make your home more functional and efficient? Prioritize adjustments that will improve the functionality of your area. Are certain elements broken and need replacing, or maybe natural wear & tear has taken its toll? 

Quality of Materials: If the renovation works have to be long-lasting, then the use of quality materials must be determined as the key priority. At TLCH we only use the finest, high quality materials that will withstand the test of time!

Additional Considerations:

• Is my renovation plan truly timeless?
• Will these upgrades be within the acceptable standards of my neighborhood?
• Am I adding valuable square footage and enhancing the functionality of existing space?
• Do I require any legal permits for any part of my renovations?

If you carefully evaluate these criteria and answer these questions, it will create the base to have a successful residential construction project.

Top Luxury Home Improvements for the Best ROI in 2024

1. Modern Kitchen Remodel

• Average Cost: $45,000
• Average Resale Value: $40,950
• Cost Recouped: 91%

A modern kitchen remodel usually includes installing sophisticated appliances, custom cabinets, natural stone countertops, touch control systems, and bold lighting fixtures. Improving the kitchen also increases the property’s value and rental attractiveness, especially for people who want to incorporate a beautiful kitchen into their lives.

2. Luxurious Bathroom Overhaul

• Average Cost: $25,000
• Average Resale Value: $18,575
• Cost Recouped: 74.3%

Bathroom renovation can include making the room larger, changing or updating the fixtures, and improving the quality of materials used. Don’t forget the bells & whistles of a spa-like bathroom with heated flooring, rainfall shower, and LED mirrors. This renovation is always a good seller, as more than 25% of Realtors recommend upgrading the bathroom before placing a home on the market.

3. Sustainability Upgrades

• Solar Panels: Average Cost: $25,000, Average Resale Value: $20,000, Cost Recouped: 80%
• Energy-Efficient Windows: Average Cost: $10,000, Average Resale Value: $8,500, Cost Recouped: 85%

More and more people seek environmentally friendly homes, and while equipment such as solar panels and energy-efficient windows save costs in the long term, they are also valued by today’s environmentally conscious buyers. It shows that investing in sustainability can pay off with high returns on investment.

4. Window Replacements 

• Average Cost: $15,000
• Average Resale Value: $11,000
• Cost Recouped: 73.3%

New windows are more energy efficient, aesthetically pleasing, and offer better protection against weather conditions thus lowering energy costs and increasing the value of the house. Vinyl window replacement is a low-cost investment that has a high value for homeowners.

5. Door Swaps

• Average Cost: $3,000
• Average Resale Value: $2,800
• Cost Recouped: 93.3%

A better quality steel door improves the security of your home, has better insulation, and provides that classy touch when you get to the door. The expenditure you get to put on strong and attractive doors hardly goes to waste.

6. Wellness Amenities

• Home Gym: Average Cost: $20,000, Average Resale Value: $15,000, Cost Recouped: 75%
• Sauna: Average Cost: $10,000, Average Resale Value: $8,000, Cost Recouped: 80%

Home fitness and relaxation features like home gyms and saunas are quite feasible and valuable and can enhance your quality of living while also enhancing the worth of your home. These features are appealing to health-conscious buyers and have the feel of a luxurious living style.

7. Finished Basement

• Home Theater: Average Cost: $30,000, Average Resale Value: $25,000, Cost Recouped: 83.3%
• Wine Cellar: Average Cost: $15,000, Average Resale Value: $12,000, Cost Recouped: 80%

Turning a basement into an improved living area, such as a home theater, game room, or wine cellar, creates added room and has dual functionality. Finished basements are highly attractive to buyers and offer a high return on investment.

8. Refinishing Floors

• Average Cost: $8,000
• Average Resale Value: $6,500
• Cost Recouped: 81.3%

Having new flooring such as the hardwood floor is one way of improving the outlook on the interior design of a home and also adding the home’s market value. Flooring refilling is one of the most effective solutions which help to improve appearance and get more benefits for the money spent.

9. Outdoor Living Spaces

• Outdoor Kitchen: Average Cost: $20,000, Average Resale Value: $16,000, Cost Recouped: 80%
• Fire Pit: Average Cost: $5,000, Average Resale Value: $4,000, Cost Recouped: 80% 

The spaces developed outside are additional parts of the house’s living space and are commonly used for different events. Elementary luxuries such as the outdoor kitchen and fireplaces are focal points that enhance the use of the space, therefore the value of the home.

10. Home Office Setup

• Average Cost: $10,000
• Average Resale Value: $9,200
• Cost Recouped: 92%

Due to COVID and other factors, working remotely is more common – thus having a separate home office is necessary for most! If a home office includes built-in desks, sufficient storage space, soundproofing features, ample lighting, and a custom desk, that will all improve the home’s aesthetic and usability, contributing to a high ROI.