Whether you are planning a total renovation of your house, or you simply want to spruce up a room, the first thing you’ll want to think about is a remodeling budget — and of course how much value the project will add to your home. With the median price of home remodeling projects exceeding $18,000, prudent homeowners need to focus their spending on projects that improve their comfort level ‌and‌ provide a good return on investment (ROI). The average ROI for home renovations is only 56 percent, though some projects provide much better returns.

At the same time, homebuyers can be fickle, and a home improvement project that may dramatically boost your home’s resale value one year may provide only a marginal increase the next. To determine which home renovations will give you the best ROI in 2023, we spoke with various experts, including real estate agents, interior designers, home flippers, inspectors, remodelers, and industry analysts.

Remodeling in 2023? Here’s what you can expect to pay — and how much of a return you’ll get for each project.

One of the chief complaints people have about their home is a lack of space, which is why home additions can be so beneficial. Unlike most home renovation projects, this project increases your home’s square footage and may increase the number of bedrooms or bathrooms in the house, both of which can dramatically increase the value of your home.

The average cost for home additions varies greatly depending on:

• the size
• room type
• style
• materials
• the city where the home is located

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