Richmond Renovation ROI
Richmond is a city where history and modern living intersect every day.
Walk down Monument Avenue or through the Northside, and you’ll see homes that are more than a century old, each with its own character and quirks. But as charming as these houses are, we know from years of experience that homeowners today still want and expect modern comfort, convenience, and efficiency. That’s why renovations in Richmond aren’t just about aesthetics — they’re about striking the right balance between preserving history and making homes work for 21st century families.
That being said, not all home updates carry the same return on investment (ROI). In Richmond’s diverse housing market, certain renovations in certain parts of town can significantly increase resale value, improve day-to-day life, and help your home stand out in a competitive market. Focusing your renovation dollars in this way is how you get the most bang for your buck.
Based on what we and other local real estate agents, developers, and homeowners have seen over the past several years, here are some tips on what home renovation projects to focus on, depending on which charming corner of RVA you call your neighborhood.
The Fan & Museum District: Preserving Charm, Adding Comfort
The Fan District and nearby Museum District are among Richmond’s most desirable neighborhoods, known for their late-19th- and early-20th-century rowhouses. Buyers here are looking for history, but they also want comfort. They are also likely to be high-end buyers who will pay attention to details, as the home prices there stand a bit above the rest of the market.
Restored Original Elements: Exposed brick, decorative fireplaces, plaster moldings, and refinished heart pine floors are all highly valued. Rather than replacing, restoring these details boosts both charm and value. But craftsmanship will count here. Shoddily done, DIY restorations will show to buyers who value history. When new materials need to be brought in, it’s best to focus on high-end finishes that are timeless. Matte brass and chrome in the bathrooms and kitchens, solid wood flooring is a must, custom cabinetry and millwork will make a big difference to these discerning eyes.
Parking Solutions: With limited street parking, a renovated carriage house or alley-access garage can dramatically raise a property’s appeal and resale price. This is one of the most common renovation requests we get from homeowners in this neighborhood and one of the biggest concerns real estate agents hear from clients looking in this area. While the spaces can be tight and challenging, we’ve successfully created several functional garages in these neighborhoods that we know for a fact have been the deciding factor in their future sales.
Efficient Systems: Central heating and cooling, combined with new insulation, make older homes more energy-efficient while maintaining their historic character — a win-win for comfort and ROI. It can sometimes take the right contractor to determine the best way to incorporate a central heating and cooling system into a home without existing ductwork, so make sure to work with a professional carpenter and HVAC company for these types of updates.
Northside: Making the Most of Foursquares and Bungalows
Northside neighborhoods like Ginter Park and Bellevue are full of American Foursquare homes, bungalows, and cottages. These properties typically feature solid bones, large yards, and generous front porches, which attract new and mature families alike. As more young adults start looking for their first homes or are considering growing their families, these are the neighborhoods that are most desirable, and the renovation projects fall in line with those priorities.
Open Concept Updates: Many of these homes were built with formal parlors and closed-off dining rooms. Removing select walls to create a more open flow (while keeping historic trim details intact) appeals to modern buyers. While this can be tricky in a lot of cases, we’ve opened up several Foursquare homes by replacing the central load-bearing wall with a steel beam. This type of renovation requires an architect, engineer and experienced contractor, but can make a world of difference in the way you use your home.
Outdoor Living Spaces: Hardscaping projects, like adding patios, firepits, or outdoor kitchens, help homeowners take advantage of larger lot sizes and mature trees. Most buyers looking in these neighborhoods want a place to congregate with friends and family outside as well as a place for their kids to play, so keeping some greenspace open for a swing set or game of catch is also important.
Conversions That Add Square Footage: These homes are very likely to have sunporches, attics, and/or basements which can often be converted into home offices, playrooms, or guest suites. These relatively cost-effective updates add functional space without an addition. A sunporch to sunroom renovation we did in Northside several years ago gave the homeowners a place to keep plants, take a nap, or even entertain, without expanding the footprint of their home.
The West End & Suburbs: Family-Friendly Enhancements
In suburban neighborhoods like the West End or Midlothian, mid-century ranches and newer construction dominate the market. Families here prioritize convenience and lifestyle upgrades for home where they plan to stay for a long while.
Expanded Kitchens: A quick cosmetic update probably isn’t going to cut it for this market. Homeowners in these areas are looking for enlarged kitchens that open up to great rooms or eat-in areas that create gathering spaces for large families and entertaining. This often requires moving walls around, replumbing, and electrical updates in addition to the surface and finish upgrades.
Primary Suite Retreats: Buyers love spa-like bathrooms with soaker tub/oversized shower combos, dual vanities, and generous walk-in closets. These updates consistently rank high for ROI in suburban markets. Fortunately, many of these homes already have the space for these upgrades, but just need better layout design. Combining small closets, absorbing smaller spare bedrooms or simply switching up the flow of a space often allows us to make dramatic upgrades to primary suites.
Garage Upgrades: Two-car garages are already in high demand, but installing EV charging stations and built-in storage systems adds forward-thinking value for today’s buyers. Additionally, making use of any space above a garage for a home gym, play room or home office, is extremely appealing to buyers looking to maximize square footage.
ROI-Driven Trends Across Richmond
While each neighborhood has its quirks, some renovation trends cut across the Richmond metro market:
Energy Efficiency: Replacing drafty original windows with historically appropriate but energy-efficient options, adding spray-foam insulation in attics, or upgrading to tankless water heaters reduces energy bills and appeals to eco-conscious buyers.
Smart Home Features: Integrated security systems, smart thermostats, lighting, and leak detection aren’t just conveniences anymore — they’re expected in updated and remodeled homes.
Luxury Fixtures With Character: Matte brass and aged bronze fixtures, clawfoot tubs, or custom wet bars strike the right balance between historic detail and modern luxury. You can never go wrong by adding something extra that makes your home stand apart and feel like a step above the rest.
Flexible Spaces: Post-pandemic living has buyers looking for adaptable areas — home offices, gyms, or in-law suites. Even small reconfigurations that create multi-use spaces add significant value. Whether that’s space above a garage, an outbuilding or pool house that doubles as a hang-out room, or just making the most out of a spare bedroom, we’ve seen countless renovations make the most of otherwise underused space.
Balancing Modernization and Preservation
The key to maximizing ROI in Richmond is understanding that buyers value history as much as modern comfort. A home in Church Hill with its original slate roof intact, but with updated reinforced underlayment and insulation, will outshine a fully “modernized” house that stripped away its character. Likewise, a Northside bungalow with an added EV charger and smart thermostat will stand out in today’s market as forward-thinking without feeling trendy.
The Bottom Line
Every renovation is an investment, but in Richmond, the projects that pay off the most are those that enhance livability while preserving a home’s unique character. Whether it’s restoring original details in The Fan, opening up a Northside Four Square, or adding EV-friendly features in the suburbs, thoughtful updates can make your home more enjoyable today and more valuable tomorrow.