Renovations can improve your home’s appearance aesthetically and make it a more functional space for you and your family. The renovations can also increase your home’s value; certain ones generally have a better return on investment (ROI) than others. As you consider what to update, consider the five projects on the list below for the high return they offer when it comes time to resell your house.
1. A New Garage Door
A new garage door is an easy way to significantly increase your home’s value, making it a worthwhile investment for many homeowners. While every real estate market is different, replacing your current door can add over 100% ROI when selling the property, which is impressive. The new secure door adds great curb appeal to your house, keeps your vehicles safer indoors, can keep out stray critters, and more. As this renovation is complex and potentially dangerous, reach out to a garage door specialist to ensure it is done properly. The experts understand every home is unique, as are your needs, and they ensure the project meets your expectations.
2. Replace Kitchen Countertops
A new countertop made of quality material can have an ROI of 50-70% (of course, this number varies by housing market). Important for the upgrade is making sure that it suits your kitchen’s style as that enhances the look of the overall room. Granite and quartz are popular options for counters because of their durability and the wide range of designs and colors to choose from. Replacing worn or outdated countertops can instantly improve the kitchen by adding functionality and modernizing its appearance, making it more attractive to buyers.
3. Put in New Flooring
Whether you choose to install new floors in one room or throughout the home is up to you. Choosing hardwood can increase your home’s value, offering homeowners the opportunity to recoup up to 80% when it’s time to resell. With that said, if your current floors do not have visible signs of wear and tear, you may need to replace them. Staying up to date on flooring trends, including the rising popularity of eco-friendly options, can help you make a more informed decision about which one to choose.
4. Main Bathroom Remodel
A big project is renovating an entire room of the home. That can net you an incredible return that is almost as high as your initial investment (about 90%) if the room you choose is the main bathroom and you do it properly. By “major,” we mean looking over everything in this space, from plumbing to cabinets, to determine what needs upgrading. If something in the room is broken or is detracting from the appeal of the home rather than adding to it, the chances are good that it needs updating. Among the pricier parts of the reno are moving the shower or tub and adding high-end shower systems.
5. Add a Patio
If you have been considering an outdoor addition to your house as a way to increase your home’s value, it can add about 30-60% back on the money initially put into the project. There is a wide range because the decking and design can vary widely. To increase ROI, consider how this area will add character and functionality to the home, as well as making sure that it matches the home’s overall exterior well. If your budget is limited but this home reno is of interest to you, consider a low-price material like pressure-treated wood.
What Else to Consider When Doing Home Improvements
As you look around the house and think about which renovations to do, ROI is only one of the considerations. Other important factors are your household budget, the time you have for the project, and whether certain materials you need are in short supply. Keep in mind, too, that some upgrades can be stressful, and projects like a major bathroom remodel that take a long time can impact your living environment.
Conclusion: Home Renovations with High ROI
Getting maximum value on your house when selling it, whether that’s happening soon or far into the future, involves knowing what renovations have a high return on investment. The list above provides you with great choices, including getting a new garage door and swapping out the kitchen countertop for a more modern one.
Homeowners are more likely to get a higher ROI when the project is done right, looks attractive, and improves the utility of the house in some way. While you may consider yourself handy, choosing to hire a professional for the project ensures it’s done correctly, maximizing the goal to increase your home’s value.
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