Best Home Renovations That Have a High Return on Investment
Unless you're living like a millionaire, you probably have a limited amount of money set aside for home updates.
But you likely also have a long list of improvements that you want to make to your home. So how do you decide which are the best home improvements to tackle?
Often, the rooms you use most are the same rooms that potential buyers look at first when shopping. By spending money strategically on home upgrades, you can end up with renovations that increase home value!
Let's take a look at some of the best renovations that have a high return on investment (ROI):
It's no secret that families spend a lot of time in the bathroom. In fact, a survey shows that Americans spend an average of an hour in the bathroom each day.
The bathroom is not only a place to get ready for the day, but it's also a place to relax in the bath after a long meeting. So having an updated bathroom can go a long way when it comes to adding value to your home.
If you only have one full bathroom in your home, you can increase the value substantially by adding a powder room without a tub or shower.
Updating your kitchen can also have a reasonable return on investment, but it depends on the scale.
You don't have to spring for a brand new kitchen – in fact, spending a bit less can offer a better ROI. You may get 50 percent return or so on a creating an upscale kitchen, but up to 80 percent or more on a more modest renovation.
That means instead of ripping out all the fixtures and starting new, you can go for lower-ticket items like new cabinets, flooring, or even a countertop.
You could be sitting on a gold mine that's currently only being used as a storage space. Your basement can be refinished as a living space or entertainment area.
Better yet, you can take it a step further and convert the basement into a rental space. By investing in a kitchenette and some drywall, you can create a separate space for a tenant. This is attractive to a prospective buyer, who can offset their mortgage payments by renting the space, or using it as an in-law suite.
Be sure to check the local regulations around basement apartments.
Updated Front Door
You may not think of this one in the bigger picture of your home improvements, but updating your front entryway door can open the door to value. Consider that it's one of the first things people will notice when they pull up to check out your property.
Look for an energy efficient door that provides insulation as well as quality construction. Updated hardware and even a keypad entry system can help your home be safer and more inviting.
New Garage Door
This is probably also not at the top of your list of fun upgrades. However, consider that a garage door can take up to 40 percent of the frontage of your home.
If the door has peeling paint, broken panels or glass, or isn't functioning properly, then putting some money into replacement can make a difference. A solid garage door can also help insulate the home and better protect that classic car sitting inside.
One report shows that value from a garage door replacement is on the rise, with a return on investment up to 97.5 percent!
Looking at the windows in a home can be one of the first clues to the age of a home. Many people upgrade their home without replacing their single-pane windows.
However, new vinyl windows can improve a home's aesthetic from the inside and outside. It can also boost the home's energy efficient thanks to newer double or triple glazed windows filled with argon to minimize energy loss year round.
Consider even bigger windows to maximize the amount of natural light getting into the home, making it appear bigger and brighter while saving on lighting costs.
This is something that may not be visible from all angles, but it's high on the list of renovations that increase home value. New roofing scores high when it comes to cost vs value.
One survey notes that a new roof can add up to $12,000 to the value of your home. It's also one of the first things home inspectors look at when they're checking out a property – and a questionable roof can scare off a buyer.
Other Exterior Renovations
When people are preparing to sell their home, they often take an "it's what's inside that counts" approach. However, improving your home's curb appeal is a smart choice, and doesn't have to cost a lot of money.
Exterior upgrades can be everything from adding new paint to the outside of your home to grooming gardens and removing tall weeds. New siding is another popular choice for improved aesthetic and better insulation.
If you have a back deck that's starting to crumble or show signs of age, this might be a good time to update or even extend it. Also, be sure to fix concrete walkways that look dated and could be a tripping hazard.
There is a wide range of exterior touches you can add that can dramatically improve the look of the building while fetching higher bids.
Find the Right Contractor for Home Updates
After you've chosen the best home improvements to improve the value of your property, it's time to start shopping for a contractor that has experience in a number of home improvements.
A good contractor should be able to show you a portfolio of completed projects, both inside and outside. That way if you're doing multiple upgrades, you only have to deal with one contractor throughout the entire renovation project.
We can handle home updates from roofs to basement finishing to new windows and more. Contact us today to get started!