If you’re considering a home renovation, it’s essential to pick a project that will offer the best return on investment (ROI) when you sell your home. Some upgrades are more likely to pay off than others, so it’s vital to do your research before starting any work.
Here are some of the best home renovations for ROI:
- Kitchen remodels: A kitchen remodel is one of the most popular and effective ways to increase your home’s value. A well-designed kitchen can add thousands of dollars to your home’s resale value, so it’s worth considering if you’re planning a renovation. “A minor kitchen remodel will return about 83% of its cost.” ~ Realtor.com
- Bathroom remodels: Similar to kitchen remodels, bathroom remodels are a great way to increase your home’s value. A new bathroom can make your home more appealing to buyers and can significantly increase its resale value. “Skip the major bathroom remodel, which only earns back 65.7% of the cost, to focus on smaller projects.” ~ Realtor.com
- Fiberglass attic insulation: Adding insulation to your attic is a great way to reduce your energy bills and make your home more comfortable. It’s also a relatively inexpensive renovation that can offer a good return on investment. “New fiberglass attic insulation is actually the one renovation that will reap you more cash than you cough up, at 116.9%.” ~ Realtor.com
- Safety improvements: Steel entry doors and garage door replacements are two popular safety improvements that can offer a good ROI. These renovations not only make your home more secure but also make it more appealing to buyers. “Installing a steel entry door recoups 91.1% of its cost, and new garage doors will return about 90%.” ~ Realtor.com
Less is more. Big isn’t Better.
Please don’t make the mistake of thinking that bigger is always better when it comes to home renovations. In many cases, smaller projects can offer a better return on investment. You don’t have to spend a lot of money to make a significant impact. Small projects can have a big impact on your home’s value. While they may cost more, room or second-story additions often don’t offer the same return as smaller projects.
So, if you’re planning a home renovation, pick a project that offers the best investment return. Of course, ROI is only one factor in choosing a home renovation. Some projects pay considerable dividends in the pleasure they give you while you live in your home. Having a second bathroom with two teenagers in the house? Priceless!
Give me a call when you’re ready to cash in on your investment! I’m here to help you get top dollar for your home!