6 Home Renovations with High ROI
We all want home renovations with high ROI. If you are trying to decide which home projects you should do first, or if you are considering listing your home soon, you may be interested to know which home renovations give you the best bang for your buck. You may be considering updating appliances, carpeting, and paint to be the place to spend the money, but, don’t be so quick. According to a recent article in US News and annual reports in Remodeling Magazine, you may be better off spending your money in other areas instead.
Here are six great projects to consider that offer the best return on your investment.
Kitchen Remodel
It is true that the hub of any home is the kitchen. A kitchen remodel can recoup anywhere from 65- 80% and add value to your home quickly. It is a crucial selling point for most buyers as well. When remodeling your kitchen, consider upgraded modern countertops, cabinets, flooring, and lighting. You do not necessarily need to make a complete overhaul of the kitchen, however, consider at least a few of these options to get that updated look. If the kitchen is closed off from the rest of the house, look at opening up a wall to allow for an open concept. This may mean the difference between a quick sale or one that sits on the market for months.
Bathroom Remodel
Another prime area for investment is the bathroom. Remodeling a current bathroom will recoup a higher return than adding a bathroom. However, according to Remodeling Magazine and the National Association of Realtors, if you only have one bathroom and multiple people are sharing it, an additional bathroom may mean the difference between a sale or not.
When considering upgrading your current bathroom, updated tiles, tubs, sinks and cabinetry is vital. Increase lighting and space where possible. If adding a bathroom, the placement of where this bathroom is can be significant. Many people enjoy having an en-suite to the master bedroom. Your High Quality Contracting, Inc. remodeling expert can help design the perfect bathroom for you.
More Square Footage
According to the National Association of Realtors, a home renovations with high ROI include increasing your square footage. A homeowner can expect to recoup upwards of 69% for refinishing a basement, attic, or other space in a home. By increasing the livable space in a home, you can assure that you will dramatically improve your home’s value.
Research the going rate per square foot for living space in your area to get an estimate for the value of the increase.
New Windows
Remodeling Magazine states that you should not invest in the top of the line for a window upgrade if you are planning to sell. Instead, invest in a midgrade product that is energy efficient. It increases the possibility for a faster sale, as well as brightens the room. You can expect to recoup upwards of 74% on vinyl replacement windows.
Added Insulation
2017 Cost Vs. Value Report in Remodeling Magazine reports that the number one ROI investment into your home was professionally installed attic insulation. Because of the substantial improvements in insulation products becoming more energy efficient and lasting longer, this upgrade makes sense if you are planning to stay or leave. Not only do you lower heating and cooling costs, but, you ROI is roughly around 108%.
Updated Home Siding
This one is just common sense, one home renovations with high ROI is home siding. Updating your home siding can improve many aspects of your home as well as enhance the chances of a sale. Realtors insist on creating curb appeal when selling your home, first impressions count. So what is the ROI for the siding change? That depends on the product you choose as well as making sure it is professionally installed. The foam-back provides at least three times the R-Value as the hollow-backed siding. This reduces the overall heating and cooling budget for the home. The price is higher than the hollow-backed siding, but, it pays off in resale value and energy costs. Choose from a wide array of colors and textures to meet the structure of your home. If you are a little unsure as to what products would best fit your home and budget, one of our siding experts can help you decide by explaining the options.
There are many other projects that you can do around your home that have a good ROI; however, these are our top 6 for this year. If you are considering selling your property, give us a call and set up a free consultation. High Quality Contracting Inc. can assist you in deciding which projects might best help you increase your resale value.