Renovations With The Highest Return On Investment
Whether you are trying to sell your home or not, paying attention to the renovations you do and how they affect your home’s value can be important. Some home improvement projects can yield a much higher return on investment than others. We’ve compiled a list below of the best renovations you can do for your money. Enjoy!
- Minor Bathroom Remodel – There are two rooms that sell homes more than any others; the kitchen, and the bathrooms. Bathroom remodels actually provide the highest return on investment, averaging 102%. You don’t need to fully gut the room however, adding a good coat of paint and new fixtures is a great way to elevate the value of your home.
- Landscaping – Curb appeal is a very important aspect when listing a home. Fresh landscaping and a picked up exterior can make your home appear fresh and clean, which buyers want. Basic landscaping averages a 100% return on interest, even adding a few potted plants to your front porch can make a huge difference!
- Minor Kitchen Remodel – A minor kitchen remodel can really bump your home’s value up without much work. Start by upgrading outdated appliances with newer ones; prospective buyers will notice these additions. Painting or staining your existing cabinets can substantially increase your kitchens appeal. Modern hardware on all of your drawers and doors will help a lot too!
- Attic Bedroom Conversion – One of the best ways to increase the value of a home is by adding to the number of rooms it has. If you have an attic that can be converted to a bedroom, and you have the budget to do so, this addition can add a lot of value to your home while also adding to it’s usability! While not necessary, this is an option everyone should consider. The average return on investment for an addition like this is about 93.5%.
- Entry Door Replacement – While it may seem simple, replacing your front entry door is one of the most impactful renovations you can do to your home. If your home’s style can support it, a door painted a bright, primary color can really draw prospective buyers into a home. It makes the home more approachable and inviting! Even a fresh coat of paint can make a huge difference.
- Deck Addition – If you have the room to do so, adding a deck or porch is a great way to add perceived value to your property. If you already have a deck, make sure it has been painted or stained and is structurally sound. A deck increases usable living space and can be a deciding factor for some buyers! Outdoor living spaces have become especially desirable since the covid-19 pandemic.
- Basement Remodel – Although not all homes have a basement, the ones that do can sell for significantly more than homes that don’t! Converting your dark and dingy basement into a usable living space can bring your home value up quite a bit. Return on investment for this renovation sits around 90% on average and can draw in prospective buyers!
- Window Upgrade – Fresh, new windows can have a huge impact on the exterior image of your home! They will make the outside look newer and the interior brighter! In addition to the added curb appeal, new windows are typically more efficient and you may be eligible for a tax break when purchasing energy efficient windows. Although many may not notice, new windows will slide more easily too!
These are some of the best renovations you can do to add value to your home before selling! If you have any questions, or would like to talk with one of our brokers, give us a call at (970) 507-8655. To see the homes we currently have listed, click here!
