What Home Remodeling Projects Have the Best Return on Investment?
When you start a home remodel, you want the final product to serve you well. Whether your intentions are to enjoy your dream bath remodel or you’re preparing to sell your home, you want your home renovation project to be a worthwhile investment. If you’re looking to invest in your property, you may wonder where is the best place to spend your time and money? To get the best ROI, consider any of these projects.
A minor bathroom remodel has an average 102% ROI, meaning you should get all your money back and a little more when it comes time to sell the house. Little improvements as simple as replacing a showerhead, bathtub, or vanity goes a long way when it comes to renovation ROI. A major renovation that includes gutting the entire bathroom has about a 93% ROI so your money may be better spent on small fixes if you’re only worried about resale value. Spending extra on creating the bathroom of your dreams makes sense if you plan to stay in the house to enjoy it for a while but not so much if the goal is to sell.
Like the bathroom, smaller renovations in the kitchen tend to have a larger ROI than a major overhaul. It’s suggested to invest 5-15% of the value of your home into the kitchen when renovating for the best bang for your buck. New lighting and a fresh backsplash is sometimes enough to completely transform the space; older kitchens may need more serious renovations with new flooring, cabinets, and countertops. Depending on the money put into the kitchen, the ROI can be anywhere between 75-100% so you have a great chance of making all of your investment back.
Many homebuyers appreciate a house that doesn’t need to undergo any serious projects after they move in. Having a finished basement is a huge box to check off for these buyers. The possibilities for a basement are nearly endless; you could make it a home theater, a game room, a large office, or maybe an accessory dwelling unit complete with kitchen and laundry. The renovation itself will probably see around 75% ROI but building an additional living space that can be rented out creates an additional source of income; the new accessory dwelling unit can pay for itself!
More of the Best Home Improvements for Resale
While the previous sections covered “the big three” of the best investments, you have other options for increasing the value of your home.
For example, curb appeal goes a long way. It would be worthwhile to invest in some landscaping to make the outside of your home beautiful. The best outdoor investments result in a yard that looks clean and pleasing to the eye yet not too difficult to maintain. Surprisingly, despite how coveted pools are to many buyers, they rarely add much to the value of a home compared to the cost of buying and installing one.
Attic space can also be transformed into an additional bedroom or office for similar results as a finished basement. Smaller improvements, such as replacing the front door and windows, refinishing hardwood flooring, changing doorknobs and other hardware to something more modern, and adding a fresh coat of paint to your walls can do wonders.
Regardless of what you have in mind, tackling home improvement projects on your own can be a big task. At Quality Homes, our experts are happy to help with all of your remodeling needs. Just contact us about your project for your free estimate and we’ll make sure to guide you through making the best investment possible into your home.