Which Home Renovations Generate the Highest Returns?
Did you know that not all home renovations increase your home’s value? In other words, your Return on Investment (ROI) could be next to nothing on some renovations. Even if you do see a return on your investment, it’s sometimes less than half of what you paid.
Fortunately, many home renovations provide an exceptional return on your investment. Knowing what they are and how much of a return you’ll get can help you decide.
Why Home Renovations Affect Your Home Value
Before we get into the list of renovations you should consider, let’s look at why home renovations affect your value. When you improve your home, you improve its features or its quality, both of which affect the home’s value. Buyers are more likely to pay more for a home that’s recently renovated than one that needs repairs and/or is outdated. But which home renovations should you do?
The Top Home Renovations to Consider
Focus on the areas of your home that need major improvement, especially if safety or function is an issue. Other than that, consider these renovations to improve your home’s value:
Kitchen Remodel
The kitchen is the heart of the home. Renovating it doesn’t have to mean tearing down walls and reinventing your kitchen. Painting or refacing the cabinets, modernizing countertops, switching out appliances, and updating the faucets or light fixtures may provide an ROI of 77% or more.
Impact Windows
Windows are another great way to improve your home’s curb appeal, but they also affect the home’s energy efficiency. They can be a hefty investment, but you’ll typically recoup almost 75% of your investment. As a bonus, you’ll likely reduce your energy usage in the home which may further increase the return on your investment.
Garage Door
You may not think of the garage door when renovating your home, but it can provide almost a 95% ROI. With an average expense of $3,500, you can improve your home’s value and boost curb appeal!
Final Thoughts
There is the right balance between upgrades that maximize your home’s comfort and personal preferences while making the right investment long term. Before you make any home renovations, consult a professional to see which renovations should generate the highest return on investment and desirability in your market.
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