Home renovation projects are a great way to add value to a property when done correctly. Renovators should always keep in mind the scale of their project in relation to the value of their property when making a home renovation. Projects should also align with buyers’ interests in the area for the highest resale value. When deciding what to renovate first, here are some of the best return on investment home improvement projects.
Minor bathroom remodel
A minor bathroom remodel is one of the best projects to complete when considering ROI. Most buyers appreciate simple changes that make a bathroom look new such as repainting walls, updating hardware, or replacing a showerhead with a newer version.
Landscaping
Properties with large front and backyards can greatly benefit from well-kept or upgraded landscaping. Landscaping is one of the best return-on-investment home improvement projects. Amp up a home’s curb appeal by trimming back trees, sweeping walkways, and wiping down windows. Make the front entryway inviting by replacing a worn doormat, wiping down the front door, and adding a pot of flowers for color.
Minor Kitchen Remodel
Like bathroom remodels, minor kitchen remodels are one of the projects buyers appreciate the most. If a kitchen already has a functional layout, there’s no need to tear down walls and cabinets. Rather, focus on small changes to refresh the area. A fresh coat of paint goes a long way while updating appliances create a modern aesthetic and appeals to a buyer’s functional sensibility. Revamp the space further by refinishing or repainting cabinets and switching outdated knobs for new ones.
Attic Bedroom Conversion
One of the best ways to add value to a home is to increase the usable square footage, which is exactly what an attic bedroom conversion does. Homeowners with attics can expect a high ROI when converting an unused attic into a guest room or office space. In fact, not remodeling a neglected attic can negatively affect a home’s value as buyers may find it unappealing.
Major Bathroom Remodel
Although a major bathroom remodel doesn’t rank as high as its smaller-scale counterpart, renovators who go all out on this project can make back most of the cost. Once again, this is mostly due to how much buyers value spaces like bathrooms in a home. Consider all aspects of the bathroom when making a major remodel. Remodelers can replace showers and toilets with newer versions, strip flooring and retile with quality materials, and amp up the lighting around an upgraded vanity.
Major Kitchen Remodel
A remodeler should consider the state of their current kitchen and the buyer pool in the area before starting a major kitchen remodel. The key to a successful renovation is choosing changes with the largest effect. The best way to renovate a kitchen is to knock down a wall that closes the space. Adding storage like cabinets and shelves is another great way to make the most of a remodel. When replacing fixtures and appliances, incorporate low-flow and energy-efficient options to save on utility costs.
Entry Door Replacement
Buyers viewing a property enter through the front door, making it a powerful influence on first impressions. A door that’s dilapidated, has peeling paint, or is dated will stick out to a buyer and inform their thoughts all throughout a home showing. Increase a property’s curb appeal by replacing the entry door with a sturdy replacement that matches the property.
Deck, Patio, and/or Porch Addition
Like attic bedroom conversions, outdoor additions expand a property’s usable square footage. Locations with temperate weather and gorgeous nature views especially benefit from outdoor additions. Deck additions are one of the most popular outdoor additions and can be built of durable composite or more profitable wood. Make sure to build a space that can stand up against seasonal weather patterns and be used any time of day.
The best return on investment home improvement projects differs for luxury properties, as their high price points and wealthy buyer pool give them more leeway in budget and design. Target buyers would appreciate projects like a spacious patio addition. Furnish the space with high-quality outdoor furniture and outfit it with lights for nighttime gatherings. Projects like an outdoor kitchen give the space even more uses. Outfit a kitchen area with a built-in grill, deep sink, and refrigerator for complete use.
Basement Remodel
A basement remodel works in two major ways to recoup costs. First, it makes an area usable. Second, it makes it desirable. Basements can be dank and dark as they lack windows and can collect water. By eliminating issues related to mold or odor and reimaging the space into a guest room or entertainment area, remodelers can earn back most of their investment.
Replace Windows
Nothing shouts “new” louder than sleek windows. Replacing worn windows amps curb appeal by creating crisp lines while switching to energy-efficient models appeals to a buyer’s functionality. Areas with extreme weather but gorgeous views especially benefit from windows that can maintain a comfortable temperature inside. Although it doesn’t have the highest ROI compared to other projects, window replacements make back most of their cost.
Profit with these high ROI projects
Deciding the best return on investment home improvement project depends heavily on local market trends and a renovator’s own limitations. Even so, the ten projects above tend to have high levels of success regardless of location. If you need help choosing an improvement project to bump up your property’s list price, contact trusted local agents Gillian Gillies and Prentiss Van Den Berg for expert tips and guidance.
*Header photo courtesy of Gillian Gillies and Prentiss Van Der Berg
