5 Renovations With The Best ROI
Falling out of love with your home? Home renovations can be a great way to add value to your home while sparking a new love for your abode. Functionality and design go hand in hand with enjoying your living space, but with so many different renovation options available, it can be hard to know where to start, or where you will get the most value for your renovation dollar.
According to data from the National Association of Realtors and the National Association of the Remodeling Industry, here are the top five value-adding home renovations or updates.
A kitchen remodel can add significant value to a home, with an average return on investment of about 82%. That's a huge return on your investment! Unless you're like me and don't cook- MOST people spend a vast amount of time in the kitchen. Whether you're looking to update your appliances, cabinets, or countertops, a kitchen remodel can be a great way to increase the value of your home. If you are selling your home and have outdated or mismatched appliances, this is a relatively affordable "renovation" that will have a big impact on potential buyers!
Bathroom remodel: A bathroom remodel can also add value to a home, with an average return on investment of about 70%. Again, a fantastic bang for your buck. When in doubt, chrome is out. For a sleek and updated option, consider replacing your fixtures with brushed gold or black. Whether you're looking to update your fixtures, tiles, or cabinets, a bathroom remodel can be a great way to increase the value of your home.
Adding a new bathroom: If your home currently only has one bathroom, adding a new bathroom can be a great way to increase its value. This can be especially appealing to potential buyers who are looking for homes with more than one bathroom. Although this option may not be an option with your current home layout, revert back to a remodel of your current bathroom to make it your favorite oasis and room in the house!
Deck or patio addition: Adding a deck or patio can bring a return of investment up to 70%. Whether you're looking to create a relaxing space to entertain guests or simply want to enjoy the outdoors more, a deck or patio can be a great addition to any home. Even if it is not a full deck option, your outdoor space should be considered in your overall lifestyle and living space.
Make your backyard (or front yard) a space you want to spend time in. As I've mentioned in previous issues, curb appeal is one of the best return on investment for value! Unlike other renovation projects, this one can be done DIY style. Improving the landscaping of a home can increase its value, as well as its curb appeal. Whether you're looking to add new plants, shrubs, or trees, or simply want to update your existing landscaping, investing in your home's outdoor space can be a great way to increase its value. Remember if you are selling your home, first impressions are everything, so take the extra time and money to invest in this project!