6 Home Improvements That Provide The Best ROI
Performing renovations and general maintenance is part of your job as a homeowner. Maintaining and even increasing your home’s value over time is the goal. But, do you know which projects are a good financial investment and will provide you with a good ROI? Are you aware of the home renovation projects that you should avoid because they are not worth your time or investment?
Always Factor in ROI for Renovation Projects
Before planning any home renovation project, it’s vital you take into account the financial repercussions of the changes you are planning. This is particularly important if you are planning on selling your home. If this is the case, then you need to consider renovations that will be appealing to potential buyers.
If you are planning on staying in your home long term, then the ROI will have less of an impact on your renovation decision, even though you still need to factor in the return on your investment for any changes you make in your home – especially significant changes.
Home Renovations with the Best ROI
As a general rule, you should focus on home renovation projects that yield a 75%-100% return on your investment, unless there are other areas of your home that need an immediate upgrade.
Here are 6 of the top home renovations that will provide you with a solid ROI:
- Kitchen, bathroom, and basements: These are the best areas to focus on. Kitchens and bathrooms are two of the most appealing and most widely used rooms in any home. Basement renovations provide you with additional space, making these options ideal renovation projects.
- A new front door: It is amazing how much a new front door can do to improve your homes curb appeal – something that is attractive to potential buyers.
- Painting: A little paint can go a long way. Simply painting your home or adding a few accent walls using the right colors can completely change to look and feel of your home.
- Windows and doors: New windows and doors are always a wise investment. Energy efficient options also have the added value of reducing your home energy costs.
- Flooring: People love hardwood floors. Therefore, upgrading to high quality flooring, especially hardwood, is a smart investment that is visually appealing and will add value to your home.
- A new deck: A nice deck is another feature that buyers find desirable. Plus, it is also a great investment from a functional perspective as most people get their fair share of use out of their decks.
These home improvements are likely not that big of a surprise. As they say, it’s the kitchen and bathrooms that sell a home. Secondary selling features like flooring, new windows, and finished basements are also appealing elements that make financial sense.
Other simple tasks that will improve your homes appeal include: Cleaning, eliminating clutter, simple landscaping, and minor repairs around the house.
Have you completed a renovation recently? Are you currently planning a renovation project? How important is ROI in your decision to do a project?
Learn More:Home Renovations and Home Insurance