5 Highest ROI Home Renovation Projects
We all want the perfect house, and of course, we want it to be comfy, updated and welcoming at all times! Keeping it updated can force us to dip into our savings account and it may seem as though the updates are a never-ending-list. It is important to know the average return on investment (ROI) of the projects you are thinking about completing so you can get the biggest bang for your buck. This could help you with the decision-making process of what needs to be renovated in your home before you sell.
There are numerous renovations you can make to your home that will yield an ROI, however, below are the 5 Highest ROI Home Renovation Projects.
1. Entry Door Replacement
We know it sounds simple, but it’s true. Replacing your front door can make a huge impact on the value of your home. However, be sure to choose a style that fits well with the style of your home. If it doesn’t flow with the style, it can actually decrease the ROI. Steel doors bring in a bigger ROI with a national average of 101.8%. Fireglass doors bring in an ROI of 72% and Grand Entrance Fiberglass brings in an ROI of 67.6%.
2. Installing a New Fireplace
Many buyers love having a cozy fireplace in their home. According to Marshall & Swift’s Appraisal Handbook, 91% of the installation costs of a putting in a new fireplace are recouped and bring in an average of 54% ROI.
3. Kitchen Remodel
This room can make or break the sale of your home. Want to make your home impossible to walk away from without receiving an offer? Update the kitchen. If you do not have enough in the budget to update the entire kitchen, start with these spots:
Most Popular Replacements in Kitchen Remodel:
1. 74% Update Countertops
2. 70% Update Paint/Wallpaper
3. 67% Update Cabinetry
4. 64% Update Flooring
4. Turn An Attic Into A Bedroom
On average, converting an attic into a bedroom will increase your home value by nearly $39K. If you decide to take this route, note you may need to get estimates on these changes to bring the bedroom to life:
1. Strengthen the floor, insulate, and finish
2. Adding a dormer
3. Creating Stair Access
4. Adding a bathroom
5. Siding Replacement
Replacing siding can create some massive curb appeal for your home. It will give your home a fresh and beautiful look. This ROI varies across regions of the U.S., however, the national average ROI is 80.7% for Vinyl Siding, 84.3% for Fiber Cement Siding, and 77.6% for Foam Backed Vinyl.
We hope these tips help you decide which renovation projects you want to tackle this year
If you need any help, feel free to contact us and we can customize your list to make sure you get the highest return!