Making improvements to your home is a great way to increase its value and get the best return on investment. But where do you start? In this blog post, we’ll discuss which home improvement projects give the best return on investment so that you can maximize your home’s value.
Minor bathroom remodel
A bathroom remodel is one of the best home improvement projects to maximize your investment return. For every dollar you spend on the project, a minor renovation will yield a $1.70 increase in your home’s value. This remodel typically includes updating the vanity, sink, faucet, lighting, and toilet replacement. These projects are relatively inexpensive, but they can greatly impact the look and feel of your bathroom.
For example, replacing the vanity, sink, and faucet can give your bathroom an entirely new look. You can also choose new lighting fixtures to give your bathroom a modern and updated feel. Replacing the toilet is also one of the most cost-effective ways to upgrade your bathroom and improve its efficiency.
Another great way to improve your bathroom's ROI is by adding a heated floor. Heated floors are not only comfortable, but they also add value to your home. Replacing the bathtub or shower with a larger, more luxurious model will also give your bathroom a high-end look and attract more potential buyers.
Landscaping
Landscaping is an excellent way to increase your home’s value and get the best return on investment. A well-maintained yard can add up to 15% to your home’s value, so keeping it looking its best is essential. Your landscaping often goes hand-in-hand with the home’s curb appeal, and it’s important to remember that it is usually the first thing any potential homebuyers see when touring your home for the first time.
Adding trees and shrubbery to your yard will make it look more attractive while also providing shade and privacy. If you have a large yard, consider adding a water feature, such as a pond or a fountain. This will add a touch of luxury to your outdoor space.
Minor kitchen remodel
The kitchen is one of the most important spaces in the home. It’s the center of gatherings, parties, and homecooked meals surrounded by loved ones. Remodeling the kitchen is a great way to snag a buyer's attention — but you don’t have to break the bank in doing so. Minor kitchen remodels usually have an ROI of 81% and can include minor, budget-friendly renovations, such as updating the countertops and cabinets and replacing the appliances. Consider adding an island or a breakfast bar, as it will create more counter space and storage.
If you’re looking for an even bigger impact, replace appliances, as this will improve the look of your kitchen and increase its efficiency. You can also add new lighting fixtures or a backsplash to give your kitchen a more modern feel.
Attic bedroom conversion
If you have an attic space, convert it into a bedroom. This type of project can give you the biggest return on investment, as it can increase your home’s living space. The expected return for an attic bedroom conversion is 53-65%.
When converting an attic into a bedroom, add insulation and drywall. This will make your home more energy efficient and save you money in the long run. Adding built-in storage space, closets, and desks are important features to consider, as they can make the space more inviting and organized.
Major bathroom remodel
Consider a major bathroom remodel if you’re looking for a more extensive project. This remodel typically includes replacing the tile and fixtures and adding a new vanity. A major bathroom remodel can increase your home’s value by 3%.
Replacing the tile or switching out the fixtures can give your bathroom a new, modern look. Adding a new vanity can also increase the storage space and make your bathroom more functional, while installing a heated floor will make the room more comfortable and increase its value. Add a new shower or tub to give your bathroom a high-end look.
Major kitchen remodel
If you’re looking for the biggest return on investment, a major kitchen remodel is the way to go. This type of remodeling typically includes replacing the countertops, cabinets, and appliances. Replacing the countertops and cabinets can add character and personality to the space. Adding an island or a breakfast bar will create more counter space and storage. The average ROI for a major kitchen remodel is 54%.
Entry door replacement
Replacing the entry door is an amazing way to get the best return on investment. This project is relatively inexpensive, but it can have a big impact on your home’s value with an average ROI of almost 500%.
First, replace the entry door with a more energy-efficient model. This will help keep your home more comfortable and reduce energy costs. Installing a new entry door will make the home attractive and aesthetically pleasing to potential buyers.
Deck, patio, and/or porch addition
Adding a deck, patio, or porch to your home is another great way to get the best return on investment using home improvement renovations. This project can increase your home’s value and make it more inviting to buyers. A homeowner can typically recoup a large ROI on a deck or porch addition, depending on location, building materials, size of the porch, and more.
Consider using pressure-treated lumber or composite materials when adding a deck, patio, or porch. This will help ensure that the structure is durable and long-lasting. Adding lighting and seating to the space will also make it more inviting and increase its value.
Basement remodel
A basement remodel can add extra living space to your home, increase its value, and offer an ROI of 52-86%. Potential buyers can use this space for a guest addition, office, game room, or more. Consider adding windows and skylights to bring in more natural light.
Replace windows
Replacing your windows is a great home improvement project for the best return on investment. This type of project is relatively inexpensive, but it can greatly impact your home’s value, with an ROI of around 75%. When replacing your windows, use energy-efficient models. This will help reduce energy costs and help maintain comfortable living spaces. If you can’t replace your windows, consider adding storm windows, as they will increase the efficiency of your windows, lessening drafts and providing a layer of insulation and protection to the home.
Plenty of projects can help you get the best return on investment on your home, from minor bathroom remodels and landscaping to significant kitchen and bathroom remodels. Making improvements to your home is a great way to increase its value. Still, it can be a stressful experience if you don’t have a knowledgeable professional to answer your questions or provide wise advice. Reach out to agent Samuel Piha, whose stellar real estate industry knowledge can help point you in the right direction.
