5 Home Renovations That Bring in Awesome ROI
Did you know Americans spend over $100 billion every year on home renovation projects?
In 2015, the amount hit $326.1 billion!
This can only mean one thing: homeowners across the country are investing thousands of dollars into their homes.
Whether you are planning a renovation project because you want to sell your home, or you just want to turn it into a dream home, it’s important to consider the return on investment.
You see, home renovation projects are not created equal.
Some will fetch you more bang for your hard-earned bucks, and others will have little impact on your home’s value or curb appeal.
In this post, we’re sharing the top 5 home renovations that will unlock more value from your home.
Let’s dig in.
The number of people who want to live in green homes is increasing by the day.
As a result, greener homes are fetching higher prices in the real estate market.
If your home wasn’t built with ‘green’ in mind from the start, there are renovations you can do – such as fiberglass attic insulation – to enhance its energy efficiency levels.
With increased energy efficiency, your home’s value will shoot up!
Driveway Repair or Replacement
When it comes to selling a home, first impressions matter.
What potential buyers see the moment they enter your gate influences their purchase decisions.
Since driveways typically occupy large chunks of real estate, they greatly improve the value of a property when in excellent condition.
If there aren’t many damages on it, call in a professional to perform repairs. But if it has large holes and cracks, or patches from old repairs are visible, replace the entire thing.
Flooring is one of the top features people look out for when shopping around for a new home.
Even if your home is in a good neighborhood, you may have trouble selling it if the floor isn’t in a perfect state, or isn’t made of the right material.
The vast majority of buyers prefer hardwood flooring, so you should consider installing it. The major drawback is the high cost of acquisition and installation, but it’s an instant customer magnet and adds great value to your home.
Other flooring materials you can consider include laminate, vinyl, and tile.
The kitchen is where the heart of the home is. And where the heart is, great value is bestowed!
When renovating a kitchen, pay attention to modern standards. More and more people are developing a large appetite for large and open kitchens, modern cabinets and storage units and built-in kitchen appliances.
You are probably thinking this reno project will cost you an arm and a leg. Sure, it can cost upwards of $50,000, but your home’s value will increase by double this figure.
Doors and Windows (and Other Minor Renos)
A tidy home is a valuable home.
There are minor renovations that you can implement to make your home look neat and inviting. Fixing or replacing broken doors and windows is a good place to start.
You should also inspect your home thoroughly to find spots or features that need basic repairs or maintenance.
Such minor renos will go easy on your pocket and increase your home’s overall appeal to buyers.
Renovations are part and parcel of owning a home.
Reno projects will not only add to your piece of mind and make your living environment safer, but also pump thousands of dollars into your home’s value.
With these tips, we hope you now know the kind of projects that will bring in an awesome ROI. Good luck!
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