Home Renovation Projects That Produce Great ROI
Keeping your home up to date with current design trends can be critical when it comes time to sell your home. It’s very important to understand which projects are going to provide the best bang for your buck. Below you will find home renovation projects that produce great ROI for your home.
For most homeowners the kitchen is the central hub of the home. The majority of entertaining and meals takes place in the kitchen. Having an updated space is a priority for homeowners. A major kitchen renovation can provide approximately 65% return on your investment. Keep in mind this can be very expensive and includes replacement of cabinets, countertops, flooring and appliances.
A minor kitchen renovation will cost much less and can provide a higher return on investment of approximately 80%. A project like this will likely include refurbishing and painting cabinets, replacing countertops and possibly flooring.
I recently interviewed Amy Hayes, owner of Bloom Painting Company, a local Broomfield painting company who specializes in cabinet refinishing. Amy walked me through the entire process and the benefits to refinishing cabinets instead of replacing them.
Depending on the condition of your kitchen, considering a major or minor kitchen renovation could be a great option that you can enjoy and also benefit from when it comes time to sell your home.
Basement Finishing and Renovations
Finishing your basement or updating it can also provide great ROI. When finishing your basement you can expect approximately 70% return on your investment. However, to achieve this return it is critical that a finished basement include bedrooms and bathrooms. If not, the ROI on finishing a basement decreases significantly.
Other items to consider that attract potential buyers when it comes time to sell your home are home theatres, wine rooms and bars.
Moving outside, it’s all about curb appeal. A landscaping project can actually provide a return greater than your initial investment at 105%. Additionally, a well maintained yard is more likely to attract an offer on your home because buyers assume a home has been maintained better when the yard is well kept.
Other projects that add great curb appeal are a new garage door and a new front door and provide 85% and 90% return respectively.
Deciding which room or area of your home to update can be very fun and stressful at the same time. We want to enjoy our homes but always have our eyes on the bottom line. Making educated decisions on which projects will produce the best ROI can help alleviate some of this stress and allow you to enjoy your new space.
For more information or to discuss your individual project I encourage you to speak with a local real estate professional like myself who can help guide you through the process.
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