Home renovation projects are a great way to add value to your property while also improving your quality of life. Not all renovations are made equal, though. Some projects will give you a better bang for your buck. Since improvements are quite costly in general, with some people even taking out renovation loans to cover the cost, it makes sense to put your money where it matters most. The following are the best home renovations with the highest return on investment:
As the saying goes, the kitchen is the heart of the home. It’s here where everyone gathers together to prepare a hearty meal or talks over refreshing drinks. For this reason, any minor or significant renovations to your kitchen to improve its aesthetic appeal and increase the functionality of appliances and fixtures is worth the financial investment. Even something as simple as changing the flooring, refacing the cabinets, or adding new accessories can visually transform your kitchen and add value to it.
Patio or Deck Addition
Patio or deck additions make good use of free space in your home’s backyard, which increases its market value. You’d be hard-pressed to find someone who wouldn’t want a relaxing outdoor haven all to themselves to forget about the stresses of daily life. Not many people have the luxury of space in their current living conditions, and many are more than willing to shell out a couple of extra bucks on outdoor facilities, which makes this renovation a good investment. You can further increase your home’s value by building the deck or patio out of hardwood material like cedar or redwood.
Bathroom Addition or Remodeling
Based on this year’s Cost vs. Value Report, you can recoup almost 64% of what you invest in a mid-range bathroom remodeling while adding an entirely new bathroom will get you back 56% of your investment. Besides the financial advantages of this project, it also helps that improvements to a bathroom make it much safer and comfortable to use, which is essential given that people spend an estimated 182 hours a year on average in their bathrooms.
Entry Door Replacement
Your entry door is quite possibly the first thing any visitor and potential buyer of your home will see, which means replacing an old and worn out door is well worth the investment. It’s also one of the cheapest remodeling projects you can undertake. If you can’t replace your door with a new one, you can breathe life into it with a splash of paint or new fixtures. Don’t forget to complement your brand-new door with charming decorations like a shiny new house number, fresh potted plants, and a durable welcome mat.
Manufactured Stone Veneers
Last but not least, a renovation that will guarantee you a whopping 95.6% of cost recouped: manufactured stone veneers. Curb appeal matters when it comes to both first impressions and market value, so investing in your home’s exterior facade is doubly worth your investment. There’s plenty of types of stone veneers to consider, from True Stack to cobblestone. Make sure to go for an attractive finish that complements the rest of your home.
You might not want to sell your home at the moment, but some improvements are still worth doing should you choose to put your property up for sale somewhere along the way.