We spend much of our lives in our home, and we love them because of all the timeless memories they hold. Unfortunately, our actual house does not stay as “timeless” as we would like, and eventually it requires some updating and renovating. This begs the question, which projects will bring the biggest return on investment?
A bathroom remodel is a great place to start! Over time, a house experiences wear and tear. The bathroom is one place that this impact is profoundly felt. People are always looking for a clean, functional and up-to-date bathroom, and can bring the value of the home up quite a bit. A homeowner can expect a typical return of 102% on average, depending on how minor or major the transformation is. There are many other benefits to upgrading a bathroom such as increasing efficiency of fixtures, removal of mold and mildew, and even bringing the plumbing up to code.
Curb appeal is extremely important for a home and can truly increase the value of a home. Adding areas of manufactured stone veneer or replacing old siding with new vinyl or Hardie board siding are great places to start. If you do not want to go quite so big, there a many smaller upgrades that will still catch people’s attention. A fresh coat of paint brings new life to a façade. Changing out a front door or garage door gives a home an entirely new aesthetic. Adding landscaping can also provide quite a bit of value but keeping the landscaping basic is a homeowner’s best bet. Home improvements to the exterior of a home generally recoup 100% of their investment.
Updates to your home’s kitchen can prove valuable – usually between 91-98% return,
depending on the scale of the renovation. Small kitchens or minor makeovers typically yield the highest, due to a lesser total investment. This is one area, that even though cost is not completely recovered, it’s typically worth making the upgrades because of the amount of time spent in a kitchen and the extent of work that goes into a kitchen remodel.
Studies have found that Americans are spending more time in their backyards, than before the pandemic. With increased activity, the value of upgrades has also risen. Expanding deck sizes, adding patio spaces for gatherings, and even covering spaces with a pergola has become exceedingly popular. Most outdoor projects like these bring about 90% return on investment.
Keeping your home up to date mechanically brings high return values as well. If your home has an older furnace or A/C unit, it is probably worth replacing with more efficient and effective models. Another maintenance area that brings high value is a new roof system. Lastly, replacing outdated, out of code windows with new energy efficient options is high on the priority list for a lot of homeowners and buyers. One usually sees about a 90% return on these items, not to mention the monthly savings in bills.
All these updates are phenomenal for a home, but they typically require more capital and more time invested. Here are some easy, low-cost renovation options that are popular. A new coat of paint will do wonders to refresh your home! Light, neutral tones help make any space seem bigger and brighter. It is recommended to repaint most interior rooms every 5 years, some even sooner depending on how often a room is utilized, or the amount of sun and moisture is in the space. Give your home a whole new look with flooring updates throughout main living areas! Most products on the market today are far more durable than they used to be, making maintenance easier. Plus, old carpets could be trapping many allergens in the fibers like mold, mildew and dust, so you will feel healthier after a flooring refresh too! Upgrading your lighting fixtures can be extremely beneficial. Not only does the aesthetic value increase, but new light fixtures also use less energy to operate, which will save money on electric bills, as well as having a lesser impact on the environment due to the use of recyclable materials. Lastly, new plumbing fixtures are typically more efficient than their older versions and often add value to your home. You may even save money on your utilities as you go ‘green’. Some popular options are replacing bathroom and sink faucets, installing low flow shower heads, and installing energy efficient toilets.
So if your home is starting to show signs of aging, any of these upgrades will prove extremely valuable in daily use and in return on investment!
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