Home Renovations That Offer the Best ROI

Dated: April 5 2023

Views: 156

Introduction

Home renovations can be expensive, and it’s easy to get carried away with all the possibilities when you’re thinking about making improvements. But not all home renovations are created equal when it comes to their return on investment (ROI). If you’re looking to make some changes in your home and you want the best ROI for resale, here are some of the top renovations that offer the best bang for your buck. 

Minor Bathroom Remodel 

A minor bathroom remodel is a great way to add value to your home without breaking the bank. Think of smaller-scale updates like replacing vanities, sinks, toilets, light fixtures, and flooring. This type of renovation usually costs around $7000 - $10,000 and yields an average ROI of 80%. This means that homeowners recoup around 80% of what they spend on a minor bathroom remodel when they go to sell their homes.  

Landscaping 

Adding landscaping features like pathways, decks, patios, outdoor kitchens, retaining walls or fire pits can also yield a high return on investment at resale time. Landscaping improvements have an average ROI of nearly 100%, meaning that homeowners can expect to recoup almost all of what they spend on these types of projects when they go to sell their homes. Plus landscaping adds beauty and enjoyment while you still own it!  

Major Bathroom Remodel  

Major bathroom remodels involve more extensive work such as retiling walls and floors, adding new showers or tubs, installing custom cabinetry or vanities and replacing plumbing fixtures. These types of projects tend to cost between $20-30K but will give you an average ROI of 67%, so even though it’s more costly than a minor bathroom remodel it still provides good value at resale time. 

Major Kitchen Remodel 

A major kitchen remodel includes extensive updates such as replacing cabinets with custom builds or refinishing existing ones; adding island seating; installing new countertops; updating appliances; updating plumbing fixtures; replacing flooring; and/or adding additional lighting solutions. The cost for this type of project can range from $25-50K but yields an average ROI of 62%. Again this is a significant investment but one that will pay off in terms of resale value down the road.  

Entry Door Replacement

Entry door replacement is another great project if you’re looking for an improvement with high returns at resale time. It usually costs between $1000 -$3000 depending on how fancy you want to get with glass inserts or sidelights etc., but offers an average ROI of 84%! So if you’re looking for an affordable way to improve your curb appeal while gaining some extra cash at the resale time look no further than entry door replacement! Decks/Patios/Porches Additions Adding a deck/patio/porch addition is another excellent option if you’re wanting to boost your home’s resale value without spending too much money upfront. Depending on the size and materials used these projects can cost anywhere from $5000-$15000 but yield an impressive ROI averaging 87%. So if you're looking for ways to upgrade your outdoor living space while also getting great returns at the resale then adding a deck/patio/porch addition might be just what you need! 

Conclusion

There are many different home renovation projects that can give your house a facelift while boosting its marketability and increasing its value at resale time. From minor bathroom remodels with huge returns on investment to entry door replacements that are both affordable and offer good returns – there are plenty of options out there whatever budget you might have in mind! With careful planning and research into which renovations offer the best bang for your buck in terms of return on investment – you should be able to find something perfect for your needs! Good luck!  Reach out to me for any questions.

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Greg Forrest

I grew up in Northern Michigan, then lived in San Francisco and Seattle for over 20 years, and witnessed the good and bad impacts of fast-growth real estate in these markets. Over that time, I travele....

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