Whether you’re choosing to stay in your home or planning to sell in the near future, there are certain home improvement projects that will almost always add value to your home. The price of remodeling projects has increased in the most recent years, particularly with the rising costs of construction materials and other home improvement products.
The five following projects typically provide a solid return on investment (ROI) and will also make your home a more comfortable place to live in the meantime.
Bathrooms will always be a focal point and anything from a minor facelift to a complete renovation will always add value to your home. Remodeling projects that involve high-quality fixtures, upgraded finishes, and tile flooring will hold their value for a number of years. But a simple facelift, such as a new sink and vanity, updated flooring and new paint, will also provide a good ROI.
The kitchen remains the most utilized space in the home, and moderate kitchen upgrades will typically return 100% of the renovation cost, especially if the room is in need of an update. A full remodel that includes new cabinets, flooring, and appliances, costs an average of $25,000. However, a smaller kitchen facelift is significantly less expensive than a full remodel, but still adds value. For example, upgrades such as new stainless steel appliances and granite countertops on their own can yield a good ROI.
Installing new or refinishing existing hardwood floors is an appealing project that instantly adds an upgraded look and more value to your home. Hardwood floors are a classic in terms of style and continue to be in high demand from homebuyers. According to some estimates, installing new hardwood floors in your home can recoup as much as 137% of the investment.
Replacing older windows with new, energy-efficient windows can save money on energy bills and make your home more comfortable overall. Window replacement projects also have one of the highest cost-to-value returns of any renovation project, with an average recoup of 71% to 78% of ROI at resale. New windows typically last from 10-25 years.
Add or Replace a Deck
Appealing outdoor living spaces will be in high demand for the foreseeable future. Adding a new deck or remodeling an existing deck is an outstanding way to add value to your home that you can also enjoy. The ROI for a new deck is fairly high – returning from 65-68% of your investment, depending on whether you choose composite or wood building materials.