If you’re looking to invest back into your home, you’ve probably already considered several possible remodeling projects. Renovating your home can boost its value, make it more attractive to prospective buyers. It also transforms it into a better place for you and your family in the present. In this article, we’ll discuss the home improvement projects with the highest return-on-investment.
First, focus on any essential projects
Right from the start, you might be tempted to jump right into a kitchen or bathroom remodel. After all, you’re in your kitchen every single day—you know just how much it needs a makeover. Before you invest in this type of remodeling, you should really prioritize spending your money, time, and attention. It might sound boring, but replacing your failing garage door or fixing a leaking roof should come first.
Most essential home projects have a high ROI, because many of them make it possible for you to sell your home. Major home issues like structural damage or a bad roof should be fixed before listing a home for sale.
If your home’s cooling and heating systems need to be replaced, take care of that project before you invest in other areas of your home. True a seemingly mundane furnace/ac replacement isn’t going to stand out when people tour your home. However, you’ll have a much easier time selling it when they start looking over the finer details. Plus, you’ll be able to enjoy a more comfortable and efficient home until then.
Refresh your kitchen and bathroom
Once you’ve completed any essential items, you can move onto the fun stuff: remodeling your kitchen and bathroom. Not surprisingly, these two spaces are typically at the top of most homeowner’s to-do lists. Generally speaking, kitchen and bathroom remodels have a high ROI and can have a major impact on your home’s value. The key to getting the most possible value out of your renovation is setting a scope and staying within your budget. Yes, you can build the kitchen of your dreams by putting an extra ten thousand dollars into the project. But, if you’re not going to get that money back when you sell your home, that might not be the wisest investment.
Any successful kitchen remodel involves new cabinets and countertops. Invest in high-quality materials and expert installation: cutting corners on granite, quartz, or cabinetry can lead to a shoddy finish and reduced value. You’ll likely spend up to half of your total budget on these materials, but there are ways to save money. First, talk to your remodeling contractor. You might also try soliciting bids from several wholesalers in your area.
In either room, limit the scope of the project to contain your total overhead. For example, you may not have the budget to replace both the tub and the shower, so just replace the shower and put your remaining money into new floors, a bathroom vanity, and new lighting fixtures. If you’re planning on staying in your home for at least a little while, you can also break the project into phases. Some homeowners remodel most of the kitchen in the first go and then wait a bit before buying new appliances and putting the finishing touches on the project.
Change your backyard for the better
The backyard is really a major selling point of so many homes. The right backyard can be an inviting space that connects the home to the beauty of the outdoors—especially in the nicest times of the year. A new deck can add significant value to your home. If your home isn’t built for a deck, instead re-imagine your patio. A built-in grill, a gas-lit fire pit, and a cooking prep area can transform your backyard into the place to be in the summer, while also making your home more attractive and valuable.
When it comes to value-boosting home upgrades, the list is nearly limitless. We recommend you talk to a home remodeling expert in your area. They’ll be able to point you in the right direction, showing you what other local homeowners are doing. With their help, you’ll be able to prioritize what projects you should take on first.
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