With any renovation, you’re looking to improve the appearance and functionality of your home. But you’re also looking to increase its value. What are the most cost-effective upgrades that you can do? We’ve got a few ideas. Here’s our list of home renovations with the greatest ROI:
Remodel the Bathroom
Imagine if your bathroom looked like a spa. Heated floors, a claw foot tub, and marble countertops. Wouldn’t that be amazing?
A renovated bathroom is amazing for your home’s value, too; it can provide an ROI of 60-67%. Bathroom upgrades are a wise (and enjoyable) way to spend your remodeling budget.
Repaint the Walls
As far as renovations go, painting is probably one of the most simple and cost-effective. This is a great project when you’re working with a smaller budget.
Refresh and update the interior of your home by repainting the walls with modern colors. Try to coordinate a color palette so you can keep the theme consistent throughout your home. If you’re planning to paint the exterior of your home, we suggest that you call a professional painter.
Renovate the Backyard
On a hot summer day, there’s nothing better than a spacious, well-maintained backyard to host a party, have a barbeque, or lounge about in the sun. With lawn care and landscaping services, you can make your backyard a relaxing and fun place to hang out.
If the grass is worn out and damaged, you might want to replace it with sod. Or, install a few flower beds and pathways to make your yard more aesthetically pleasing. Consider adding a fence for more privacy if your property does not have one already.
Revamp the Kitchen
Do you love to cook? You’re far from the only one. Kitchens are a major selling point when you’re listing a home. Buyers want to walk into a kitchen and be able to picture themselves making breakfast, baking a cake, and enjoying dinner.
Searching for inspiration? A few upgrades you can add to your kitchen include:
- New appliances. A new oven or fridge is an investment in the overall value of your kitchen.
- An island. Give yourself more space to prepare meals, sort your paperwork, or enjoy a cup of tea with a kitchen island.
- Replace the countertops. Granite countertops never go out of style. Sturdy, glossy countertops are easy to clean and a great surface to prepare food on.
Replace the Roof
What are some of the main concerns that buyers will have about your home? Most potential buyers won’t mind if the house needs a few cosmetic fixes; things like new floors or appliances. But major projects, like replacing a roof, will make them hesitant.
The owner of Martens Contracting in Calgary writes, “A new roof is a huge selling point for potential buyers. They’ll know that they don’t have to worry about another replacement for at least 20 years.”
Replace the HVAC System
When you picture a home renovation, you often envision tearing out the floors or knocking down a wall. But sometimes, the most impactful renovations are somewhat invisible.
A new HVAC system is not a cosmetic upgrade, but it’s definitely an important one. Your heating and cooling system will affect how comfortable your home is, and how expensive your power bills are. If your HVAC system is on the verge of breaking or hasn’t been well maintained, consider investing in a new one.
Reinsulate the Attic
Are your utility bills higher than you’d like? It could be due to insufficient insulation. The attic is one of the main sources of heat loss in a home, along with under-insulated walls. Adding more insulation to your attic (and/or your walls) is not a DIY job; you’ll need to contact a contractor for this home renovation project.
A few other areas where your home loses heat include windows and doors. You can seal the edges of old doors and windows using caulking or weather-stripping. But if you have the budget for it, it might be best to replace them altogether.
When you’re strategizing your home renovations, make sure to consider how the costs will factor into the value of your home. Renovations with a higher ROI will help you get more money back when it’s time to sell your house. By investing in any of the upgrades on this list, you can significantly increase the profitability of your remodeling project.