August 10, 2023 | Homeowners
Top 7 Home Renovations For A High ROI
In my career, I have seen firsthand how home renovations can significantly increase the value of a property. However, not all home renovations are created equal when it comes to return on investment (ROI). Some renovations can actually decrease the value of a property or fail to provide a good ROI. Keep reading and I’ll share with you the top seven home renovations that provide the best return on investment.
- Kitchen Renovations
The kitchen is often considered the heart of the home, and for good reason. It’s where families gather to prepare meals, entertain guests and spend quality time together. A well-designed and functional kitchen can significantly increase the value of a home. Consider upgrading appliances, adding a backsplash, updating countertops and cabinets, and installing a kitchen island to create a more modern and functional kitchen.
- Bathroom Renovations
Like the kitchen, bathrooms are also an essential part of any home. A bathroom renovation can provide a good ROI, especially if you focus on upgrading fixtures, replacing old or damaged tiles and installing new lighting. Consider adding a walk-in shower, double sinks, or a soaking tub to add a touch of luxury to your bathroom.
- Outdoor Living Spaces
Outdoor living spaces have become increasingly popular in recent years. A well-designed and functional outdoor living space can create an additional entertaining area and increase the value of your home. Consider adding a patio or deck, installing a fire pit or outdoor kitchen, or creating a landscaped garden.
- Energy-Efficient Upgrades
Energy-efficient upgrades can significantly reduce energy bills and increase the value of your home. Consider upgrading to energy-efficient appliances, installing a programmable thermostat, adding insulation to your attic, and upgrading your windows and doors.
- Flooring Upgrades
New flooring can provide a significant ROI, especially if you continue similar or ideally the same hardwood flooring from room to room. Most homes are even bringing the engineered hardwood flooring into the kitchen. This continuous flooring creates an illusion of larger spaces as the eye doesn’t see hard transitions from one flooring type to another. In areas like bathrooms upgrading tile to current tile trends will not only elevate the look of your bathroom but also bring you more money on the sale of your home. Shop wisely though, as tiling can vary significantly in price and overspending on material may end up causing negative return depending on location.
- Paint
A fresh coat of paint can do wonders for your home’s appearance and value and has one of the best returns on investment. Consider repainting your walls with a neutral color to create a clean and modern look. Neutral colors can appeal to a wider range of potential buyers and can make your home feel more spacious and inviting.
- Lighting
Upgrading your lighting fixtures can transform the look and feel of your home. Consider installing new fixtures and upgrading to energy-efficient LED bulbs. Well-placed lighting can also highlight architectural features and create a sense of depth and dimension in your home. Changing out builder grade lighting can also give your home an upgraded feeling without breaking the bank.
Finding the right tradespeople to help you with your home renovation can be a daunting task. As a realtor, I work with many trusted tradespeople in the area who can help you achieve the best possible results for your home renovation project. Whether you need a contractor, electrician, plumber, or landscaper, I can connect you with the right professionals to get the job done well.
Home renovations can be a great way to increase the value of your property, but it’s essential to focus on projects that provide the best ROI. Kitchen and bathroom renovations, outdoor living spaces, energy-efficient upgrades, and flooring upgrades are all excellent choices for homeowners looking to increase the value of their property. Contact me today for more information on how I can help you find the right tradespeople to get the job done well.
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