Renovation projects for your home will put it in a good position to refinance or sell. If you are doing the renovations before selling your home, you will have to focus on the projects that add value to your home.
Here are some renovation projects that can add the highest rate of return on investment (ROI) to your home:
1. Garage Door Replacement
Replacing your garage door is cheaper, and has the highest ROI of 97.5% for an average cost of $3,611. A garage door replacement improves the curb appeal of your home, and a smoothly functioning, clean, and attractive garage door makes a good first impression when a potential buyer sees your property.
Ensure that the new garage door seals properly and is well insulated to save on cooling and heating costs. We love partnering with Minneapolis Garage Construction for all of our garage project needs.
2. Minor Kitchen Remodel
Doing less extensive renovations and repairs can bring more value to your home. You do not need to replace everything in your kitchen or add expensive finishes. Minor remodeling, such as refurbishing or repainting the cabinets, installing laminated flooring, and replacing old appliances, will increase the value of your home.
A smaller kitchen remodel has an ROI of about 80.5% and will give the kitchen a new feel and look, making potential buyers comfortable with a lower price tag.
3. Siding Replacement
On average, the ROI of installing new siding is about 75.6%. The exterior of a home affects the first impression of a potential buyer. Siding reflects how well the house has been taken care of, and it may not be appealing to a buyer if it is stained or warped.
4. Wooden Deck Addition
People like the outdoors because they can entertain or relax by the pool. Therefore, adding a wooden deck will make your home more appealing to potential buyers and will add livable space to it.
If your home has plenty of space in the backyard, adding a wooden deck will make it more practical. Additionally, if you have a pool, you can add a wooden deck around it to provide space for relaxing and for the children to play. Remember to add a pool deck drain to manage excess water in the pool area.
5. Entry Door Replacement
A new entry door improves the aesthetics of your home and has an ROI of about 74.9%. The entry door is the first thing that potential buyers see.
A new door replacement should be sturdy, able to withstand any weather condition, and fits the architecture of your home. In addition to the entry door, you can add new interior doors throughout your home. There are different types of interior doors, such as contemporary doors, flush doors, double doors, panel doors, glazed doors, and French doors.
Replacing the entry door as well as the internal doors will increase the value of your home.
6. Roof Replacement
The average ROI of replacing your old roof with an asphalt shingle roof is about 68.2%. On the other hand, replacing it with a metal roof comes with an ROI of 60.9%. The material and life expectancy of a roof can vary. Therefore, check the quality and the remaining shelf life before getting a new roof.
7. Bathroom Renovation
When it comes to upgrading a home, bathroom renovations are the most popular. Replacing lighting fixtures, old plumbing, installing a new vanity, and adding new tiles will give your bathroom a modern look.
It’s important to make sure that the renovations you make in the bathroom are energy efficient because it plays a huge role in selling your home. A mid-range bathroom remodeling ROI is about 67.2%, while an upscale renovation has an ROI of approximately 60.2%.
8. Add Smart Home Technology
Smart home technology includes installing smart devices such as cameras, smart locks, smart thermostats, and water leak detectors. In recent years, most buyers want homes that embrace smart technology because it guarantees enhanced security, convenience, and energy efficiency.
9. Upgrade the Kitchen Lighting
The kitchen serves multiple purposes, including cooking, eating, and even workstations for both kids and adults. It is also a place where family meals and dinner parties can happen. Therefore, good lighting is needed to create a good mood. You can use dimmers or under cabinet lighting to bring out the kitchen’s ambiance and brighten it up.
Change a Little, Add a Lot
You can increase the value of your home with these renovation projects. They do not have to be expensive and you can work within your budget to improve the quality of your home.
Matt Lee is the owner of the Innovative Building Materials blog and a content writer for the building materials industry. He is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that save money, improve energy efficiency, and increase property value./;.;..