Are you considering taking on a home renovation project to spruce up your living space and increase your property value? Well, you’re in luck! Whether you are planning to sell your property soon or you just want to enjoy a few simple upgrades knowing that your hard work will pay off, there are several amazing ways to boost your home’s appearance while also adding value. However, not all renovation projects are created equal when it comes to providing a return on investment (ROI).
When considering which renovation projects to undertake, it’s important to prioritize those that have a high ROI. To help you make the most of your DIY efforts, we’ve compiled a list of the most amazing home renovation projects out there that also yield the best return on value.
* Updated kitchens provide the highest ROI when considering home projects. The kitchen is often considered the heart of the home and upgrading it can have a significant impact on both the overall appearance and functionality of the space. Affordable upgrades such as new pendant lighting, window coverings, new cabinet hardware, and a stylish backsplash, don’t require a lot of effort and can be incorporated fairly easily into your existing space. If your budget allows for more flexibility, replacing outdated appliances, installing new cabinets and countertops, and changing the flooring will all add tremendous value as well.
* Bathrooms are another area where upgrades can have a big impact on the overall feel of the space. By updating the fixtures, tiles, and vanity, you can make your bathroom look and feel more modern and luxurious. Also, if your bathrooms still have the builder-grade mirrors, it’s time to evict them. Swap out the original mirrors for ones that have frames that match your decor and hardware.
* One of the quickest and easiest ways to get some bang for your buck is to give any room in your home a paint refresh. While the cost of a can of paint can vary based on brand and quality, you can expect to pay anywhere between $25 to $60 a gallon. Giving your walls a fresh coat of paint is one of the most impactful ways to improve the looks of your home.
* Improving the outdoor living space is also a smart investment for homeowners. By creating a well-designed outdoor living area, you can enhance your home’s curb appeal and provide a great space for entertaining. Adding a deck, patio, or outdoor kitchen can make your backyard more attractive and functional. However, when it comes to adding value to the great outdoors of your home, experts agree the one feature to stay away from is a pool — while fun during a warm summer day, a pool is not a feature that offers up a strong ROI.
* Energy-efficient upgrades are another wise investment for homeowners. Not only do they save money on utility bills, but they also increase the value of your home. Installing new windows, insulation, and energy-efficient appliances can make your home more comfortable and attractive to potential buyers.
In addition to these projects, there are several other renovation projects that can provide a high ROI. These include adding a second bathroom, updating the front door, and replacing the garage door. When planning a renovation project, it’s important to keep in mind that every home and market is different. Before investing in any home renovation project, it’s important to do your research to determine which upgrades will provide the greatest return on investment for your specific situation.
Finally, upgrading your flooring can also provide a high ROI. Replacing old or worn-out flooring can make a big difference in the appearance of your home. Hardwood floors or luxury vinyl plank, in particular, are very popular among homebuyers and can add value to your property. Whether you choose to turn this into a DIY project or hand it over to the professionals, skip the wall-to-wall carpet and opt for hardwoods instead. According to Remodeling Magazine, a hardwood floor installation can provide a return of around 70%.
Regardless of the renovation project you choose, it’s important to focus on those that will improve the overall function and appearance of your home. By carefully considering your options and investing in the right projects, you can not only enjoy your home more, but also increase its value when it comes time to sell.