7 Home Renovations with the Best Return on Investment
Whether you are planning to move to a new home or just looking to improve your current one, you are probably interested in knowing the best way to boost your home’s ROI. Naturally, not all home upgrades are created equal. You want to invest in home upgrades and improvements that really pay off since you will be investing a considerable amount of time and money into this project. So, as much as it might sound appealing to transform your bathroom into a spa or your backyard into a pool area, such luxury upgrades can actually turn into a bottomless money hole. For this reason, we are going to present seven home renovations with the best Return on Investment so that you can play your cards right and make a profit when you decide to sell your home.
Fix the leaks and insulation
So, despite what common sense might tell you, some minor, less luxurious-sounding fixes fare better in the eyes of buyers. And it makes perfect sense. It is useless to have a sauna in your bathroom if the home has leaky roofs or poor insulation. In fact, these less noticeable upgrades that, for instance, go towards improving your home energy efficiency should, overall, be more lucrative and efficient.
Minor Bathroom Renovations
Not many homeowners know that minor fixes and improvements in the bathroom generate a good return on investment. An average bathroom remodel will cost around $10,000 and earn you back around $11,000. As any real estate agent or interior designer will tell you, the bathroom and the kitchen sell the home. Most homebuyers prioritize these two rooms either because they do not want to deal with the renovations themselves or because they want to customize the living area to suit their design preferences.
If you have to choose one area to upgrade, it should be the bathroom(s). Furthermore, you also do not have to overhaul the entire room. Just sprucing it up to make it more accommodating will do the trick.
So, if you have a rundown bathtub, you might just hire someone to polish it. Even minor things such as introducing a rain shower significantly improve the experience of taking a shower in your bathroom. Also, you should definitely consider changing the vanity if you plan to sell. No one likes using someone’s old bathroom, so it makes sense to introduce a few inexpensive cosmetic changes.
Minor kitchen upgrades
Next up is the kitchen. As we mentioned, homebuyers will pay close attention to what your kitchen offers them. Most American households’ daily routines revolve around the kitchen as their headquarters. In that sense, it is an essential room that promises a massive return on investment if done right. Be sure to hire a respectable North Vancouver contractor that knows how to execute kitchen home renovations the right way.
For instance, superficial cosmetic improvements will go a long way. A fresh coat of paint on the kitchen cabinets will make the kitchen shine with a new light. Storage space is always in demand, so investing in a kitchen island is a good idea.
Good drainage and water pressure are almost prerequisites, so make sure you fix the piping and drainage system. So, instead of investing in expensive appliances, it is better to improve the aesthetics and energy efficiency of the kitchen.
An added advantage of hiring a good contractor lies in anticipating when the construction work will be done. This is invaluable for arranging the selling and moving process. Working on a tight schedule can be pretty challenging, especially if you are moving long-distance. Luckily, with a solid plan and the experienced Canadian movers in your corner to help with the entire process, you can make it work.
If your home doesn’t allow natural light, make sure that the lighting system makes up for this. Good lighting will also go a long way as yellowish, dim lights make everything in the home appear dated. In that regard, changing the light fixtures counts as a good, profitable update that is relatively easy to execute.
Interestingly enough, the curb appeal of your home will significantly improve the ROI of your home. And since the average costs of landscaping improvements amount to around $5,000, it is good to aim for the exterior rather than the interior. An attractive exterior works towards improving the overall vibe of your home. So, even simple improvements such as adding a small garden area or a trimmed lawn will fare well with the buyers, making landscaping one of those home renovations with the best Return on Investment.
Attic Bedroom Conversion
Having an additional bedroom is something buyers definitely appreciate. Even though such a large-scale and time-intensive renovation might seem off-putting, it guarantees one of the highest ROIs. Investing around $40,000 into this renovation likely returns around $45,000, making it one of the most financially rewarding home updates. So, if you have an attic or a storage room that is large enough to be turned into a bedroom, you should go for it since couples and families are drawn to properties with more rooms.
Also, investing in bedroom conversion will help you finance your relocation. However, make sure you hire a longstanding moving company. According to the team of experts from Centennial Moving, working with professionals who offer various services and payment plans allows you to pay off your relocation in installments or any other payment method that suits you.
Entry door replacement
Finally, one of the home renovations with the best return on investment is the replacement of the entry door. Homebuyers want to feel secure in their new home. So, an impenetrable front door signals that your home is safe. Furthermore, the door will be the first thing they see in your home, and first impressions count. A quality door installation will cost around $1,400, with the possibility to earn back around $1,300. However, this is a small price to pay for vouching safety, so we definitely recommend this home update.