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4 Renovation Projects with Significant ROI on Your Home’s Value

Written by  //  2018/05/02  //  Home Values  //  No comments

home values

If you plan on staying in your home for a few years, it makes sense to take on some renovation projects. These projects can increase the livability of your home, and help give you a return on your investment. Here are some of the renovation projects that will give you a significant return.

Outdoor Living Space

Adding a deck to the outside of your home will increase the livability of your outdoor space. You get approximately 80% return for a moderately sized deck. You have to consider more than just your return on investment when you’re completing renovation projects. How you plan on using the space is just as important. You may not be able to recoup all of your money, but it can increase how quickly your home can sell. Outdoor living areas have an intrinsic value that can’t be measured by monetary means.

Outdoor Kitchen Addition

Kitchens, in general, will give you a 70-80% return on your investment. Adding an outdoor kitchen can get you an even higher return. This is because it goes directly back to the sale ability of your home. People love to have the option of being able to entertain outside. Of course, you’ll get a greater return if you live in a more moderate to warm climate.

While using the space yourself, you could have it decked out with an OFYR cooking grill or some other luxurious-looking grill. If you have it out during an open house while trying to sell it, this type of feature in an outdoor kitchen space will help potential buyers envision the glamorous possibilities of having a high end lifestyle.

Bathroom Upgrade

Minor bathroom upgrades give you a greater return than a fully renovated bathroom. This will depend on the usability of your current bathroom situation. If things are laid out in a logical and usable manner, completing a few upgrades will improve the appearance of your bathroom. You can paint the vanity or refinish the cabinet. Change out the countertop and replace the faucet. Add a fresh coat of paint, and consider the state of the floor. You don’t have to do a lot to get your money back.

Exterior Siding Replacement

On average, replacing your siding will give you a return around 70%. It can be more if the state of your home’s siding is in poor repair. This is something that you should do even if you aren’t planning on staying in your home for very long. It speaks to how well you maintain your home. There is also the concern with rotten siding causing damage to the inside. Your curb appeal will be greatly enhanced by replacing that worn out siding.

Renovation projects offer you an opportunity to get more out of your home. You can also increase the value of your home by being selective about your projects.

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