Those who renovate their home seek not only more comfort in their everyday life, but also want to add value to their property. Sometimes the remodeling projects that add more comfort and match the home owner’s style don’t actually add value to the property. If you plan on selling your home within 5 years, it’s important to consider the return that can be obtained from the upgrades and if this return is greater than the investment made. The best ROI home improvements are the improvements that increase your quality of life while also ensuring a good return.
Home renovations are expensive! You want to ensure you are getting a return on your investment when embarking on a home reno project. If you want to invest more than you can hope to recover because you love your house and plan to live in it for a long while, that’s totally fine! But if ever you do sell your house, you might still find yourself wondering “how likely am I to make money off of my house?”
According to renofi.com, the average home improvement project gets you a 70% ROI. What’s not included in that estimate is the increase in quality of life while you live and enjoy the home renovation.
Let’s break down the report made by the National Association of Realtors and National Association of the Remodeling Industry to find out what type of home remodeling project can give you the best ROI.
1 Replace the Front Door
Eyes are the gateway to the soul…and doors are the gateway to your home. Not only is a front entry door designed for security, but it is also an important component in the appearance of your home.
As the last threshold before entering your house, it is a statement of how you adorn and care for your home. According to fortunebuilders.com, replacing the front door can generate an average of 90.7% return.
That’s a pretty solid return. On top of the obviously excellent ROI, a new front door can also improve your home’s acoustic and thermal insulation as well as increased home security.
2 Quality Materials
One of the easiest ways to get a decent ROI is to use quality certified products that will last a long time with minimal maintenance.
When building or remodeling a house, it is important to verify the quality of the products you select.
For example, it is risky to buy an uncertified door. The biggest risk is the high probability of the door having defects in its finish. After just a short time of use, problems will manifest that will affect the lifespan, functionality and appearance of the door.
When you buy FSC products from EightDoors, you mitigate this risk. We exclusively use reforest wood from ethical plantations.
Did you know that all of our products are compatible with CARB II (California Air Resources Board) and do not emit compounds that can be toxic to people or the environment?
3 Kitchen Facelift
Remodeling an entire kitchen CAN be a great ROI, but in this economy, the cost of materials may eat up whatever ROI you would get in the future. Doing minimalist improvements, like painting your kitchen cabinets, can get you that transformative look that warrants an ROI without going in the red while doing it. Changing the hardware is a really inexpensive way to make your kitchen look like its been remodeled.
4 Floors
The results found by the National Association of Realtors and the National Association of the Remodeling Industry is pretty interesting. This group discovered that the best ROI is in floor renovation.
According to this 2022 article from cnn,
“The report estimates the cost of refinishing floors at $3,400 with an estimated return on investment of $5,000, for a 147% recovery of costs. The estimated cost of installing hardwood floors is higher at $5,000, but with a $6,500 return on investment, 118% of the cost is recovered.
Refurbishing wood floors can get your 147% cost recovery, whereas new floors can get you a 118% return.”
If you have wood floors, this remodeling projects your best bet at getting a good return.
5 Improve your Landscape
One relatively simple and affordable ROI is to improve your landscape. According to some sources, landscape improvements have an almost 100% ROI! A general clean up, reseeding of some grass and planting some low-maintanence native plants can go a long way to improve the appearance and consequently the cost of your home.
6 A Fresh Coat of Interior Paint
Painting your walls can get you a 107% return on your investment! It doesn’t get much better than that! Using light and neutral colors appeals to new buyers who can more easily visualize their lifes in your home without colorful distraction.
7 Basement Remodel
The best long term investment you can make to your home is creating more usable square feet. Finishing a basement is a great way to take advantage of existing infrastructure to increase the functionality of your home. Adding another bathroom and bedroom to your listing will definitely attract buyers!
8 Get a New Garage Door
In addition to the front door, the garage door makes a huge impact on the aesthetic of the front face of a home. If you park your car indoors, you may even use the garage door more frequently than your own front entry door! Because it has such a huge impact on the facade of your home, it can be one of the best ROI home improvement projects.
9 Updating Light Fixtures
A new light fixture and eye friendly light bulbs are a very inexpensive way to transform the look and feel of your living room. The right lighting instantly adds ambiance and can set a mood that will get you a great ROI!
Check out our article on how to choose the best new garage door for your home.
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