Home improvement is a time-consuming and expensive task, but it can also increase the value of a property. That’s why knowing how much money you can expect to get back when you sell your house after investing in renovations and additions is essential.
ROI in Home Improvements
ROI, or “return on investment,” is the percentage of a project’s cost you recoup from selling your home. The best ROI projects are those that boost curb appeal, add functional space and square footage, and improve a home’s longevity.
The top projects that have the highest ROIinclude the following:
Window Replacement or Enhancement
Window replacements have a high ROI because they’re affordable and provide homeowners with a fresh, updated appearance for their homes. A mid-range vinyl window can regain as much as 77.5 percent of its initial cost at resale, and wood windows can have a slightly higher ROI of 78.8 percent, on average.
In addition, if homeowners will install window tints or other window enhancements, since this can add value and aesthetics, the possibility of getting higher ROI is bigger.
A well-designed bathroom can make a big difference in a buyer’s mind, which is why they often have the highest ROI of any home remodeling project. Whether it’s a brand-new tub and shower, an updated sink and toilet setup, or other upgrades, a fantastic bathroom will give your home a competitive edge.
Outdoor Living Areas
Renovated outdoor spaces are another home renovation that tends to have a higher ROI than other projects. Adding a deck or patio will increase the value of your home by adding additional square footage and making it more attractive to prospective buyers.
Roofs and Siding
The exterior of your residential home is the first thing a prospective buyer notices when they see it. Adding a fresh coat of paint, updating siding and roofing, or installing new gutters can increase your home’s curb appeal and positively impact its value.
It’s also important to consider your local market. If you’re considering a major remodeling project, be sure to do your homework and consider the needs of future buyers in your region.
Updated Kitchen Interior
Lastly, an updated kitchen is what most homeowners look for when they are house hunting. This is why cabinet refacing in Chino Hills are gaining popularity among homeowner.
This is an inexpensive home improvement that will have a positive effect on your property’s resale value. Cabinet refacing Costa Mesa saves both time and money by providing you a completely new look cabinet without spending too much while still giving you the cabinet finish you deserve.
For more detailed home improvement ROI in cabinet refacing, see this infographic from Kitchen Cabinet Refacing.