Everyone loves a new, fresh look. Your home deserves one too.
Not only can a few home renovations upgrade the feel and appearance of your biggest investment, but they can also increase curb appeal and property value.
The goal is to find projects that you love but that will also provide a good ROI in market value. Even if you are not looking to sell right away, you should always be planning ahead.
Here are some valuable home renovation ideas to keep you ahead in the real estate market.
- 1 What Is ROI?
- 2 Adding Living Space/Square Footage
- 3 Exterior Siding Renovation
- 4 A New Roof
- 5 Smaller Changes That Yield Big Results
- 6 Improve Your Home and Increase Its Value
What Is ROI?
ROI stands for the return on your investment. In simple real estate terms, it means how much money you can earn back after putting it into a home improvement project.
For example, a good ROI for a renovation means you can increase the asking price when selling the home and walk away with more money. So basically, you get paid back for the money you put into the project.
So what are some solid ROI home renovation projects?
Adding Living Space/Square Footage
Those looking for a new home want to get the best value for their money. They want to see a home that makes the most of the available space.
Finish the Basement
If you have an unfinished basement, you should consider turning it into a bonus room or even a guest suite.
The cost depends on how much work is involved and the size of the space, but there is an average 70% ROI for a basement renovation.
What About the Attic
Maybe you don’t have a basement, but an unfinished attic. You need to check the local codes as there are some height restrictions and there must be access to a stairway.
However, it is possible to turn unused attic space into a home gym, office, or small bedroom. The ROI for this project is just over 50%.
Don’t Forget the Porch and Garage
For those who truly love the outdoors, sitting in a sunroom or closed-in patio for a cup of morning coffee or evening meal feels like a luxury. If you have an open front or back porch, a few simple steps can add a beautiful retreat to your home.
Exterior Siding Renovation
When it comes to a great investment vinyl siding is a win-win. Not only does it offer up to 80% ROI in most cases, but it is also a smart move for your home.
Vinyl siding renovations increase the curb appeal of the home. It is basically a face-life to the outside of the house. It can give it an entirely new look. There are a variety of siding renovation ideas that cover all color and design themes.
Not only that, it protects the home. High-quality siding offers protection from wind, rain, and extreme weather conditions. It also makes the home more energy-efficient.
Vinyl siding is cost-effective and very durable. There are few repair costs associated with this type of siding and only routine easy cleaning is required.
To find out the best siding for your home and help to choose the right material, you should consult with experienced siding contractors.
A New Roof
One of the first places a home inspector will check is the roof. It is the first line of defense for both the home itself, those who live inside, and their personal belongings. The roof needs to be in good shape.
Hopefully, you have kept up with any repairs that cropped up over the years but sometimes a new roof is the best option. Someone buying a new home will think twice if they know they will also have to invest in a new roof in the next few years.
Not only will a new roof help protect your home and family, but most also offer a 60+% ROI when it comes time to put it on the market.
Smaller Changes That Yield Big Results
Not every change to improve the look and curb appeal of your home has to be expensive or time-intensive. Even small changes can make a big difference.
Install Hardwood Floors
Carpet can look great when first put down, but it will stain easily and does not last as long as hardwood floors. Many in the market for a new home prefer the look and stability of hardwood.
With the versatility of current hardwood flooring trends, there is an option that works with all budgets and lifestyles. Hardwood floors are extremely durable and resist stains. They also do not hold dust or pet dander that can make allergy symptoms worse. This is a strong selling point.
Work on the Landscape
Curb appeal literally means the first impression someone gets when driving up to your home. The house can look great, but if the lawn is a mess, you have a problem.
Just a small investment in a healthy lawn and simple landscaping hacks will give you the yard that is the envy of the neighborhood. It will also be your calling card when potential buyers come to call.
A Kitchen Upgrade
The kitchen is often the hub of household activity. It stands to reason it should be a standout feature.
Some simple kitchen upgrades will pay big dividends. Add new lighting to brighten and open up space. Put in a new backsplash or get creative with storage options.
Give the cabinets a fresh, clean look with a new paint job. Take an extra step and add new hardware or update your faucet.
Improve Your Home and Increase Its Value
Whether or not you are looking to sell right away or waiting to see how the market moves, it is always a wise investment to make home improvements.
A renovation doesn’t have to be huge to make a difference, but there are definitely a few that offer a great ROI when it comes time to sell. And in the meantime, you reap the reward as well.
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