Many homeowners take on renovation projects to increase the value of their home as they will be looking to sell at some point in the future. If you want to get the most bang for your renovation buck, then you need to do the right projects that will have the best return on their investment. If you have a limited budget then you really need to spend your money wisely. Not all renovations are created equal, here are the renovations that will provide the best ROI.
You have one chance to make a first impression and your landscaping is going to be the first thing that people see. Well maintained yards and gardens can drive up the price of your home significantly and if you have a green thumb, you can take on the project yourself. Landscaping is a cost effective method to improve your home’s value.
Put on a New Roof
A new roof can give you as much as a 105% return. While not the most fun renovation project it will provide a great return!
Carpet is out and hardwood floors are definitely in, changing your flooring brings in a huge return, in fact as much as 100%. If you own an older home you might even find that underneath that ugly 80’s carpet are some beautiful hardwood floors that only need some refinishing.
Get a New Door
Along with your landscaping your front door is one of the first things that a potential homeowner will see. A good steel door makes people feel safe and picking the right color can brighten up the front of your home at the same time.
A patio can increase the amount of living space and increase the value of your home at the same time. Choosing the right material will add more value to your investment and give some great recreational space.
Kitchens and Bathrooms
Kitchens and bathrooms are what will sell your home. A kitchen remodel can be minor or it can be huge, costing you tens of thousands of dollars. A kitchen remodel can improve your home’s resale value by up to 80%. Bathrooms are another method of recouping a great ROI, you can start with new fixtures and vanity or totally gut the room and makes some huge changes. Be wary when renovating the bathroom, big changes don’t always have great returns.
Home renovation projects can be great fun especially if they improve your home’s value and you get a better price when it comes time to sell. Choose which renovations you spend money on wisely.