Home Renovations That Yield the Highest Return

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What home improvements can you do that will get you the largest return on your investment? In some markets, remodels of some areas yield a return on investment of more than 100%. There are two areas that you should focus on specifically.

 

The first is your curb appeal. Enhancing your curb appeal can be as simple as trimming some overgrown bushes, setting out a few potted plants, or replacing the siding. Included as part of the curb appeal are your front door and your garage door. The 2015 Home Value Report from Remodeling Magazine stated that replacing your front door yields a 108% return on investment, on average.

Buyers want to take for granted the basic home systems (faulty furnace, basement water leaks, rotten windows, old/stained roofs, etc.). In most cases, you should deal with these issues first or buyers will not care about the new appliances or other renovations that you have done.

The second area you should focus on is the kitchen. At an 80% return on investment, this area is the only interior renovation that landed in the top ten. Consider painting your cabinets or replacing your countertops if they’re worn or outdated.

Replacing your front door yields a 108% return on investment.

 

No two neighborhoods are exactly alike, so the homes you’ll be competing against will all be different. It’s because of this that you should consider hiring a professional home stager to get an expert opinion on what repairs you need to make.

For more advice on what home renovations you should consider making, check out these links I have provided:

12 Home Improvements That’ll Boost Your Home’s Selling Price
Which Home Improvements Pay Off?
The 6 Home Renovations the Return the Most at Resale
2015 Cost vs. Value Report
10 Investments to Boost Your Home’s Value
2015 Remodeling Cost vs. Value: Less Is More

Those publications won’t mention it, but there is another kind of value to doing these repairs now even if you’re not selling in the immediate future. That value is being able to enjoy them while you’re still living on the property. Don’t just do it for the money—do it for you.

If you have any more questions about home renovations, please feel free to email me or give me a call. I look forward to hearing from you!

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