Renovating your home can be a daunting task. Whether you are taking on this task for updates or looking to sell your home, you want to make sure your hard work is going to be worth it. You want to know which renovations have the best return on investment. Here are 7 renovation ideas that you should consider first.
- Build an Addition – adding square footage to your home is always a way to increase the value. If you are thinking of moving, having extra space is always a bonus. If you want to stay in your home but are growing as a family, an addition is the best route to take. You can even maximize your investment by using higher end materials and details to use in the addition.
- Redo Your Kitchen – your kitchen is the most used room in your house. This is where most of your money should go. Functionality is a huge component of your kitchen. The National Association of the Remodeling Industry’s 2019 remodeling impact report, realtors estimate homeowners can recover 52% of the cost of a kitchen upgrade if they sell their home.
- Renovate a Bathroom – Updated bathrooms are huge selling points for a home. Clean, crisp, and modern bathrooms get you the highest return on investment. It is estimated that 57% of the cost of a bathroom renovation can be recovered by homeowners when the home is sold.
- Update the HVAC – This may not be the most glamorous update, but it is the most important. It is the most critical item in your home to maintain. Realtors estimate that homeowners can recover 85% of a HVAC replacement when the home is sold.
- Create an Inviting Outdoor Living Space – major value is added when you have a lounging or entertainment room outdoors. Everyone loves having a patio, deck, or porch to spend their time. It adds so much value to be able to get outdoors!
There are a ton of ways that you can update and increase the value of your home. These are some of our favorites that will give you a higher ROI, but let us know what you plan to do!