Home Renovations That Offer the Best ROI Resale
What Home Renovations Offer the Best ROI for Resale? When it comes to home renovations, there are a lot of factors to consider. For many homeowners, the primary concern is getting the most bang for their buck—i.e., which renovations will offer the best return on investment (ROI) when it comes time to sell the property. Surprisingly it is not the big-ticket renovations that offer the greatest ROI. Sure you can’t put a price on your enjoyment of cooking or entertaining in your updated deluxe Kitchen with all the latest appliances but smaller upgrades will offer you a better return on your investment. If you’re planning to put your home on the market in the near future and are thinking that you need to update your kitchen and bathrooms before going on the market. Don’t do it save your time, energy, and money. You are better off making smaller improvements to your property. The National Association of Realtors lists the cost of typical home renovations in 2022 that are sure to add value and appeal to potential buyers and bigger isn’t always better when it comes to home improvement ROI before listing your home.
1. Kitchen Remodels
Real estate pros say that a kitchen remodel is one of the most effective ways to increase your home’s value but it is not going to net you a 100% return on your investment in 2022. Looking at the National Association of Realtors remodeling impact report for 2022 we find that minor kitchen remodels—defined as refacing cabinets, replacing appliances, and installing new countertops within the same footprint —have an average ROI of 75% meaning you recoup about two-thirds of what you spend. Per Zonda Media Cost vs Value report a major kitchen remodel in the Greater Hartford area has an average ROI of 57%. If you are planning to sell your home in the next three to five years, then a kitchen remodel may still be a good investment. However, If you are planning on putting your home on the Market in the near future, then it may be better to put your money into more cost-effective updates. A potential buyer is going to be looking at your kitchen with a critical eye and even if they don’t plan to cook themselves, they will be visualizing themselves in that space. If your kitchen appears outdated or cramped, it could turn them off entirely. If you don’t plan to sell soon, a kitchen remodel can make your day-to-day life more enjoyable. It may even help you eat healthier if you have better tools for meal prep and storage. If you love to entertain, a beautiful new kitchen will be the perfect place to host dinner parties or holiday gatherings. And if your family is constantly fighting over counter space, a Kitchen Remodel could give everyone the room they need to spread out. Whether you’re looking to boost your home’s value or simply create a more pleasant space for cooking and entertaining, a kitchen remodel is always a smart investment for the long term.
2. Bathroom Remodels
Real estate professionals will tell you that a bathroom remodel is a great way to add value to your home in the long term. However, it’s important to keep in mind that not all home improvement projects offer the same return on investment (ROI). In fact, according to the latest Cost vs Value report from Zonda Media, a minor bathroom remodel in the Greater Hartford area—defined as replacing fixtures, installing a new toilet, and reglazing the tub—has an average ROI of 71%. By contrast, a major bathroom remodel—which includes all of the above plus new tile for the tub surround as well as expanding the bathroom footprint—has an average ROI of 50%. So while bathroom remodels can be a great way to add value to your home, it’s important to choose wisely and consider your ownership time frame when it comes to deciding which projects you undertake.
3. Hardwood floors
are always in style and offer one of the best returns on investment (ROI) of any home improvement, according to the National Association of Realtors (NAR) “Remodeling Impact Report.” If you have hardwood floors that need refinishing, you’ll get a 147% ROI, on average. If you don’t have hardwood floors and install them instead, you’ll get a 118% ROI. Replacing your garage doors is another great way to improve your home’s value. The NAR report found that homeowners who replace their garage doors recoup an average of 100% of their investment. And if you’re looking for an energy-efficiency upgrade that will also pay you back, insulating your home is a great option. The NAR report found that in 2022, the average homeowner will recoup 100% of their investment in insulation upgrades. So if you’re looking to improve your home’s value, these are some of the best options available.
When it comes to home improvement projects that add value to your property, landscaping is one of the best investments you can make. Not only does it boost curb appeal, but it can also increase your home’s resale value without breaking the bank. Better Homes and Garden have identified a number of landscaping features that are particularly effective in this regard, trimming existing bushes in front and spreading fresh mulch, trees (especially fruit trees), gardens (vegetable or flower), edging along the patio, adding a water feature small fountain or birdbath, and outdoor lighting along front entrance walkway. So if you’re looking for a cost-effective way to add value to your home, consider investing in some landscaping. It’s sure to pay off in the long run.
A fresh coat of paint is one of the quickest and easiest ways to increase your home’s value. When choosing a color scheme, it’s important to select something that will appeal to a wide range of potential buyers. Some good options include light neutrals, like gray or beige, or classic earth tones like terra cotta or sage green.
These are just a few of the many home renovations that offer a great ROI for resale. When considering which renovations to make, it’s important to keep in mind not only which ones will add value to your home but also which ones will be most appealing to potential buyers. By taking both of these factors into account, you’ll be sure to choose renovations that will help you get top dollar for your home when it comes time to sell.