Renovation Projects That Deliver the Highest ROI
Renovation is a big part of making sure your property shines and adds value to a home you might be getting ready to sell or rent out. If you're ready to take on a lot of work and want to add value to your property, these are the top updates to consider.
Updating Your Garage
Updating your garage is a multi-step process that can overwhelm some: but offers a great return on your investment. Finish the walls of your garage, and then clean and refinish the floor as well. From here, you can take on the biggest money winner of all. Replacing an older garage door can offer the largest return on investment, doubling how much you paid to replace your door without even having to break a sweat. These doors can only last ten to twenty years, so make sure to swap this when the time comes.
A Minor Kitchen Remodel
Although a major kitchen remodel can offer a return of around 91%: a minor kitchen remodel can offer even more. The main reason for this is that buyers want to be able to put their own touches on the property. If the kitchen is pristine and ready to go, that's exciting, but it's not going to work for the buyers who want to make a space unique.
A minor kitchen remodel, simply replacing the appliances, or updating the floors and adding molding to kitchen cabinets
, will give your property a far higher return on investment than you’d see otherwise.
Replacing Your Entry Door
Your entry door should be swapped out every twenty to thirty years so that it still offers the best security possible. How old is your entry door? The older it is, the more likely it will be to fail if someone tries to break in or allow air to travel beneath it to ruin your heating and cooling bills every month.
Keep an eye on your doors, and replace them when the time comes. This can bring a return of 91% on the right property.
Updating Your Windows
Windows are one of the most important parts of daily life. They control how well our HVAC system works and how much natural light we get into our homes. Updating your windows may not be in the cards for your budget: but even adding window replacement inserts
can return an average of 89%. This is fantastic for the property and can be boosted even higher if you're able to prove that this has made the property more energy efficient.
Replacing Your Older Siding
When's the last time your siding was replaced? We all like the idea of new siding, but it's prohibitively expensive, and many new homeowners don't want to pour money into this when they could be putting money into a more expensive property and getting more space instead.
Replace your siding with one of the many board and batten siding options
out there, and you'll avoid looking cookie cutter while also gaining the interest of any buyer who passes your property.
Adding a Deck or Patio
More buyers are interested in finding homes that give them an exterior space where they can spend time with friends and family. Unfortunately, your property might not already have an area where you can spend time with loved ones or enjoy the fresh outdoors without being directly in the grass. This is especially heartbreaking in the Greater Chicago area, where spring and summer bring such fantastic weather.
Building a deck or patio offers a return on investment of around 90%. This is a good amount you can pour back into your future property.
Replace Your Older Roof
Your roof is one of the most expensive parts of your property: and if it's out of date, it's a liability. Buyers will flee from an older roof rather than have to deal with updating it right after buying their new property. Replacing your older roof with wood shingles
can give you a roof that will last for up to fifty years while still looking incredible. This could inspire countless buyers to jump on the deal.
Updating the Curb Appeal
Your property's curb appeal is a big deal. If buyers don't immediately feel a connection with the property, sometimes they'll move on without ever exploring the interior of it. One of the best home updates any owner can do if they want their property to be taken seriously is to update the exterior. This means mowing and edging your lawn, creating flower beds, deep cleaning the exterior of your property with a power washer, and taking care of any stains or cracks on the driveway. Create a property that excites anyone who's house hunting.
Renovation is the Best Way to Add Value
Every homeowner would love for their property to suddenly be worth far more than it is. The best way to do this for yourself, instead of just waiting for the house to gain value on its own, is to get hands-on and update it!
Andrea Erickson is a contributor to Innovative Building Materials. She is a blogger and content writer. Andrea is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that increase property value, maximize energy savings, and turn houses into homes.
Andrea Erickson is a contributor to Innovative Building Materials
. She is a blogger and content writer. Andrea is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that increase property value, maximize energy savings, and turn houses into homes.