You’ve just put down a brand new tile in the kitchen and bathroom. Yet, they still look old and dingy.
What if you’ve just spent money on something with a low return on investment (ROI)? In reality, not all home improvement projects have the same impact on the value of your home.
ROI refers to the amount of money gained from an investment. If the ROI is positive, it means you’ve made a profit. If it’s negative, you’ve lost money.
Here is a list of projects to take into consideration when you’re looking for the highest ROIs.
- Kitchen Remodel
Updating elements such as cabinets, range hoods, appliances, countertops, and lighting can make an outdated kitchen come alive and boost the value of the home at the same time.. Additionally, energy-efficient appliances, as well as choosing durable materials such as quartz countertops, can also increase the home’s resale value.
It is important to consider the style of the home when undertaking your kitchen remodel to ensure that the materials and aesthetic choices used add the most value. For the highest ROI, choose materials and options that are timeless, such as wood cabinetry and stone countertops, so they won’t go out of style in a few years.
- Bathroom Renovation
Many simple types of bathroom renovations such as adding a new sink, toilet, shower, or tub enclosure are great investments for the long term. These renovations can improve aesthetics and greatly increase the value of a home if the renovations are done properly.
If a homeowner is looking for a higher-end remodel, marble countertops, new tile, hardwood floors, and upgraded fixtures are all great options. These higher-end projects should pay off even more in terms of financial return, as long as all renovations are done with quality and precision.
- New Siding
Many kinds of siding are available, including steel and aluminum, engineered wood, composite, vinyl, brick, and stucco. New siding can give a home a face-lift, helping to improve its curb appeal. Installing new siding also creates an airtight thermal envelope, improving temperature regulation and energy efficiency.
When siding repairs or improvements are needed, they should be addressed as soon as possible. Neglected siding can eventually lead to structural damage and a drop in the home’s property value. It’s important to compare the costs of different materials to determine their long-term value before making a purchase decision.
- Deck, Patio, or Sunroom Addition
Deck patios, sunroom additions, and other home improvement projects can often yield exceptionally high returns on investment. Such projects often increase the value of a home while also providing usable extra space.
Investing in a high-quality, durable wood-type material with durable finishes and a light color will add to the appearance of the finished project and potentially to its value as well. Because these projects often contribute to the comfort and relaxation of the home, they are sought after by potential buyers. If you’re looking to take on a home improvement project, consider hiring a general contractor.
Get Started Now on Your Home Improvement Projects Journey!
Overall, home improvement projects with a high ROI tend to be those that focus on updating kitchens and bathrooms and revamping exterior siding. Investing time and money into any of these projects will more than likely pay dividends in terms of property value in the near future. Take the time now to consider some of these options and make an informed decision on the best home improvement for you!
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