If you want to add value to your home, renovating it may be the way to go. However, it is important to pick the right renovation to avoid expending more than you gain unless you simply want a certain alteration regardless of the return on investment. More expensive renovations are not necessarily the ones that will provide the best return.
1. Kitchen and Bathroom Transformation
Minor kitchen and bath remodeling has a good ROI. How much of your investment you get back naturally depends on how much you spend and the changes you make, but both kitchen and bathroom revamps tend to add a lot of value. Redo the tile and counters in a more modern style. Exchange old faucets and fixtures for shiny new ones. Touch up the walls with a fresh coat of paint or redo them in an entirely new color. You don’t have to make major refurbishments. Even small ones can considerably up the worth of your home.
2. Exterior Addition
Adding a porch, deck or patio to your home is another great investment. When you sell your home, it will add to curb appeal, attracting more customers. Even if you don’t plan to put your house on the market anytime soon, this addition will provide you a space in which to enjoy the outdoors without technically leaving your home, and to spend time with friends and family.
3. Window Swap
Replacing your old windows with new ones generally has a high ROI. Besides the boost they add to the overall aesthetic of a structure, new windows can be selected for special features such as energy efficiency that benefit both you and any future buyers.
Renovations can raise the value of your house considerably, but they can also cost you a great deal of money you can’t recoup. Picking the right ones is key to regaining your investment.