The 5 Home Renovation Projects with the Highest ROI
Anyone else feel like that list of updates you want to make to your home just keeps getting longer and longer instead of shorter?
Well, when deciding which projects to tackle first, it's important to know the average return on investment (ROI) of the projects you are thinking about completing so you can get the biggest bang for your buck.
Being happy with your home is a big factor when it comes to ROI, but when it comes time to sell, here are the 5 Renovation Projects with the Highest ROI.
1. Replace your Front Door
We know it sounds simple, but it’s true. Replacing your front door can make a huge impact on the value of your home. Curb appeal, people! However, be sure to choose a style that fits well with the style of your home. If it doesn’t flow with the style, it can actually decrease the ROI. Steel doors bring in a bigger ROI with a national average of 101.8%. Fiberglass doors bring in an ROI of 72% and Grand Entrance Fiberglass brings in an ROI of 67.6%.
2. Install a New Fireplace
So many buyers love having a cozy fireplace in their home. According to Marshall & Swift’s Appraisal Handbook, 91% of the installation costs of a putting in a new fireplace are recouped and bring in an average of 54% ROI.
3. Give your Kitchen a Facelift
We always tell people that their kitchen is one of the rooms that can make or break the sale of your home. Want to make your home impossible for buyers to walk away from? Update the kitchen. If you don't have enough in the budget to update the entire kitchen, start with these projects:
Most Popular Replacements in Kitchen Remodel
- 74% Update Countertops
- 70% Update Paint/Wallpaper
- 67% Update Cabinetry
- 64% Update Flooring
4. Convert your Attic Space
On average, converting an attic into a bedroom will increase your home value by nearly $39K. If you decide to take this route, you may need to also get estimates to:
- Strengthen the floor, insulate, and finish
- Add a dormer
- Create stair access
- Add a bathroom
We've also had clients convert attic space into air-conditioned storage, media rooms, etc. - all of which have a great ROI!
5. Replace your Siding
Replacing siding can create some massive curb appeal for your home. It will give your home a fresh and beautiful look. This ROI varies across regions of the U.S., however, the national average ROI is 80.7% for Vinyl Siding, 84.3% for Fiber Cement Siding, and 77.6% for Foam Backed Vinyl.
We hope these tips help you decide which renovation projects you want to tackle this year.
If you need any help, feel free to contact us and we can customize your list to make sure you get the highest return!
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