If you want to make a profitable return on your home investment, being strategic about which renovations you complete plays a large role. Not every home renovation will equate to a higher selling price. In addition, some renovations are less expensive than others. Here are the 4 best home renovations that could provide the greatest return on investment.
New Roofing or Flooring
At first look, it’s obvious whether roofing and flooring need to be replaced. According to HomeAdvisor, roofing will cost anywhere from $5,575 to $11,474 to repair and will have a 107% return on investment; HomeGuide states that flooring will cost anywhere from $1,660 to $4,620 and have a 106% ROI. Conclusively, both renovations are likely to make you profit.
Garage Door Replacement
The average cost to replace the garage door is about $1,123, as recorded by Bobvila. This is dependent on what type of door you choose. This investment tends to be cheaper compared to other common house renovations. Of the amount spent to upgrade the garage door, you will see about a 94.5% or higher return on your investment as announced by Remodeling Magazine’s 2020 report.
Minor Kitchen or Bathroom Remodel
For most, the kitchen in a major selling point when buying a home. With that, remodeling the kitchen is very lucrative. A kitchen can range greatly in price depending on what design and materials are chosen. We recommend picking a modern, but minor, renovation for the kitchen as a small renovation can go a long way in increasing the value of your home. A minor kitchen remodel, spending around $20,000 according to Forbes, will bring back a return of about 81%. A main bathroom remodel will bring a very similar return.
Wood Deck Addition
Homeguide stated that a wood deck will cost you anywhere from $2,200 to $8,800 depending on the size. Compared to other renovations, this is in the middle price range. You’ll likely recoup about 80% of the expense when selling. Any addition of square footage will increase the value of your home
These are the 4 best home renovations to complete for a greater return on investment. There are many possible renovations you can make to your home, dependent on your circumstances. To learn how you can finance your home’s renovation, contact a team member today.