Home Renovations That Offer the Best Return On Investment (ROI) for Resale
Updated: May 4, 2022
Home renovations can give your home a new look and feel. Additions like an updated kitchen, remodeled bathroom, or even a new deck can do your property a world of good.
However, there’s more to home renovations than just curb appeal and aesthetics. On average, home renovations offer 70% ROI.
Some updates can add more value than others when you need a real estate firm to resell or refinance your property.
What are the best ROI home improvements and what are the chances the best home renovations will give a decent ROI?
Let’s find out in this guide to home renovations that offer the best return on investment for resale.
Home renovations done outside the home adds to curb appeal which helps sell homes faster. A new landscaping on your property could give your home an appealing and fresh look.
Most times, the aesthetic appeal of your backyard and front yard might be the first thing your buyers see so it is important to make a great first impression.
Landscaping designs are simple, nice, with lines kept clean and trimmed. It will cost an average of $4,900 to do one but you can expect an ROI of 100.0% and average return of $4,900.
#2. Garage Door Replacement
Garage doors are one of the best home improvements for resale and a nice looking garage door can get you cash back on your investment.
Although they may not necessarily be something homeowners consider when they think about cosmetic upgrades, they are curb appeal enhancers.
According to remodeling.com, garage doors are the renovation projects with the highest average ROI which stands at 93.8%.
The project has an average cost of $3,907 and an average resale value of $3,633. A new garage door installation is relatively inexpensive compared to other home renovations.
#3. Manufactured Stone Veneer
Manufactured stone veneers are considered one of the most lucrative and best home improvements for resale.
Homeowners can add a manufactured stone veneer to the exterior of your home and significantly increase curb appeal while impacting potential buyers’ first impressions.
Simply replace the vinyl siding of your home’s street-facing facade or outline the entry archway with an 8x10-inch keystone.
For this upgrade, you spend an average cost of $10,86 with an average resale value of $9,571 and a solid 92.1% ROI.
#4. Modest Kitchen Remodel
To create a functional and modern-looking kitchen that adds more value to your home, you might be spending an average cost of $26,214.
A minor kitchen remodel can boost how you enjoy basic activities like cooking, sharing meals with friends and family.
Begin by replacing old appliances and hardwares with newer and modern ones. Plus a fresh coat of gloss or paint can bring out the shine in old cabinets if you don’t want a change.
The average resale value after a minor kitchen remodel is around $18,927 with an ROI of 72.2%.
Regardless of the motivation behind your home renovation plans, there’s a need to know that your money is spent well on the best services.
For this to happen, you only need the best brains in the business and Real Estate Relocation Team can offer specialized consulting services before you commit to any home renovation activity.