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Terrequity NewsThe Top Renovation Projects That Yield Most Return on Investment

There is no doubt that homeowners want to get the biggest return on their investment (ROI) when they decide to sell their home. You can easily increase your home’s value by performing a few renovations.

These renovations can vary widely depending on the type of home that you have and the amount of money you are willing to spend to boost the appeal and value of your home.

Even the slightest amount of change to your home will help. It is a consensus among real estate agents that renovations prior to selling your home absolutely impacts your return on investment. However, there are definitely some renovation projects that will be more fruitful than others.

Focus on the outside first

Over the past few years there has been a growing trend in the housing market. Homeowners, who invest in exterior renovation projects have seen a greater return that interior renovations.

Therefore, homeowners need to take a careful look at the exterior of their home and seriously consider some of the options they have. What can you do to improve the overall look of your home?

  • Does your driveway need to be redone?
  • Do you need to do some landscaping?
  • Does the deck need to be refinished?
  • Does the house need to be painted?
  • Does the roof need to be replaced?

Surprisingly, one of the best things homeowners can do to improve the exterior of their home and experience a good return on their investment is to replace their doors.

In particular, many homeowners are replacing their front door with a steel entry door. This alone will recoup more money than homeowners paid for the renovation project.

There are also a number of other outdoor renovation projects that are definitely worth their while. They include:

  • Replacing or painting your garage door
  • Replacing aged siding
  • Replacing old wood windows with more modern and efficient windows

Interior investments that will provide ROI

When it comes to interior renovations that will help improve your home value, creating additional space is one of the most popular. Potential buyers want homes that are finished. They want finished basements and attics so they can maximize the amount of space they have in their home.

But beyond this, there are a number of renovation projects that will all have a positive impact on your ability to sell your home:

  • Painting: One of the least expensive renovation ideas, painting will yield probably the most significant return on the investment. Painting your home with fresh and vibrant colors will completely transform its look.
  • Adding a fireplace: A fireplace is one of the most sought after entities in homes today. And, for a reasonable price, you can easily add one to your home and increase its overall value.
  • Bathroom upgrade: Modern and sleek looking bathrooms are a great selling feature. While the project will be fairly expensive, it is definitely worth the investment.
  • Kitchen upgrade: Kitchens sell homes. Therefore, if you either have an older style kitchen or really want to give your home that wow factor, consider a kitchen renovation. While it will be costly, it has one of the best ROI in terms of renovation projects. And, you can do as little or as much as you want. Kitchen renovation projects have many options.
  • Window replacement: Replacing your windows is a practical project because of the amount of money they can save in terms of energy costs.

These are only a few of the many renovations projects that can be done to improve your home’s value. However, before embarking on any project, it’s always a great idea to check with your real estate agent to see if the renovation will yield a good return on investment in your housing market.

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