Home Renovations That Offer the Best ROI for Resale
Are you planning to renovate your home? If so, you must consider which renovations offer the best return on investment (ROI) for resale. Home renovations can be costly, and it is essential to determine which upgrades will increase your home’s value the most. In this blog post, we will discuss some of the most popular home renovations that can offer the best ROI for resale.
Kitchen Renovations
The kitchen is the heart of the home, and it is one of the most popular home renovations that can offer the best ROI for resale. A modern and updated kitchen can significantly increase the value of your home. According to the National Association of Realtors, a minor kitchen renovation can offer a return on investment of up to 81%. This renovation might include updating the cabinets, appliances, countertops, and flooring.
It’s worth noting that kitchen renovations can be expensive, and it is essential to have a budget in mind before beginning any work. However, a well-designed kitchen can make your home more attractive to potential buyers, which can lead to a higher selling price.
Bathroom Renovations
Bathroom renovations are another popular home renovation that can offer a high ROI for resale. Upgrading your bathroom can make it more functional and aesthetically pleasing, which can increase the value of your home. According to Remodeling Magazine, a midrange bathroom renovation can offer a return on investment of up to 70%. This renovation might include updating the toilet, sink, shower/tub, and flooring.
Bathroom renovations can be less expensive than kitchen renovations, but they can still add value to your home. If you are considering a bathroom renovation, consider adding energy-efficient fixtures to reduce your utility bills and appeal to eco-conscious buyers.
Outdoor Living Spaces
Outdoor living spaces are becoming increasingly popular, and they can offer an excellent ROI for resale. Outdoor living spaces might include a deck, patio, or screened porch. These areas can provide additional living space for your home, which can increase its value. According to the National Association of Realtors, a new deck can offer a return on investment of up to 75%.
An outdoor living space can be a significant selling point for potential buyers, especially if you live in an area with good weather. It’s essential to keep in mind that outdoor living spaces require regular maintenance, so be prepared to invest time and money in upkeep.
In conclusion, if you are planning on renovating your home, it is essential to consider which renovations offer the best ROI for resale. Kitchen and bathroom renovations are the most popular home renovations that can offer a high return on investment. Additionally, outdoor living spaces, such as a deck or patio, can also provide an excellent ROI for resale. Keep in mind that the value of your renovation will depend on the quality of the work and the materials used. Consult with a professional contractor or real estate agent to determine which renovations are best suited for your home and budget.
Before starting any home renovation, it’s crucial to have a plan and an estimated budget. Make sure to research different contractors and materials to ensure that you get the best value for your money. By investing in the right renovations, you can increase the value of your home and make it more attractive to potential buyers. Good luck with your home renovation project!
WNY Realty Services Group
Joe Andriatch
Real Estate Broker