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Home Renovations with the Best Return on Investment

Posted by lynnoconnellrealestate_ntlepx on December 20, 2016
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Most homeowners want to know what kind of return on investment they can expect when making improvements to their home. This will help make better decisions along with prioritizing which upgrades to make first.

When it comes to particular rooms in a home, the kitchen is always the most significant room that can have a large impact on a sale. Kitchen remodels are regarded as being between 6 and 10% of the total home value and therefore have the highest ROI. Putting your financial resources into your kitchen will typically be a wise move for selling purposes.

Here are the top 5 ROI averages for home project improvements according to RISmedia.

Replacing the entry door. Your front door is part of your home’s curb appeal which should never be overlooked. It is the first and last thing every buyer will see. Replacing the front entry door with something solid and aesthetically pleasing has an average ROI of 101.8%.

Installing a new fireplace. What better way to add warmth and a focal point to any living room than a fireplace? Whether it is an old fashioned wood burning fireplace or a modern, clean and convenient gas fireplace, either will enhance your decor and function. Adding a fireplace has an average ROI of 91%.

Remodeling the kitchen. The kitchen is the main focal room of any home, therefore upgrading it will add the most value to your home. Bringing your home into modern day age with function and current aesthetics is sure to help in your sale. A kitchen remodel has an average ROI of 85%.

Converting the attic into a bedroom. Does your home have extra space in an attic that is going unused? There is no better way to repurpose that extra square footage than by finishing it off into a bedroom. The extra space increases your bedroom count while providing you with an extra room that can serve multiple purposes such as a game room, media room or guest room. The average ROI for this project is 83%.

Replacing exterior siding. Replacing that old or worn siding serves a few purposes. For one, it can potentially protect your home from the elements. Old siding can sometimes let in moisture or even be less efficient for heating and cooling. Aside from that, aesthetically new siding will make your home look newer and well cared for. The average siding project has an ROI of 80.7%.