Owning a home is a delightful experience, but like anything dear, it often requires attention and care to maintain its value and charm. Sometimes, giving your home a bit of a makeover doesn’t just spruce up its appearance; it can significantly boost its market value. The national average ROI for home remodeling projects is around 70%, but with so many potential projects to tackle, which ones offer the best bang for your buck? Let's explore.
Average Return on Investment by Home Improvement Project
Choosing the right home improvement projects can lead to a substantial return on your investment. But it’s crucial to know which endeavors will bring the most value. Below is a table detailing the average ROI for various popular home projects:
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Project
|
Avg. ROI %
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Midrange Bathroom Remodel
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60.1%
|
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Minor Kitchen Remodel
|
72.2%
|
|
Major Bathroom Remodel
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54.8%
|
|
Major Kitchen Remodel
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57.4%
|
|
Garage Door Replacement
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93.8%
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|
Wood Deck Addition
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65.8%
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|
Replace Windows
|
68.6%
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Home improvements that soar in ROI
Giving the kitchen a fresh look
The heart of every home, the kitchen, has always been a focal point for families and visitors alike. A revamped kitchen doesn't just elevate the cooking experience; it can also lead to prospective buyers' eyes widening in admiration. Whether it’s replacing outdated countertops with gleaming marble or quartz, upgrading appliances to energy-efficient models, or giving those cabinets a trendy makeover, even minor kitchen updates can yield a handsome return.
Breathe life with new paint
Imagine walking into a room graced with sunlit beige or a calming shade of light blue. Colors not only affect our mood but can dramatically alter our perception of space. A freshly painted home, both inside and out, doesn't just feel cleaner; it sparkles with potential. And the beauty of paint? It's relatively inexpensive, making it one of the best investments for homeowners looking to add significant value.
Bringing back the shine to wooden floors
There's a certain charm to hardwood floors—a timeless elegance that resonates with warmth and history. Over time, though, they might lose their sheen, looking worn and lackluster. But beneath that wear and tear, they're waiting to shine once again. Refinishing hardwood floors can make them look brand new, reflecting light in ways that can make a room feel both spacious and cozy. Potential buyers often love the durability and aesthetic of pristine wooden floors.
Enhancing reflections with new mirrors
Mirrors have a magical way of transforming spaces. By adding new mirrors, rooms feel larger, brighter, and more inviting. It's a home improvement that provides an immediate visual impact. Potential buyers stepping into a room will be captivated by the added depth and illumination. This is one of those home improvements that is often underestimated but can make a significant difference in perception.
Invigorating spaces with new hardware
Minor details often lead to major impacts. By simply upgrading the hardware in your home, such as doorknobs, cabinet handles, and light fixtures, you breathe fresh life into existing spaces. New hardware is like the jewelry of a home—it's those finishing touches that potential buyers notice, appreciating the care and attention you've given to even the smallest facets of your home renovations.
Elevating curb appeal: Fix up the exterior
The exterior of a home is the first impression for everyone. It's what catches the eye and invites people inside. Giving the exterior a general tidy-up or a fresh coat of paint can dramatically increase curb appeal. Power washing the walls, having a neat driveway, or even an entry door replacement can make a world of difference. Remember, in the real estate market, first impressions play a pivotal role in resale value.
A blossoming welcome: Plant trees, bushes, and flowers out front
Garden landscaping is not just about beauty—it's an investment. Trees, bushes, and flowers offer a warm welcome, signaling care and attention. Low-maintenance plants can be a boon for most homeowners, offering beauty without extensive upkeep. A well-maintained garden increases curb appeal and is one of the best ROI home improvements one can make.
Carving out purpose: Create functional spaces
In today's dynamic world, homes need to be just as adaptable. Creating functional spaces, like a cozy family room for bonding or a quiet nook for work, adds more value to the living space. Most buyers look for homes that cater to various needs, from relaxation to productivity. Adapting existing space for multiple uses can be a high ROI home improvement, especially in the current real estate market.
The hidden treasures: Don’t leave the attic and basement unfinished
A dark basement or an unused attic is potential waiting to be realized. By remodeling these spaces, you not only add square footage but create usable living space. A basement remodel could transform it into a warmer space for entertainment or relaxation. An attic could become a delightful guest room or study. In the realm of home renovations, using what you already have is often the most value-driven strategy.
A refreshing oasis: Renovate the bathroom
Bathroom renovations, whether a minor bathroom remodel or a major bathroom overhaul, have consistently shown to be a good investment. It's a space every resident and guest uses, and updates here make a big difference. From refinished hardwood floors to energy-efficient fixtures, a bathroom remodel can significantly elevate the home's appeal and resale value.
Each home is a unique canvas, and not all home improvements are created equal. However, with careful planning and an understanding of local trends, most homeowners can ensure their remodeling projects yield a favorable return on investment. Before diving into your next home renovation project, consult with a local realtor like Jennifer Markus to align your efforts with what the market values most.
About Jennifer Markus
With deep-rooted experience and unparalleled commitment, Jennifer Markus shines brightly in the Denver luxury real estate market, guiding clients with expertise and heart every step of their journey. If you're looking to buy or sell a home or have any questions about the Colorado real estate market, contact Jennifer Markus today.
*Header photo courtesy of Jennifer Markus
