Home is where the heart is, and when it comes to investing in it, every homeowner wishes to ensure they're getting the most value for their money. Many jump into the world of renovations, fueled by a vision of a more beautiful, functional space. But, how do you guarantee that the financial investment you're making into your home today will pay off when it's time to sell? According to Renofi
, the national average ROI for home remodeling projects is around 70%. With this in mind, we delve into the specifics of what projects offer the best return on investment, so you can make informed decisions and make the most of your hard-earned money.
Average Return on Investment by Home Improvement Project
When considering where to invest in home improvements, it's essential to look at projects that will not only enhance the aesthetic and functionality of your home but also bring a solid return on investment. According to Remodeling by JLC
, here's a breakdown of average ROI for some popular home improvement projects:
|Avg. ROI %
|Midrange Bathroom Remodel
|Minor Kitchen Remodel
|Major Bathroom Remodel
|Major Kitchen Remodel
|Garage Door Replacement
|Wood Deck Addition
The leading home projects to enhance ROI
Giving the kitchen a makeover
The kitchen is the heart of a home, where meals are prepared, family gathers, and memories are made. Giving it a fresh, modern touch can significantly increase the home's overall appeal. Whether it's a minor update like changing out the hardware, adding a new backsplash, or a major overhaul with new cabinets and appliances, an updated kitchen often brings a higher return on investment.
A new splash of paint
Painting is a relatively simple and affordable way to completely transform the look and feel of your home. Fresh, neutral tones can make spaces feel larger, brighter, and more inviting. Whether you're touching up a room or repainting the entire house, a fresh coat of paint can work wonders for your home's ambiance and potential resale value.
Bringing life back to your hardwood floors
Hardwood floors are a timeless and elegant feature in any home. Over time, they may lose their luster due to everyday wear and tear. Refinishing these floors can bring back their original charm, making rooms feel warmer and more inviting. This not only rejuvenates the look of your space but also adds to the overall value of your home.
Mirroring a brighter space
New mirrors are more than just reflective surfaces; they open up spaces, make rooms feel brighter and larger, and add a touch of sophistication. For most homeowners, adding or updating mirrors, especially in areas like the bathroom or hallway, can be a game-changer, enhancing the appeal for potential buyers. They're also a relatively low-cost home improvement with a significant impact on the overall feel of your home.
The little things: New hardware
Often overlooked, the hardware in our homes – think doorknobs, cabinet handles, and faucets – can make a big difference. Upgrading to modern, stylish fixtures is a minor kitchen remodel or bathroom remodel step that can offer a fantastic return on investment. Just what many homeowners need, these small changes can refresh an existing space without a complete overhaul, saving money while reaping the rewards in resale value.
A home's first impression: Exterior touches
Curb appeal isn't just a buzzword; it's a real factor in the real estate market. Fixing up the exterior of your home, from a fresh coat of paint on the walls to power washing the driveway, creates that immediate attraction for potential buyers. Moreover, an entry door replacement can drastically increase your home's curb appeal. It's not just about looks, either; exterior improvements can save money on utility costs, especially if you're upgrading to energy-efficient windows or better insulation.
Flourishing greens: Front yard glow
Planting trees, bushes, and flowers out front goes beyond garden landscaping. It's about creating an inviting, warmer space for everyone who visits or passes by. Low maintenance plants are especially appealing, offering beauty without the hassle. Most buyers find homes with a well-maintained garden more attractive, guaranteeing a higher ROI home improvement. Not to mention, a neat driveway with blooming flowers and green trees can drastically increase curb appeal, ensuring a solid return on investment.
Spaces with purpose: Crafting functionality
Creating functional spaces is paramount in today's real estate market. Most buyers are looking for homes where every square foot counts. Whether it's transforming a dark and dingy basement into a family room or turning an unused nook into a home office, making the most of existing space adds more value. With the rise of remote work and home-based hobbies, adding functional space has become one of the best ROI home improvements.
About Julia Monaghan
If you're looking to buy or sell a home or have any questions about the Oregon real estate market, contact Julia Monaghan