Home improvement projects, regular maintenance, and renovations are investments that can increase your home’s value. It seems logical that restoring your carpet pile, replacing dingy appliances and outdated features should increase your property’s value, but that’s not always the case. Not all renovations have an equal impact on the value of your home. Some have a negative return on investment (ROI) while others do little to impress prospective buyers.
To ensure you’re making renovations that will pay off, here are some projects that have a high return on investment.
1. Improved Landscaping
According to a 2016 survey conducted by landscaping and real estate professionals, a landscape upgrade has an estimated 105% return on investment. Landscaping improves your property’s curb appeal, it makes your home stand out and it tells neighbours that you take pride in your home and neighbourhood.
If you lack a green thumb, just plant seasonal colourful plants and vary the heights of the plants for dramatic effect. Be sure to trim shrubs if your doorway is overwhelmed by greenery or replace overgrown shrubs with foundation plants.
2. Kitchen Improvements
Being the hub of the home, the kitchen needs some extra attention when making renovations. However, this doesn’t necessarily mean breaking the bank or making a complete overhaul. You could reface cabinets and drawers, install new flooring, update finishes, install new lighting fixtures and change drapes and window moulding.
According to Remodelling Magazine, a minor kitchen remodel has a cost recovery rate of more than 80% while a major kitchen remodelling project can recoup only 65% of its cost.
3. Bathroom Remodels
The bathroom is another important place for improvements. But you don’t have to go crazy when making bathroom renovations. Real estate experts say that minor bathroom remodels like replacing the tub, sink, toilet, tile surround, fixtures and vanity can provide over 100% return on a homeowner’s investment. Other minor improvements you can make in your bathroom are adding crown moulding, grouting the shower, installing a new mirror and brightening the room with some paint.
If you’re considering a major bathroom remodel, you can expand the bathroom, add designer sinks and faucets, relocate the tub, and install ceramic tile floor and exhaust fan.
4. New Garage Door
Replacing an old, battered garage door with a smart new one offers the best return on investment. Homeowners can expect to recoup up to 85% of what it costs to install. A new garage door can make a huge difference when it comes to curb appeal – it can give your property a fresh, clean appearance. In addition to this, it can also improve insulation which can significantly lower your electric bill.
5. A New Front Door and Windows
Changing the front door and windows is another good investment – you can recoup between 78% to 91% return on the project. External doors and windows are big contributors to curb appeal.
While new external doors and windows can increase the value of your property, you should know the best ones to install. Be sure to choose those that are energy efficient and have better performance such as better sealing and better locking systems. For a variety of beautifully designed and high-quality external doors, visit Todd Doors, a top supplier of replacement doors in the UK. The site has more than 450 door designs to suit every preference.
6. High-Efficiency Appliances
This is usually not on the top of homeowners’ minds when it comes to home improvements. But switching to high-efficiency appliances, furnaces, and water heaters has a dual benefit. They improve your home’s comfort and reduce energy costs.
While these six home improvements make the most sense of a cost perspective, every real estate market is different. Just be sure to do some research and understand the market changes in your area.