Our Tips for Home Renovations That Actually Pay Off
These are the home renovations with the best return on investment.
According to the 2019 HomeStars Reno Report, well over half of homeowners completed little repairs to their homes over the year. Plus, 64% of respondents indicated that they were ready to pull the plug on some bigger renovations in the year 2020, from kitchen renos to landscaping additions. If you’re looking to make some renovations, you’re definitely not alone! However, it’s important to make sure that any renovations and remodelling you do helps to receive ROI.
A ROI, or a return on investment, is the money that you’ll get back on what you put in. For example, if you spent $10,000 on a kitchen reno but only got back $5,000 when it was time to sell your house, you didn’t get a good ROI. However, if you were able to recoup $9,000 or more? Yes, please!
Renovations that show the best return on investment
When it comes to completing renovations that show a good return on investment, it’s all about sensible fixes that add value to your home without staying specific to one style. For instance, someone who spends $15,000 on a bathroom remodel that they’ve styled specifically to their own tastes might not be too happy when a potential buyer isn’t impressed. But, someone who spent $15,000 on a bathroom remodel and invested in more neutral (while still beautiful) fixtures and flooring? They’ll probably get a better ROI. These are the home renovations that we’ve seen showing the best return on investment:
Minor renovations that leave room for styling: It’s known to lots of sellers that great kitchens and bathrooms tend to be the things that help home buyers pull the plug on a new home sale, which is why people tend to invest the most money into kitchen and bathroom renovations. However, the minor renovations are much easier on you while giving a bigger return on investment. Refresh your kitchens and bathrooms, replace appliances and give your kitchen and bathroom a fresh new look without dropping tens of thousands on a massive remodel that wasn’t really necessary.
Unglamorous fixes: There are tons of renovations that, while not being fun, make big-time returns on investment. From a new roof to a new garage door, the simplest renovations often recoup the biggest amount of money. Homebuyers don’t want to buy a home in need of things like new windows or a replacement roof and are typically much more willing to pay an elevated price that cuts down on work. For instance, many home purchasers would prefer an already installed new roof, instead of needing to talk you down in price so that they can replace it themselves.
Outdoor renovations are where the money’s at: Outdoor, exterior renovations such as new siding, landscaping, a new deck or a new fence show a big return on investment, since they can be cost-prohibitive for someone buying a new house. People are much more willing to pay for work already done, such as a newly constructed fence or extended deck, than they are to do it themselves. You’ll also be impressed by the ROI on simple facelifts around your outdoors, from sprucing up your gardens to putting a fresh new coat of paint on the siding, plus they make your home look more desirable to buyers.
If you’re looking to add in smart home renovations that will give you a great return on your investment, you’re in the right place. Contact us today, and our team of talented designers and builders will get started on your project. Check out our Renovation Calculator to start running numbers, and download our Ultimate Home Renovation Guide for all of our go-to tips and tricks on starting the reno process.