In 2016, homeowners spent an average of over $60,000 on home renovations. Residential remodeling is costly and time-consuming, so it’s important to know if the renovations you are doing are worth the investment.
Certain projects have a better return on investment, so before you get into any big projects, it’s smart to know what kind of value the project will add to your home, especially if you are thinking of selling any time soon.
There are even a lot of projects you can do yourself for just a few hundred dollars.
Keep reading for a list of 8 residential remodeling projects that are worth your time and money.
Residential Remodeling Projects That Are Worth It
When planning your remodeling project, you want to be sure the money you are spending will have a good return on investment or ROI.
Some projects have ROIs that are over 100% of what you spend on the project, especially when the project is relatively inexpensive. Others have a more modest ROI, in the 60% to 70% range.
A few other things to consider when deciding on which projects to dive into are the neighborhood, timeline, and style choices. You don’t want to have the most expensive house on the block, as it’s unlikely you’ll get that investment back.
You also want to think about how long you plan to be in your house. The longer you’re in the home, the more likely it is that you’ll make your money back when you sell. One caveat, though, is that if your upgrades look dated and are no longer in style when you sell, you’ll likely not have a very good ROI.
Anything to update the curb appeal of your home will likely result in a high payoff for you, so consider updating your front door, your landscaping, and other outdoor areas that a potential buyer sees when they come to your home.
1. New Garage and Front Doors
A new garage door can update the look of your house. It can also help with energy efficiency, by keeping your garage warm in the winter or cool in the summer, which might be particularly important if you have a workshop in the garage or spend time in there doing other things.
You can recoup up to 85% of your costs for a new garage door.
Your garage door isn’t the only door to replace though. A new front door can improve the curb appeal of your home too, and it’s not much of an investment to make a big impact. Even just a fresh coat of paint and new hardware on the front door can up your home’s curb appeal.
2. Updated Landscaping
Not only do garage and front doors add to your curb appeal, upgrading your landscaping can as well. This is another project that doesn’t have to break the bank but is a great return on your investment.
Building a deck or patio is another option to upgrade your home and increase its value. If you’re handy, this is also something that you can do on your own for a fairly low cost.
3. Kitchen Updates
You don’t have to gut and renovate your entire kitchen if you’re looking to boost your home’s value. Updating the cabinet doors (either with new fronts or paint), counters, and floors are often enough to make your kitchen fresh and inviting.
Minor remodels in your kitchen can get you up to 80% of its value back when you sell.
4. Bathroom Improvements
You don’t need to gut your entire bathroom to make it a good investment. Classic and clean designs, that aren’t too trendy and will appeal to a wide range of buyers, is what you should be aiming for.
If you don’t have the cash to replace everything, swap out the sink and hardware, vanity (which are surprisingly inexpensive), or paint the existing vanity to make it look clean and new.
5. Interior Paint
It’s hard to estimate how much of a return on your investment you get from painting, but it’s a low cost and easy way to spruce up your home. If you’re on a budget, this is a user-friendly and cheap way to brighten up your space.
Choose finishes that are easy to clean, like eggshell or satin, and colors that appeal to most buyers.
These last 3 residential remodeling projects all focus on making your home more energy efficient, which is becoming more and more desirable among homeowners. Being more energy efficient saves homeowners money but also helps to minimize our carbon footprint.
6. Energy Efficient Appliances
Upgrading to energy efficient appliances, like water heaters, furnaces, and air conditioners make the home more attractive to buyers, but will also save you money while you’re still living in the home.
Many cities and states even have tax incentive programs for installing energy efficient appliances which you can use to offset the cost.
7. Added Insulation
Adding insulation had the best return on investment in 2017 according to Remodeling Magazine. It’s not expensive to do, but has an ROI over 100% and makes your home more energy efficient.
8. New Windows
You don’t have to go crazy and get the most expensive, top of the line windows to make a good investment. New vinyl windows will bring you a 74% return on investment.
Windows up your curb appeal, make the home look more modern, and also increase energy efficiency.
What Will Your Next Residential Remodeling Project Be?
There are lots of options out there for residential remodeling projects at every budget point. Choose something that will bring you a good ROI and also something that you will enjoy during the time you are still living in your home.
Now that you know what projects will bring you the best ROI, check out our site to find professionals to help you with all of your projects, from landscaping to interior painting.