Which Remodeling Projects Will Give You the Best ROI?
Kitchens and bathrooms are usually the first parts of a home that homeowners consider remodeling. However, these projects aren’t always the ones that will provide you with a great remodeling ROI (return-on-investment).
While a new kitchen or bathroom remodel will certainly improve your home, and more specialized projects like building a new office or finishing a basement can be the perfect project for specific homeowners to take on, if you’re remodeling your home specifically to increase its resale value, some other remodeling projects can be much more effective.
The best remodeling projects in terms of remodeling ROI are those that have the following characteristics:
- Good quality, but not necessarily the highest quality
- Relatively low cost
If you’re renovating or remodeling your home specifically for a return-on-investment, you’ll want to find a project that has a low cost yet significantly increases your home’s resale value.
Here are some of the best projects to take on to make sure you get a great return-on-investment:
Front Door Replacements
More than any other project you could take on, replacing a front door will provide an extremely healthy remodeling ROI. A replacement steel door can provide you with a return-on-investment of up to 90%, which is far higher than any other project.
Replacing your door is also costs less than most other remodeling projects, which contributes to this project’s great ROI, but there are also a number of great benefits that the project offers, which helps is greatly increase the resale value of your home, including:
- Old exterior doors can be a huge source of energy loss
- New doors will transform the look and feel of your home
- Replacing a door is a very cost-efficient project
No part of your home has as big of an effect on its curb appeal as its siding. Great siding can help your home make a strong first impression, and when your siding appears to be clean and cared for, it can let any potential buyers know that other parts of the home are in good condition. On the other hand, if your siding is in bad condition, it could lower your home’s value by up to 10%.
Vinyl siding, fiber-cement siding, or foam-backed siding all have their own strengths and can each provide your home with different benefits. Whether you just want to make your home’s exterior look better or you’re interested in increasing its energy efficiency, new siding can help you accomplish your goals, and they’ll offer a great ROI.
Minor Kitchen Remodels
Kitchens are the hub of homes, so people are always willing to update them. But you don’t need to build a completely new kitchen in order to see fantastic results. In fact, minor kitchen remodels almost always have higher return on investment than higher-end kitchen remodeling projects.
If you’re remodeling your kitchen to make it for you personally, then it’s important to make sure that you get all of the features you need based on how you use your kitchen the most. But if ROI is your main concern, smaller improvements can help you increase your home’s resale value while keeping your investment low. If you’re not sure when you’re going to sell your home, work with your remodeling contractor to find a balance between these two goals.
Garage Door Replacements
A new garage door is one of the best ways to increase your home’s overall curb appeal, so it’s no surprise that this project has a great remodeling ROI. Like all exterior remodeling projects, this will help your home make a great first impression to any potential buyers, which makes it much more marketable.
Replacing your garage door will likely cost around $1,600, and it can easily provide you with at 80% return-on-investment.
When looking at homes, potential buyers are essentially imagining their new lives, and a great deck or patio will make them think of all the memories that they’ll be creating with friends and family over the coming years. Outdoor living is becoming more and more popular, and because deck and patio additions are relatively low cost when compared to room additions, they’ll offer you a great ROI when you’re putting your home on the market.