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Read MoreAre you thinking of renovating your home but are unsure which projects will give you the best return on investment (ROI) for resale? We have narrowed down the top five home renovations that are guaranteed to increase your home’s value. Whether you are upgrading your property to sell it soon or simply want to enhance your home’s overall appearance and functionality, the following projects are worth considering. So, without further ado, let’s dive in.
The heart of the home is the kitchen, and considering its importance, sprucing it up can fetch you a considerable ROI. A full kitchen remodel generally entails upgrading countertops, cabinets, appliances, backsplash, and flooring. According to a report by Remodeling Magazine, an entire remodel can recoup over 80% of its cost, making it worth the investment.
Adding an extra bathroom can significantly boost your home’s livability, especially if you previously had a single one. It can also increase the property’s value as it caters to modern families’ needs. An additional bathroom can recoup up to 60% of the project cost, making it a worthwhile project to undertake.
In recent years, many homebuyers are searching for outdoor living spaces that provide a seamless transition between indoor and outdoor living. A comfortable outdoor space such as a screened-in porch, outdoor fireplace, or outdoor kitchen can recoup up to 75% of the project cost.
Insulation is one of the least expensive, yet high ROI upgrades. Having good-quality insulation can save homeowners a considerable amount of money on energy bills, making it an ideal project to undertake. According to Home Advisor, a well-insulated attic can recoup up to 116% of the project cost at resale.
First impressions count, and this also applies to a home. Upgrading your home’s curb appeal may seem simple but investing in quality landscaping, a new coat of paint, a new front door, and exterior lighting can enhance your home’s overall appearance and increase its curb appeal. A home with excellent curb appeal can recoup between 71%-100% of the project cost during resale.
Upgrading your home is a significant investment, but it doesn’t have to be daunting. By identifying the projects that offer the best ROI, you can give your home a new look without breaking the bank. A kitchen remodel, bathroom addition, outdoor living space, attic insulation, and a curb appeal upgrade are proven to add value to a home, and are worthwhile investments to consider. Now that you have these insights, what are you waiting for? Start planning your dream home renovation project today!
If you are you unsure of what you should look for in a property? Then look no further and get a FREE copy of our Property Investor’s Checklist here.
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