Home Improvement Projects with the Highest ROI
When it comes to home improvement projects, it’s important to choose wisely in order to not only improve the functionality and aesthetic of your home, but also to increase its value. If you’re looking to boost your home’s resale value, here are some of the best home improvement projects with the highest return on investment (ROI).
Kitchen Remodel
The kitchen is often considered the heart of the home, so it’s no surprise that a kitchen remodel can have a significant impact on your home’s value. Updating outdated appliances, cabinets, countertops, and flooring can not only make your kitchen more functional and visually appealing, but also increase the overall value of your home. According to Remodeling Magazine’s 2020 Cost vs. Value report, a minor kitchen remodel can have an ROI of over 80%.
Bathroom Renovation
Similar to the kitchen, a bathroom renovation can also have a high ROI. Updating fixtures, cabinets, tile, and lighting can not only make your bathroom more comfortable and inviting, but also increase your home’s resale value. According to the same Remodeling Magazine report, a midrange bathroom remodel can have an ROI of over 70%.
Curb Appeal Updates
First impressions are everything, and the exterior of your home is the first thing potential buyers will see. Improving your home’s curb appeal can have a big impact on its value. This can include updating the landscaping, adding a fresh coat of paint to the front door and trim, and replacing old siding or roofing. According to the National Association of Realtors, curb appeal updates can have an ROI of over 95%.
Energy-Efficient Upgrades
With energy costs on the rise, more and more homeowners are looking for energy-efficient features in their homes. Adding energy-efficient windows, insulation, and HVAC systems can not only lower your energy bills, but also increase your home’s value. According to the Appraisal Institute, energy-efficient upgrades can have an ROI of over 100% in some cases.
Finished Basement
A finished basement can add valuable square footage to your home, increasing its overall value. Whether you turn it into a playroom, home office, or extra bedroom, a finished basement can appeal to a wide range of buyers. According to the National Association of Realtors, a finished basement can have an ROI of over 70%.
Home Office Addition
With more and more people working from home, having a dedicated home office space is highly desirable. Adding a home office can not only make your home more attractive to potential buyers, but also increase its overall value. According to Realtor.com, a home office addition can have an ROI of over 50%.
Conclusion
When it comes to home improvement projects, it’s important to choose projects that will not only improve your home’s functionality and aesthetic, but also increase its value. By investing in kitchen and bathroom remodels, curb appeal updates, energy-efficient upgrades, a finished basement, and a home office addition, you can significantly boost your home’s ROI. So whether you’re looking to sell your home in the near future or just want to increase its value for the long term, consider these home improvement projects with the highest ROI.
