When it comes to adding value to your home, some renovations can be more helpful than others. Deciding which projects will add the most value to your home is crucial for those on a budget and looking to maximize selling value. We did some searching and found the five best renovations with the highest return on investments (ROI).
Replacement Vinyl Siding:Although this doesn't sound like a major renovation, a $9,000 replacement of siding can $8,000 to the asking price. This results in an 89% ROI.
Major Bathroom Remodel:Many consider redoing a major bathroom as one of the best renovations you can do. A $13,000 renovation can get a return of $11,000, which is 85%.
Vinyl Window Replacements:This is not as easy to notice as the others, but the increased energy efficiency adds lots of value to potential buyers. A $10,000 replacement can have a return of around $8,500, which is an 85% ROI.
Major Kitchen Remodel:One project that comes as no surprise is to remodel the kitchen. By updating this focal point of the home, it usually generates a return of 81%.
Roof Replacement:This remodeling project adds major curb appeal to your home. According to ISoldMyHouse.com, replacing your roof can have a 75% return on investment.
Things to Keep in Mind: When it comes to deciding which project to undertake, consider the potential buyer's preferences. By transforming a room into an art studio, you limit the chances that the potential buyers will also want that kind of room. By sticking to the basic, functional rooms like the kitchen or a bathroom, you are more likely to see a positive price increase.
Kelly Ann Cameron