Home repairs that offer a high return on investment are not always the flashiest. It sounds nice to turn your bathroom into a spa. However, the cost of the project may not pay for itself when you sell your home.
Conversely, fixing a leaking roof sounds boring. However, it probably will increase your home’s value.
Housing prices continue to fluctuate with the economy. Investing in your home’s infrastructure offers a high ROI. It increases the value of your home.
You can make savvy decisions when remodeling. Here are some home improvements that offer the biggest bang for your buck.
Minor Bathroom Remodel
A minor bathroom remodel will set you back between $8,000 and $10,000 USD. The project will take between two to six weeks, depending on its complexity. On average, a $10,000 investment in a bathroom repair will garner $10,700 in increased home value.
When people are looking for a new home, they focus on the kitchen and the bathroom. Bathroom remodels offer the highest return on investment. You don’t need to remodel entire bathroom. However, if you give each bathroom in the home an updated appearance and make them more modern, it goes a long way.
Change a traditional showerhead for a rain shower. It’s attractive enough that most homeowners will want it. Update the lighting. Change out the vanity to give the bathroom a pleasant look.
Minor Kitchen Remodel
You should expect to spend between $12,000 and $15,000 to remodel your kitchen. Kitchen remodels can take a couple of months. The average return for a kitchen remodel is between $11,800 and $14,600. This means that a kitchen remodel could garner a return on investment of up to 98.5 percent.
You can remodel your kitchen without needing to tear out everything. Small upgrades make a major difference.
Get rid of old appliances, and replace them with sleeker looking and energy-efficient appliances. Replace the cabinets, or refinish existing cabinets.
It is surprising how far a fresh coat of paint can go to refresh the look of all the cabinets. Also, throw in new hardware.
The average cost of landscaping is around $5,000. Landscaping offers a return on investment of 100 percent or more. You should expect to spend a month or more working on this project.
Curb appeal sells homes. Spending a few dollars to spruce up the outside of your house can make your home look fresh and appealing. Your front yard and backyard are the first things homebuyers see. An updated landscape makes a good impression.
To get the maximum return on investment, don’t go overboard. Keep things simple. Straight lines, trimmed grounds, and a clean look are typically all that you need. You want the grounds to look nice, but you don’t want a potential homeowner to think that a great deal of maintenance work needs to be done.
Adding a Second Story
Adding a second story to an average sized home could cost $155,000 or more. Second-story additions may take between four and six months to complete. They offer a return on investment of approximately 72 percent.
A second floor adds value to the home by increasing the square footage. A second floor might include additional bedrooms, bathrooms, and a second family room. Most people add on a second story because they are expanding their family or are looking to expand the space for their home office.
The national average cost for a basement remodel is around $62,800. The return on investment is upward of 77 percent. A basement remodel, depending on its complexity, could take between two and three months.
Finished basements are impressive. They can serve as an additional living space or entertainment room. You will not get as big of a return on your basement remodel as you would on projects performed above ground. Appraisers focus on the main floor and second-level living spaces. However, for the right buyer, a home with a finished basement could be a strong selling point.
Convert the Attic into a Bedroom
The average cost of this conversion is $39,000. The average return from this investment is a little more than $36,000. An attic remodel could be done in as little as one month.
Converting an attic has a high return on investment because you are adding an extra room to the home. People value homes based on the number of bedrooms they have.
Major Bathroom Remodel
A major bathroom remodel could cost $26,000 or more. However, they bring a return on investment of around 93 percent. A major remodel could take between one and two months to complete.
A major remodel is a complete overhaul. This is more than replacing a few amenities. The shower pan, lighting, plumbing, and flooring would all be replaced. Anything that doesn’t add to the appeal of the bathroom should be removed.
The idea is to start with a clean slate. A fully upgraded and completely remodeled bathroom may convince homebuyers they are making a wise purchase.
Major Kitchen Remodel
A major kitchen remodel could cost upward of $43,000. On average, it offers a return on investment of 91 percent. Kitchen remodels can be lengthy and are intrusive.
In this scenario, the remodel is a complete overhaul. Everything in the kitchen is removed and redone. Consider opening up the floor plan of the kitchen. People like having more space. If you can get rid of walls, that is even better. People want to feel connected to their kitchen. Anything that you can do to get rid of barriers is best.
Add a Deck or Patio
Adding on a deck, patio, or porch will cost between $10,000 and $11,000. There are several factors that will determine the time needed for the project, but you should be ready to set aside at least one month. The return on investment for this remodel is a little over 90 percent.
Exterior structures, like a patio or porch, add to the perceived value of the home. This is like landscaping. The perception of value is value. Building a deck might increase the usable living space of a yard. For many homeowners, it is a key selling point.
Replace Garage Doors
A garage door replacement is one of the least expensive home improvements on this list. You should expect to pay between $1,500 and $2,700. You do not want your garage door to look battered. It is one of the most visible parts of your home.
A nonfunctioning garage door is a major turnoff for potential buyers. This is a quick project that can often be completed in one day. You get the benefit of having a garage door that works. When you sell the home, you are able to recoup some of your expenses.
A Steel Entry Door
The average cost of installing a steel entry door is $1,200. It offers a 96 percent return on investment. Steel doors are inexpensive and durable. The installation can be done in a few hours. Steel doors offer one of the highest returns on investment for a home improvement project.
Replacing the Windows
The average cost of window replacement is $9,700. Replacing a home’s windows might take three days to one week. However, the clean lines of new windows make a home more attractive from the inside and outside.
With an 89 percent return on investment, replacing the windows in the home should be a simple decision. Besides looking nice, new windows are energy efficient. Saving money on energy bills is something that any potential homebuyer will be interested in.
When thinking about doing repairs, focus more on substance and less on flash. Everyone is going to want to have a roof that works, updated plumbing, and modern electrical networks.
Curb appeal is important. If a home looks ugly on the outside, no one will want to see what it looks like inside. The first thing that influences a person’s buying decision is the exterior. It is worth it to spend money on landscaping, window repair, siding, and painting.
Once a person sets foot in the home, they are going to think about the kitchen, bathroom, and bedrooms. Making improvements to any of these three areas will increase the value of the home and provide a high return on investment.