Improving your dwelling is always a good idea. New appliances and a renovated bathroom are investments that will serve you and your family well for many years to come. Smart renovations can increase your home’s curb appeal and sale value even if you plan to sell or rent it and move in the near future. That way, you’ll have more cash available for the down payment on your new home.
However, not all home renovations are created equal in terms of return on investment and value addition. If you aren’t a real estate or home improvement expert, it can be difficult to determine which renovation projects offer the highest return on investment. Not to worry, though; below we’ve outlined the top five home renovations in terms of return on investment.
Renovating Number One: Kitchen and Bathroom
Renovations to the kitchen and bathroom will come first. In terms of both utility and importance, these are two of the most vital rooms in your house. A home’s value drops significantly when it lacks modern conveniences like a high-end kitchen and stylish bathrooms. The typical ROI for a kitchen remodel using mid-range fixtures is 58.6%. Return on investment (ROI) averages 77.6 percent when minor kitchen upgrades are combined with midrange fixtures.
Investing in new cabinetry, countertops, and sinks in the kitchen and bathrooms is a great way to increase the value of your home and make it more appealing to potential buyers. If you need more space to prepare food, an island or larger countertops could be a great addition to your updated kitchen. Alternatively, you could install a bay-windowed breakfast nook where you and your loved ones can relax with a cup of coffee before the day’s events begin to unfold.
Some high-return additions to a bathroom would be:
- Separately installing a new bathtub
- Extending the size of the bathroom’s shower
- Setting up a rain showerhead
- Putting in a new bathroom
It’s best to install the countertops first, then the cabinets.
Remember this rule of thumb when redecorating your home on a tight budget: Prioritize upgrading your kitchen and bathroom countertops before investing in new cabinets. The cabinets are mostly for storage and can be painted to make them look new, while the countertops get the bulk of the daily use. While new, shiny countertops like marble are beautiful to look at, they are not nearly as useful as new cabinets.
Can only choose one?
Kitchen remodelling should take precedence over bathroom renovation if both are in the budget. The kitchen is likely your preferred hangout over the bathroom. In addition, prospective buyers will notice and appreciate a newly renovated kitchen more than a remodelled bathroom.
As for the second overhaul, get some new glass in your abode.
Investing in new upvc windows for high-traffic areas like the living room, master bedroom, and dining room can greatly increase the resale value of your home without breaking the bank. Adding the right replacement windows can let in more light, making your home feel larger and more inviting, without having to tear down walls or raise ceilings.
And because of this enhanced visual appeal, the resale value of your home will rise as well. How wonderful window boxes would look in front of a set of casement windows, or how much more impressive your Christmas tree would look through a brand new picture window in your living room! Investing in new windows for your home is a low-effort way to attract buyers’ attention and spark their interest in the property.
Most of the time, larger windows are preferable.
Replacement windows in your home should be as large as possible to maximise natural light and ventilation. Expansive glass windows and doors let in more natural light and display your home’s furnishings to the world outside. Picture windows, especially large ones, are a great addition to a living room or dining room. Bow or bay windows, meanwhile, not only add square footage to your living or sleeping quarters, but also provide more surface area for artwork or other window furnishings on their ample sills.
Casement and awning windows are not only easy to clean but can also be opened for maximum effect in a bedroom or kitchen.
Put money into windows that save on utility bills.
Make sure the new timbre windows you install are a significant improvement over the old ones in terms of energy efficiency, regardless of the type of window you replace them with. A home with energy-efficient windows can reduce its heating and cooling costs by keeping warm air inside during the winter and cool air outside during the summer. In addition to reducing your energy bills, low-e window coatings, which are used in energy-efficient replacement windows, help keep the interior of your home safe.
If you ever decide to sell your home, you can highlight the energy efficiency of your windows as an added bonus.
Thirdly, replace the flooring with brand new hardwood.
The flooring in your house is essential, just like the walls and windows. After all, when you take your shoes off at the end of the day, that’s the first thing you’ll feel.
Carpeting is soft and comfortable at first, but it can easily become stained and worn over time. Flooring options like hardwood and vinyl plank are highly desirable because of their aesthetically pleasing appearance, low maintenance requirements, and ability to increase a home’s resale value. Hardwood floors, especially when they are new or have been restored, can make a huge impression on prospective buyers. It stands to reason, then, that installing new hardwood floors in high-traffic areas like the living room and dining room is a worthwhile investment.