Top 5 most profitable home renovations
Is your house in desperate need of a makeover but you have a limited budget? Here are the 5 most profitable renovations that are a guaranteed return on your investment.
You should always ask yourself the following question when it comes time to plan renovations and calculate costs: will the renos increase the home’s value if you ever decide to sell?
If you want renovations to have a bigger bang for your buck, you have to make choices that appeal to you as well as potential homebuyers.
It can be hard to quantify the return on investment as home improvements are often a matter of personal taste. To help you sort through it all, Remodeling magazine shares its 5 most profitable renovations.
5. Add a wood deck
Do not focus solely on interior renos… exterior renovations are often the most profitable, starting with the addition of a patio.
Treated wood is the preferred material to use and can result in a 75.6% return on your investment.
A composite patio is also an interesting choice, though it has a lower return of approximately 69.1%.
Remodeling magazine recommends dimensions of 16 feet x 20 feet, space permitting.
4. Update exterior siding
Shabby, faded exterior siding most definitely has an impact on a home’s value.
Replace the old with vinyl siding and you will recoup 75.6% of your cost.
The devil is in the details… don’t overlook the importance of adding trim to your siding for a seamless finishing touch.
3. Minor kitchen remodel
The undisputed jewel of the home, the kitchen is the room where renovations can pay off the most.
The kitchen is often the deciding factor in a home-purchase decision. As there is always the risk of cost overruns during renovations, many buyers are dead set on moving into a turn key home with an already remodelled kitchen.
This is not to say you cannot make small improvements without losing your shirt. You will create the appearance of a brand-new kitchen if you stick with the original layout and only change the front panels of kitchen cabinets and replace handles.
Finish it off with a bit of paint, a new backsplash and voilà!
The expected return on investment with these minor renovations is 80.5%.
2. Add decorative stones
The addition of decorative stones improves your home’s curb appeal and is one of the most profitable renovations.
The stylish and elegant effect it adds to the exterior of your home is undeniable, even though it is not a natural material.
According to Remodeling magazine, the addition of decorative stones, even around some parts of your home, represents a return of 94.9%.
1. Replace the garage door
This may not be the most exciting renovation, but it is by far the most profitable with a 97.5% return on your investment.
We are not talking about a simple paint job here, but rather completely replacing the door and choosing quality materials.
- Wood composites
Suffice to say, the garage door must be energy efficient and adequately insulated.
Natural wood is not the first choice of many. Despite the cachet of its rustic charm, wood requires regular upkeep to maintain its lustre and few people want to commit to that.