Aren’t you tired of coming home to the same old environment? If so, that might be the sign it’s time to spruce up the place. But beware – doing so won’t come cheap. However, don’t let the cost discourage you. Just because specific home renovation projects are expensive doesn’t mean they won’t prove worthy. While upgrades that don’t pay off definitely exist, so do those that increase the property’s value. And in a significant way. We are here to talk about the latter and, thus, help you decide which adjustments to make next.
What are the most profitable home renovation projects?
No home improvement projects are created equal, that’s clear. From the ones that cost a real fortune but prove absolutely worthless in the end to those that aren’t as costly but have the power of recouping themselves. In this article, we discuss strictly the ones with the highest return on investment (ROI), all so that we can ensure you sleep well, knowing the upgrades you made won’t be in vain.
#1 Replacing garage door
Surprisingly enough, a garage door replacement can almost pay off itself. Perhaps it isn’t the most exciting upgrade ever, but it’s guaranteed to bring back up to 95% of funds spent if you ever sell. A brand new garage door will cost you about $4,000, installation included but will add another $3,800 to the home’s total value.
#2 Adding manufactured stone veneer to the exterior of your home
Just as its name suggests, manufactured stone veneer is a man-made material. It’s meant to closely resemble the look and feel of stone, hence its second name, faux stone. Its purpose is purely decorative. However, that doesn’t diminish its positive effect on the property’s value. Manufactured stone veneer adds to the curb appeal and breathes new life to even the most boring exteriors. The good news is that you don’t have to cover the whole exterior with it. In fact, using it to cover even just a tiny portion is bound to bring desired results – in terms of increasing the property’s worth. With a return on investment of about 97%, there’s hardly an improvement project as lucrative as this one.
#3 Adding a wooden deck
If the previous two home renovation projects haven’t already given it away, the ones that typically yield the most significant return are the ones that focus on the property’s exterior. With that said, it would absolutely make sense for the addition of a wooden deck to make it onto the list. Such a project has the ability to recoup up to 83% of the money spent. Furthermore, not only will a brand-new deck be pleasing to the eyes, but it can also serve as a nice place to relax over a cup of coffee in the early morning. You can use it to practice yoga, work out, or even organize gatherings. We’ll let you decide.
#4 Remodeling a kitchen – in a minor way
A full-on kitchen remodel is considered the most expensive upgrade of all. It adds immense value to one’s home, though. Nevertheless, reaping the benefits of an upgraded kitchen is possible even without building it from the ground up.
ROI-wise, a minor kitchen remodel ranks high, with a whopping 82%. Depending on your budget, you could be looking at swapping old appliances for new ones, painting cabinets, and replacing countertops. You might also want to consider updating the sink, faucet, or flooring.
While your kitchen is getting a makeover, you might wonder how to store items during home renovation. If you got kitchen furniture and anything else, transfer them to another room for the time to protect them from the works. Alternatively, you can also rent a storage unit.
A kitchen renovation project will also give you an excuse to declutter. You’d be surprised by how messy this home area can get! Since you’ll need to get everything out of the way first, you’ll also need to go through everything. Cabinets, for instance, are notorious for harboring unnecessary items and expired food. Use this time to get rid of everything not needed and wanted.
#5 Changing windows
Outdated windows not only look bad but they might also be the culprit to enormous electricity bills. When windows are drafty, you can kiss the energy efficiency goodbye. For that reason, replacing them could prove a bright idea. In terms of frame, or rather the material it is made from, you have a couple of options, two of which are:
- Vinyl. The least expensive of all, vinyl windows are actually an affordable yet durable option. They are great insulators, as they help keep the heat in during winter and also help keep it out in summer. Vinyl windows come in various colors and styles and are easy to maintain. They do not rust, corrode, or stain. In fact, a mix of water and soap is all you need to keep these bad boys sparkling clean.
- Wood. Wooden windows are a classic that adorns most traditional homes. Modern wood has an excellent life span, an appeal that no other window can match. Furthermore, they can be painted repeatedly to refresh their look. In addition, this material is an excellent insulator and is highly sought after by potential buyers – which is a piece of information you’ll be glad you knew if you were ever to sell the house.
The initial cost of installing wooden windows is higher. On average, you’re looking at spending approximately $24,000 for ten windows. But then again, the worth of your home is expected to rise by roughly $16,000. On another note, installing ten vinyl windows costs around $20,000 and has an expected return of $13,000.
To Embark on home renovation projects or not?
Ultimately, the choice is yours. Home renovation projects won’t only add value to your home, but they will improve its appearance. They will accentuate its best features and remind you of the beauty there all along – but was only waiting for a chance to shine through.