Renovating your home can be a great way to boost its value. But you should be aware that not all projects are created equal — at least when it comes to the return on your investment.
Some updates can deliver on resale value, while others hold very little monetary worth (or may even negatively impact your resale price).
Are you looking to update your home and increase its value in the process? Here are some projects you should focus on.
- Upgrade your entryway. Replacing your grand entrance is one of the highest-ROI projects you can take on, according to Remodeling Magazine. Adding a steel door may result in 64% of costs recouped, while expanding to a more spacious grand entrance could bring you a 60% return.
- Give the kitchen a facelift. A minor kitchen remodel might offer a return of 71% (possibly equaling $20,000 in resale value). For this, focus on updating big-picture items like the counters, appliances and cabinets.
- Add an outdoor entertaining area. Wooden decks could net you a 65% return on investment, but don’t stop there. Consider designing a full outdoor kitchen and entertainment space with a grill, fridge, bar area and seating.
- Invest in landscaping. Curb appeal is almost always a worthwhile investment. For the most value, focus on adding greenery that will stand the test of time, including trees and shrubs. Living walls are on-trend, too.
- Remodel the bathroom. Doing an upscale bathroom update could lead to a 54% ROI. To refresh the space, you can replace the tub, install chic new tiling and upgrade the sink and vanity area.
Would you like to sell your updated property and buy a new home? Please get in touch today.