Considering Home Upgrades? 7 Renovations That Offers Solid ROI

There are many reasons to renovate your home. Whether you’re looking to update the look and feel of your space, increase your home’s value, or simply make some much-needed repairs, renovations can be a great way to improve your quality of life.

But with so many potential projects to choose from, it can be tough to decide which ones will offer the best return on investment (ROI). To help you make the most of your home improvement budget, we’ve compiled a list of seven renovations that offer solid ROI.

 

1. New Roof

A new roof is one of the best home upgrades you can make in terms of ROI. A roof replacement will cost an average of $7,000-$10,000, but it will add an estimated $12,000 to your home’s value.

Not only that, but a new roof will also make your home more energy-efficient and can help you save on your monthly utility bills. If you live in an area with severe weather, a new roof can also help to protect your home from damage during a storm.

In short, there are many advantages to upgrading your roof, and it is one of the smartest investments you can make in your home.

New Roof
New Roof

 

2. Siding Replacement

Homeowners are always looking for ways to add value to their property. Whether it’s for resale purposes or simply to enjoy their home more, renovations are a great way to achieve this goal. When it comes to renovations that offer a solid return on investment (ROI), siding replacement is typically at the top of the list. In fact, according to Remodeling Magazine’s 2020 Cost vs. Value Report, siding replacement ranks as the number one “mid-range” home improvement in terms of ROI, with an average return of 92.8%.

There are many reasons why siding replacement offer such a high ROI. First of all, replacing old, worn-out siding can dramatically improve the curb appeal of your home. This is especially important if you’re planning on selling your home in the near future, as buyers are often willing to pay more for a property that looks well-maintained and up-to-date. Additionally, new siding can also help improve your home’s energy efficiency by creating a tight seal that prevents drafts and leaks. This can lead to lower energy bills throughout the year, further adding to the overall ROI of the project.

If you’re considering making some home upgrades in the near future, be sure to keep siding replacement on your radar. It’s a cost-effective way to add value to your property and enjoy plenty of other benefits as well.

Siding Replacement
Siding Replacement

 

3. Window Replacement

Replacing the windows in your home is a great way to add value and curb appeal. Not only will new windows make your home more attractive to potential buyers, but they will also improve energy efficiency. In fact, according to the U.S.

Department of Energy, replacing single-pane windows with energy-efficient windows can save you up to $465 per year on your energy bills. And if you live in a climate with extreme temperatures, the savings could be even higher.

If you’re considering window replacement as part of a home renovation, be sure to choose a reputable contractor and high-quality windows. The initial investment may be higher than other home upgrades, but the return on investment will be well worth it.

Window Replacement
Window Replacement

 

4. Kitchen Remodel

Kitchen remodels are one of the best investments you can make when it comes to home upgrades. A complete kitchen remodel can cost anywhere from $20,000 to $50,000, but it will increase the value of your home and potentially help you sell it faster.

If you’re not planning to sell anytime soon, a kitchen remodel can still be a great way to update your space and make your home more comfortable and functional. When planning a kitchen remodel, it’s important to keep in mind the return on investment (ROI). Some upgrades, such as adding new appliances or installing granite countertops, will offer a higher ROI than others.

However, even small changes like painting the cabinets or replacing the backsplash can make a big difference in the look and feel of your kitchen. With so many options to choose from, it’s important to consult with a professional to find out which upgrades will offer the best ROI for your specific situation.

Kitchen Remodel
Kitchen Remodel

 

5. Bathroom Remodel

Planning to sell your home in the near future? Or just want to enjoy some updated features for yourself? Either way, it’s important to choose home renovations that offer a solid return on investment (ROI). One of the best remodeling projects you can do in this regard is a bathroom remodel.

A bathroom update is one of the most cost-effective ways to add value to your home. In fact, according to Remodeling magazine’s 2019 Cost vs. Value Report, a minor bathroom remodel has an average ROI of 70.1%. This means that for every $10,000 spent on a bathroom remodel, you can expect to see an increase in your home’s value of $7,010. Given the high ROI, it’s no wonder that bathroom remodels are one of the most popular home improvement projects.

If you’re planning a bathroom update, be sure to focus on creating a space that is both functional and stylish. Some key features to consider include new flooring, updated fixtures, and fresh paint or tiles. By making even small changes, you can create a completely new look that will impress potential buyers and make your own home more enjoyable to live in.

Bathroom Remodel
Bathroom Remodel

 

6. Basement Remodel

If you’re thinking about making some home upgrades, it’s important to consider which renovations will offer the best return on investment (ROI). For example, a basement remodel can be a great way to add extra living space to your home without breaking the bank.

According to a recent report by Remodeling magazine, the average basement remodel provides an ROI of 70 percent. This means that for every dollar you spend on the project, you can expect to recoup $0.70 when you sell your home. In comparison, major kitchen and bathroom remodel typically provides an ROI of 50-60 percent.

So if you’re looking for a renovation that will offer solid financial benefits, a basement remodel is definitely worth considering.

Basement Remodel
Basement Remodel

 

7. Addition of Attic Bedroom

Many homeowners choose to upgrade their homes with an eye toward increasing resale value. However, it’s important to keep in mind that not all home improvements offer equal returns. Some renovations, such as adding an attic bedroom, can actually offer a very solid return on investment.

In fact, studies have shown that attic bedrooms typically offer one of the highest ROIs of any home improvement. Attic bedrooms are appealing to potential buyers because they offer extra living space without taking up valuable yard space. They also tend to be relatively low-cost projects, making them even more attractive from a financial standpoint.

As a result, if you’re considering adding an extra bedroom to your home, an attic bedroom is definitely worth considering.

Addition of Attic Bedroom
Addition of Attic Bedroom

 

In conclusion

Whether you’re planning to sell your home in the near future or just want to enjoy some updated features, it’s important to choose home renovations that offer a solid return on investment. One of the best remodeling projects you can do in this regard is a bathroom remodel. A bathroom update is one of the most cost-effective ways to add value to your home, with an average ROI of 70.1%. If you’re planning a bathroom update, be sure to focus on creating a space that is both functional and stylish. Other great renovation projects include basement remodels and the addition of attic bedrooms. Both of these projects offer high ROIs and appeal to potential buyers, making them great choices for anyone looking to increase the value of their home.

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