15 Remodeling Projects that Pay back the Most
As a homeowner, you will definitely be required to make an improvement or upgrade your home at some point in the future, particularly when want to sell it. But before undertaking any remodeling project, it is important to know which types of projects have the highest return on investment (ROI). This article discusses 15 remodeling projects that pay back the most:
1. Room Additions
The addition of new rooms can pay off, especially if the additions are meant to elevate your home into the same class/status as others in the neighborhood. Master suites, family rooms and sunrooms would make great additions. In most cases, master suites or family rooms add more value to a home than an office or extra bedroom. Real estate experts state that the right room addition can give you between 50 and 100% ROI. Tip: when adding new rooms, choose styles and materials that match with the existing house.
2. Replacing Old Windows
New windows improve the general appearance of a house significantly, and can be major bargaining chip for homeowners. Besides, they make the home more energy efficient. As the homeowner, pay closer attention to details when choosing your replacement windows – your decision should be guided by architectural design, style and period of your home. In the interior, use vinyl replacement window finishes to complement the existing wood colours. A window replacement project can yield up to 85% ROI.
3. Replacing siding
This project not only improves the general outlook of your home, it can enhance energy efficiency as well. If you opt for vinyl or other siding products that have permanent colour, consider using neutral colours because they will remain classic for many years. A siding investment has an 80% ROI or even more.
4. Improving the basement
With basements, the most important thing is to make the environment clean, dry and ready for further improvements. If your home is susceptible to leaks, floods or moisture accumulation, it is advisable to call in a professional to solve the problem. To get the highest ROI (up to 70%), you will have to do a full basement remodel, which includes, waterproofing, painting, installing new flooring, laying a carpet and fixing an exterior drainage system.
5. Upgrading the kitchen
The kitchen is one of the main areas buyers focus on. As a homeowner, you will therefore have to devote enough time, money and energy to remodel the kitchen. If you are working on a small budget, make simple but strategic changes – find cheap replica furniture, ensure that all appliances are in good working condition, the walls get a fresh coat of paint, the countertops are not stained or chipped and basic features like faucets and lights are updated. For more comprehensive renovations, you may install new floors, get new cabinetry, stainless appliances and granite countertops. A kitchen upgrade can yield 69% ROI.
6. Remodeling the bathroom
Bathroom remodels also have high return on investment, usually 69% to 79%, depending on the scale of the project. If you have a small budget, go for cost-conscious solutions such as resurfacing the existing sink or tub, installing laminate flooring, fixing a deluxe shower head or upgrading the faucets. Small renovations, carried out in a classic and well-calculated manner, can make a huge impression.
7. Adding a deck or patio
A deck or patio provides a beautiful transition between the interior and exterior of the home. If you have a small house, a well-designed deck or patio can provide the much-needed extra space for relaxing, dining or entertainment. Add lounge chairs, umbrellas and pavers to improve its general outlook. Deck/patio additions have an average of 72% return on investment.
Your yard is what prospective buyers will first see when viewing the house. Buyers can gauge how well the home is taken care of by its appearance. For this reason, ensure that your gardens and lawns are well maintained. Simply add fresh mulch, weed the yard, prune the shrubs and trees (or adding new ones where they did not previously exist), plant attractive flowers and mow the lawn. Landscaping can get you a 100% ROI.
9. Install a New Roof
The roof is also one of the first things buyers will notice when they drive up to your home. Old or missing roof tiles may totally discourage the buyers, or make them unwilling to meet your asking price. With roofs, you do not always have to go upscale replacements like the standing-seam metals. As a matter of fact, less expensive updates, such as asphalt shingles, can recoup up to 58% of the cost in when you put up the house for sale. Moreover, the several different roof innovations available today has made it relatively for homeowners to find affordable and effective roof solutions.
10. Garage Door Repair and Replacement
Replacing and renovating the garage door helps to add curb appeal and function. If the metal tracking on the garage door is coming loose or warped, buy new tracking. If the garage door is too heavy, you may want to replace it with a lighter door, which is easier to move on the metal tracking. Apply a fresh coat of paint on your garage door to protect it. These refurbishments can fetch an average of 72% ROI.
Repainting is the easiest way of making your home look better and adding its value in the market. It is also economical and can be handled without a contractor. When painting, choose rich neutral colours for the interior. Push beyond the standard colours of white and beige. Experiment with contemporary neutral colour schemes such as brown, green, blue or gray to highlight the key features of your home and lure potential buyers. The exterior of the home may be painted with browns, tans, beiges, yellow, green, blue and dark colours (gray, dark blue or black). A repainting project can recoup 78% of the cost.
12. Energy-efficient fireplace
Using the fireplace to heat your home during the cold winter months helps to cut down energy costs. Adding a vent-free gas fireplace can recoup the whole investment when you put up the house for sale.
13. New heating system
Older heating systems consume much more energy than new ones. If you want to install an electrical heating system, go for the energy-efficient, Energy Star rated appliances. Since electricity is readily available in most areas, and that electric systems are easy to install, electrical heating is most preferred home heating solution for buyers. You can recover almost half of what you spend with this upgrade.
Toilet renovations can also be done without hiring a contractor. The plumbing process is not too technical. Simply replace old units and faucets with modern ones, which conserve more water. You can get back 78% of your investment when you sell the home.
15. Back-up Power Generator
Access to backup power is key requirement today’s homes. Install a neat, compact generator next to the outdoor AC unit to repower your home whenever there is a power shortage. The ROI will depend on the location of your home. For example, in areas where hurricanes and storms are common and power cuts frequent, the ROI will be considerably higher.
For complex remodeling projects, always hire qualified and licensed contractors to ensure that the projects are implemented in the highest possible standards. Poorly implemented projects can actually lower the value of your home in the market.