Renovations: Where to get the biggest return on your investment

Posted on October 29, 2018

Not every home renovation that you make will offer you a high return on your investment. Some of those upgrades that you may want or need to do can cost you more than you think. If you are choosing to renovate for your enjoyment, it can be worth it. If you are doing renovations with intentions of selling in the future, you will want to choose which ones make more sense cost wise.

According to who conducted a study comparing all the costs to you when you choose to upgrade your home.

Most people don’t think about changing out their garage door. On average you can see about a 98% return on a replacement door. If you are a savvy shopper and can get a door on discount, you might even get more money back then what you spent.

Curb appeal is another high return on the money well spent. Most people will pull up to a home and notice the garden and lawn and know right away that the home is loved.  If you put money into landscaping and updating the exterior of the house with fresh paint or stone facade, you may see a 97% return on your initial investment.

When you walk up to a home, you want to make a lasting impression. The front door is like a smile; it greets you, and it gives you an idea of what the inside of the home will be like inside. You can expect up to a 91% return on this purchase.  If you can find a front door on sale or clearance, it can boost your return cost even higher.

You may think that kitchens will bring the most return on investments because it is the heart of the home, where all of your loved ones gather. When doing a kitchen remodel keep in mind that it can cost you thousands of dollars, so it is essential that you have a budget for the remodel and as you will need to make decisions that are budget-friendly at certain times during the process.  When choosing to refresh your kitchen by changing out the counter-tops or flooring as opposed to a full remodel, you can look to see a return of 81% on your investment.  When you move forward with a total renovation of a non-functioning kitchen, which is necessary at times, your investment recoups drops to around 59%.

It is true that bathrooms and kitchens sell homes. Bathroom usually is not cheap or quick to do. If you choose upgraded materials and stick with neutral palettes, you can expect up to a 70% returned to you.

Let’s talk about improving those old windows. You know how they say “eyes are the windows to the soul.” Windows are the souls of the home. When you replace them with more energy efficient ones, it cuts down on the added costs used to heat or cool the house. You can see a little over 74% returned to you in the beginning.

These are just some helpful tips to get you started on your renovation journey.

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