If you’re planning to invest in home upgrades, you want to ensure that you’re getting a good return on your investment. Not all home improvements are created equal; some may offer a higher ROI than others. According to industry experts and studies, here are a few home upgrades that offer a great return on investment.
Consider a Kitchen Remodel
One home upgrade that can offer a great ROI is a minor kitchen remodel. According to Zillow, a minor kitchen remodel has an average return on investment of 81.1%. This may include replacing cabinet doors and hardware, updating appliances, and installing new countertops. A remodel can give your kitchen a fresh, modern look without breaking the bank, and it can significantly impact potential buyers if you decide to sell your home in the future. With these minor upgrades, you will sell a lifestyle people want to buy.
Look Into Upgrading the Master Bathroom
Another upgrade that many homeowners choose to invest in is a master bathroom renovation. A modern and functional bathroom can add value to your home and make it more appealing to potential buyers.
According to Statista, 33% of homeowners in 2021 renovated their master bathroom because they hated the old bathroom. A master bathroom renovation may include updating the shower, replacing the bathtub, adding a new vanity, or installing new flooring. It could also entail updating outdated tiles or fixtures that need to match.
Spruce Up Outdoor Spaces and Patios
A patio addition may be an excellent investment if you have an outdoor space. According to Space Wise, a fashionable patio addition project can add 8 to 10% to the value of a home. A patio can provide a space for entertaining and relaxing, increasing your home’s living space. A well-designed patio can also enhance your home’s curb appeal and make it more attractive to potential buyers.
Try Changing Up Your Front Door
Consider upgrading your front door if you’re looking for a minor upgrade that can still offer a good ROI. According to Remodeling Magazine’s 2021 Cost vs. Value report, a steel entry door replacement offers a return on investment of over 60%. A new front door can improve your home’s energy efficiency, enhance its curb appeal, and make a great first impression on potential buyers.
Replacing Insulation Is a Good Investment
Another upgrade that can offer a great ROI is adding attic insulation. A well-insulated home is more attractive to buyers looking to save money on energy bills. According to the Department of Energy, adding attic insulation can save homeowners up to 15% on their heating and cooling bills. Not only does this make your home more energy efficient, but it can also increase its value.
Consider Upgrading Your Garage Door
For many homes, improving curb appeal means upgrading your garage door. According to Remodeling Magazine’s 2021 Cost vs. Value report, a garage door replacement offers a return on investment of over 90%. A new garage door can improve your home’s curb appeal, enhance its security, and increase energy efficiency. In addition, a new garage door can be a significant selling point for potential buyers who are looking for a home with a functional and stylish garage.
When planning your home upgrades, consider your budget, your home’s needs, and the potential ROI of each project. If you invest in home upgrades, you could see the selling price increase, but you have to choose suitable projects for the ROI. Minor kitchen remodels, master bathroom renovations, patio additions, front door replacements, attic insulation, and garage door replacements are all upgrades that can add value to your home and make it more attractive to potential buyers. With the right upgrades, you can improve your home’s functionality, style, and value, making it an excellent investment for years to come.