Your home is one of the biggest investments you will make during your lifetime. You may already be aware of the importance of maintaining your home so that when it’s time to sell it, it maintains its original value or has increased in value. Over time, you may find yourself considering a home remodel. Maybe you want more counter space in your kitchen or an additional room added on to accommodate a growing family. The trick is determining the best home remodels that will give you the most return on your investment (ROI).
Maintenance Pays Off
If you plan to sell your home in the near future, consider home remodels such as replacing existing or adding new siding to your home. You’ll improve the curb appeal of your home, increase its energy efficiency and possibly recoup up to 92.8% of your investment. Replacing your roof or windows can bring you an ROI of 80% when you sell your home.
Having your older home re-piped is easier now that many plumbers use PEX tubing instead of metal pipes that require ripping out the walls. This means buyers will be less worried about replacing the plumbing and home appraisers will give a higher value to your home.
More Space is Always Good
According to a report by the National Association of Realtors, for every 1,000 square feet added, the value of your home may rise by up to 30%. Adding an extra bathroom to your home could give you an ROI of up to 86.4% and raise the sale price of your home by almost 9%.
Adding attic bedrooms, a great room or a sunroom could provide you with a 70 to 80% return when you sell your home. Meanwhile, you get the added benefit of enjoying all that new space until you sell your home in the future.
Remodeling Your Kitchen
Do you dream of granite countertops and all the latest appliances with fancy attachments? All of these things add value to your home. Going high end doesn’t necessarily mean that you’ll receive the best return on your investment, but doing a minor kitchen remodel could possibly give you a triple-digit ROI.
Most importantly, when deciding on the best home remodels for your kitchen, your best bet is to make sure you’re improving on the flow of the kitchen. A kitchen remodel that impedes the flow in the busiest room of the house will have a negative effect, especially when it comes to recouping your investment during the sale of your home.
When researching the best home remodels, always keep in mind the length of time that you plan to remain in your home after the remodel. If your goal is to improve the value of your home so that you can sell it more easily, you may want to focus more on maintenance projects and those that provide extra space for the best return.