For any homeowner, a successful home renovation project can be a source of true happiness. Making your home sweet home a little bit sweeter with swanky updates is a blessed feeling.
With that said, home renovation projects can turn out to be very pricey in some cases. Therefore, it is important to think about the benefits and the necessity of every home renovation project that you undertake.
Home renovations don’t just add aesthetic value to your home, they have the potential to add real dollar value to the resale value of your home. For instance, metal roof installation can raise your property’s value by thousands of dollars. Yet, not all home renovations cost the same amount, or add the same kind of value to your home’s market value.
Hence, as a homeowner, it is important to be aware about the kind of ROI you can expect from a project before actually beginning the project.
In this article, we will shed some light on the home renovation projects that are associated with the highest ROI in the form of property resale value.
Let’s begin:
Window Replacement
Most of us don’t pay attention to the condition of our windows till something goes seriously wrong. A major reason behind this is that most windows are built to last and if maintained properly, can last almost 20 years!
However, replacing old and battered windows will not just help you bring down the power bill (because of improved insulation) but will recoup between 75% to 88% of the investment that goes into replacing windows.
In essence, window replacement will not only add a handsome premium to your home’s value, the project will even pay for itself when you are still living in the home.
Garage Door Replacement
Another project that has the potential to absolutely transform the curb appeal of your home, a garage door replacement is also incredibly straightforward.
You’ll still require the services of professional contractors but you can expect to make between 91% and 98.3% of your investment into the project. This means, for every $100 spent on the project, you will at a minimum of $91 to the value of your property.
In fact, a garage door replacement offers the highest ROI among all common home renovation projects.
Siding Replacement/Installation
The siding of your home makes up for a large chunk of the curb visual and hence, it can make or break the look of your home.
Replacing the siding of your home can give it an updated curb appeal and possibly add a ton of value to the market value. On an average, you can expect to make between 75% and 88% of your investment that goes into installing a new siding to your home.
Sure, the project is a little steep in terms of initial investment, but its benefits are not just limited to the enhanced market value of your home. New and improved siding can do wonders for the insulation capabilities of your home and have the potential to dramatically reduce energy bills.
Similarly, a fresh siding can provide better protection to the structure and foundation of your home. Some modern varieties are even designed to fend off pests and squirrels.
Conclusion
These were the three of our favorite home renovation projects that offer delightful ROI for homeowners. Have you recently had a renovation project done at your place? Or are you planning one?
Share with us in the comment section below.
