When you spend enough years in your home, it’s natural to want a change. But with renovations being so expensive and time-consuming, you also want to make changes that will be worth investing time and money on.
Whether you’re considering selling your home, or simply thinking about your future return on investment, we’ve provided a list of great places to start, if you’re looking for the best return on your renovation pounds.
- Upgrade your roofs
A new roof offers a ROI of about 109%. It will lower as more time passes between the replacement and the sale. However, choosing an Energy Star-certified roof can reduce your cooling demand by up to 15%. It also helps protect against mould and water damage.
- Do Some Landscaping
A beautiful garden increases more than your curb appeal. A well-kept lawn, gardens, and mature trees speak to a healthy, well-kept home. Mature trees also provide shelter from wind in the winter, and heat in the summer, which lowers your overall heating and cooling costs. It’s also one of the cheapest forms of renovation.
- Add a Bathroom
Adding a bathroom is a renovation project you may not want to undertake alone. But if you live in a busy family home, an extra bathroom may become a necessity. It also has the bonus of increasing the overall value of your home. Buyers love extra bathrooms, so you’re looking at an ROI of 50% or more. And that’s not including the peace of mind you get for not having to share a bathroom with the whole family!
- Convert Your Basement for Extra Space
Your basement is overlooked space that can add a lot of resale value to your home. Whether you’re looking to add a home gym, rec room, or extra bedroom, fully renovating your basement will make a huge impact on your home, and boost your chances when you’re ready to sell. Renovating a bigger space, like your entire basement, might seem like a bigger and more expensive project, but with an ROI of 63%, the right renovation will be worth every penny!
- Wood Flooring
Hardwood flooring is a gorgeous addition to any home. Whether you’re selling or staying, you’ll love the touch of glamour it adds to your space. It’s also very durable, making it a great investment overall. You can stain or re-stain as your colour palette and style changes, and cover them with large rugs when you need that soft warmth under your feet!
- Kitchen Remodel
Kitchen remodels are some of the biggest renovation projects you can take on. The good news is, updating your kitchen will not only increase its resale value, but odds are, you’ll love it too.
The kitchen is the heart of any home, and you should take the time to make it your own. Kitchen remodels are some of the most expensive, but you can save money by keeping the electrical and plumbing in the same place, doing some DIY demolition work, and refacing your cabinets, rather than replacing them outright.
- Outdoor Kitchen
Expand the heart of your home with an outdoor kitchen. This backyard addition goes beyond a good barbecue and picnic table. It’s a great use of the space, and if you keep it close to the house, you can use the same electricity and plumbing lines.
An outdoor kitchen makes for great entertaining space, so if you and your family spend a lot of time outdoors, spend the money and you’ll be the hero of the neighbourhood in no time!
Choosing a renovation project often comes down to money. How much you can spend, but also how much value you’re getting for your money. Whether you’re looking to boost your appeal to buyers now or in the future, or just questioning how to get the most out of your renovations, this list should help you decide what to tackle first.
The important thing is that your home becomes your castle. But it never hurts to think about the investment of a good upgrade, whether you choose a simple roof replacement, or a full kitchen renovation.
Excellent and practical advice! Maximizing ROI during home renovations is key for long-term value. Incorporating stylish yet affordable elements like shaggy rugs can make a big visual impact without stretching the budget.