Which Home Improvements and Renovations Really Pay Off?
No matter what the motivation for your home renovation may be, you’ll want to know that your money is well spent. RenoFi helps you finance your project in the smartest way possible, and now we’re sharing which improvements provide the best return on investment (ROI) to increase your home’s value too.
Here are the top 3 renovations with the best ROI:
1. Remodeling Kitchen & Baths
As the two most utilized spaces in a home, investing in these rooms makes sense for both ROI and quality of life. While renovating your kitchen or bath can be the most expensive in terms of construction, you’ll get as much out of it as you put in. In some of the hottest housing markets, that means a return of 100% or more of the renovation costs. And while you still live in the home, energy-efficient upgrades here can provide significant savings on utility bills and boost overall enjoyment of everyday activities for you and your family.
2. Finishing the Basement
High-income buyers in our area and throughout the Northeast particularly value a finished basement, according to a study by NAHB. On average, finishing this space will provide 70% ROI, meaning you can increase your property value by $700 for every $1,000 you spend. With some drywall, flooring, and paint, this space offers more heated square footage, which can bump a home into a different price bracket.
Finishing your basement is also a great way to add more livable space as a recreation area, room for visiting guests, or organized storage space - all without having to bump out any walls or worry about property zoning restrictions.
3. Upgrading the Curb Appeal
Investing in the exterior of your home offers plenty of benefits. In addition to enhancing the beauty of your property, certain upgrades also help improve your home’s efficiency and security. Window and door replacements not only add to your curb appeal architecturally, but with newer low-E glass and built-in insulation, you can enjoy superior interior comfort. And newer roof materials provide added durability and longevity throughout harsh weather conditions. Overall, projects that involve exterior improvements - from new windows, roofing, and siding to painting and landscape maintenance - can result in 80% ROI.
If you’re considering some of these smart renovations or any of those personal wish-list items you have too, let us help you create a happier place to call home. To find out how much you can borrow for your renovation, get a free quote, or contact us to discuss your project.