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.

 

Other information you may be interested in...

  • Before and After: a RenoFi-powered renovation in Malvern - For their major renovation project, Joanne and David discovered a source of funding they had no idea was possible thanks to RenoFi’s connections. With low interest rates and a quick turnaround time, this loan made their renovation dreams happen exactly how they hoped.
  • 4 Simple Steps to Your Renovation with RenoFi - At RenoFi we break the renovation financing process into 4 simple steps that will walk you through the initial phase of getting your renovation off the ground. Here is what you need to know...
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  • Choosing the Right Contractor for Your Home Renovation - Why does finding the right contractor always feel like the hardest part of a home renovation? Trying to find a professional that’s not only reliable and experienced, but who you feel comfortable welcoming into your home and really understands your vision; the process can be overwhelming. You have a lot of questions, so we’ve got some answers for you. Here’s what you should know when choosing the right contractor for your home renovation.
  • 73% of Owners are Planning Home Improvements in 2020 - You’re here because you’re considering a home renovation. And you’re not alone. In fact, you’re now part of the majority. This year, 73% of homeowners say they’re planning home improvement projects - 11% of them planning to spend over $25,000 to make their home fit their lifestyle. Renovation projects have become a lot less intimidating and a lot more popular. But why?