Home Updates With Highest Return On Investment
Making home updates can be a great way to increase the value of your home, but not all updates will provide the same return on investment (ROI). Here are some of the home updates with the highest ROI:
1. Kitchen renovations: A kitchen renovation can provide a high ROI, particularly if you update appliances, cabinets, countertops, and flooring. According to Remodeling Magazine's 2021 Cost vs. Value report, a minor kitchen remodel can recoup an average of 72.2% of the cost, while a major kitchen remodel can recoup an average of 58.6%.
2. Bathroom updates: Bathroom updates can also provide a good ROI, particularly if you focus on updating the fixtures, vanity, and flooring. According to the same report, a midrange bathroom remodel can recoup an average of 62.7% of the cost, while an upscale bathroom remodel can recoup an average of 54%.
3. Outdoor living spaces: Creating an outdoor living space, such as a deck or patio, can also provide a good ROI, particularly if you use high-quality materials and add features like lighting, seating, and landscaping. According to the same report, a wood deck addition can recoup an average of 70.1% of the cost, while a composite deck addition can recoup an average of 63.9%.
4. Energy-efficient upgrades: Upgrading to energy-efficient windows, doors, insulation, and HVAC systems can also provide a good ROI, as they can reduce energy costs and improve the comfort of your home. According to the same report, a fiberglass attic insulation project can recoup an average of 78.4% of the cost, while a vinyl window replacement project can recoup an average of 72.3%.
5. Paint and curb appeal: Finally, one of the most affordable home updates with a good ROI is to paint the interior or exterior of your home and improve its curb appeal. Painting can freshen up your home and make it more appealing to buyers, while improving your landscaping and adding new exterior elements like shutters or a front porch can make your home more attractive and welcoming.
Remember that the ROI of a home update will vary depending on factors like the current state of your home, the local real estate market, and the quality of the work. Be sure to do your research and choose updates that will provide the best value for your budget and goals.