Whether you’re looking to sell your home in a year, or 10 years down the road, you want to ensure that the money you invest in it is put to good use. Certain home remodeling projects offer a higher ROI (return on investment) than others, making you more money when the time comes to sell your home. Listed below, you’ll find 10 home remodeling projects that pay off. In these difficult economic times, wouldn’t it be nice to know that the money you invest will provide a return later in life?
When you think of home remodeling, you likely think of the monetary investment involved. While it’s true that most remodeling projects are expensive, the right ones will certainly pay off. Potential home buyers want a home that won’t eat away at their savings to repair or update. Your home will sell faster and yield a higher return if it is remodeled and renovated beforehand.
10 home remodeling projects that pay off –
Kitchen remodel – The kitchen is the deal breaker (or maker) for most potential home buyers. This is the # 1 top home remodeling project sought after by current homeowners, and the one room in the house that will stand out in the minds of those interested in purchasing a home. Do NOT skimp on the kitchen remodel. New cabinets, countertops, appliances, flooring, space savers… everything should be revamped and remodeled to yield the highest ROI. Do it right, and you can expect to see a 90 percent (or higher) ROI in this room of the house alone!
Bathroom remodel – Aside from the kitchen, the bathrooms are the most important rooms to consider remodeling. This is especially true for the master bath. According to Lending Tree, the master bath should be renovated to include luxurious additions such as dual sinks, jetted tub and standing shower to yield the highest ROI. In addition, if your home currently has just one bathroom, consider adding a second one to increase the value of your home and make it more appealing to potential home buyers.
New decking – Adding new decking, or replacing the deck currently in place, is a great way to improve the look of your home and increase its value. Fortunately, this is one of the more affordable home remodeling projects. With an estimated investment of $10,000 or less, you’ll receive an ROI of roughly 87 percent! Plus you’ll enhance the curb appeal of your home too.
Window replacement – Although replacing all the windows in the home may seem like a pricey investment, it is certainly one that will pay off in the long run. Not only will new windows improve the look of your home and enhance curb appeal, but they will also lower energy costs, which is a definite plus in the eyes of a potential home buyer. Remodeling Magazine indicates that this particular home remodeling project can yield an estimated 85 percent ROI.
New siding – Vinyl siding is not your only option when it comes to replacing the exterior of your home. Fiber cement siding, clapboard siding, and siding that resembles brick, stone or wood are just some of the alternatives. New siding enhances curb appeal, makes a home sell faster, and can offer you a ROI of roughly 90 percent.
Home office – Since more and more people are making a living from the comfort of their home, a home office is an appealing addition for many potential home buyers. Lending Tree reports that by adding a home office, you will not only increase the value of your home by roughly $13,000, but you’ll also recoup an estimated 50 percent of it’s original cost. This room can easily be used for another use for home buyers that work outside the home.
Basement finishing – An unfinished basement is not only an eyesore, it’s also an absolute waste of space. Most people see an unfinished basement as an unusable portion of the home and not worth the hassle. However, a finished basement will add usable square footage and yield a higher return. It is estimated that finishing out the basement is a home remodeling project that will provide a return on investment of 75 percent.
Attic remodel – Like the basement, the attic can be considered wasted space if it is left unfinished. While the cost of transforming the attic into usable living space would be extremely expensive, turning it into usable storage space is a more affordable option. With finished out walls, flooring, and built-in storage, this once empty space becomes an appealing addition to potential home buyers.
Sun room – One of the most popular home remodeling projects of today is the addition of a sun room. A sun room offers a spot to enjoy the outdoors without actually being outdoors. It can be used all year long, in any weather, and is a worthwhile investment for those looking to increase the value of your home. It will also offer a return on investment of roughly 50 percent.
New roofing – Did you know that a new roof can increase the value of your home by roughly $13,000? According to Lending Tree, a new roof is one of the most worthwhile home remodeling projects as it yields a 67 percent recoup on the initial investment.
More from Jennifer Wagner:
12 Ways to Enhance Curb Appeal
Home Improvement Project Considerations
How to Save on Your Home Improvement Project