Whether you are preparing an investment property for the market or want to conduct improvements on a home you’ll be living in for a while, knowing what projects will give you the best return on investment is essential. Some projects will add value to your home above and beyond their cost, while others will not recoup near what you put into them. To help better determine which would work best for you, we’ve created an expert list of the best return on investment home improvement projects.
A new roof can give you the best ROI
To ensure your home is renovated at its best, you’ll need to look at both the interior and exterior, including the roof. A new roof can be a pretty penny. The size of your home, the pitch of the roof, and the materials used are significant factors in determining the cost. However, experts claim this hefty investment is well worth the money, as it can add significant value to your property. Depending on the type of roof and type of materials used, a new roof can provide an ROI of up to 107%.
If you are replacing an older roof, you might be able to receive a lower homeowners insurance rate, saving you cash in the long run. A new roof greatly adds to the curb appeal of your property, so if you are looking to sell, this is definitely a home improvement well worth the money.
Minor bathroom remodels are also great at recovering your investment
Updating and remodeling a bathroom can be an extensive and expensive project. Several factors are worth considering before you decide to gut the room and redo it from the ground up. Typically, minor bathroom renovations receive a better ROI than significant updates. At an average ROI of 102% versus 93.2%, it might be in your best interests to replace fixtures and paint rather than commit to a total redo, especially if you are trying to sell.
On the other hand, if you’re planning on staying put for a while, you’ll want your bathroom to fit your design and style preferences. In this case, a major remodel might be worth it. Before going all in, be sure to look at your finances to ensure you have the funds to cover the cost of a major remodel, which could include replacing the vanity, redoing the tiles, adding new fixtures, and more.
New garage doors are an often-overlooked project
Updating or replacing your garage doors with new ones is a project that could be well worth your time. The average garage door should last 20 years or so. If yours are close to, or beyond, that age, consider purchasing new ones. New garage doors operate smoother and will increase your home’s curb appeal — an important factor if you hope to sell your home for top dollar. Plus, many garage door home improvement projects recoup nearly 100% of the cost.
Replacing siding can carry a hefty ROI
When considering home improvement projects that can increase your return on investment, updating your exterior siding should be at the top of the list. There are numerous options to choose from. Whether vinyl, wood, cement fiberboard, or steel, you’ll find that each siding type carries a different set of advantages — as well as a price tag.
The type of siding you choose should be carefully considered. Evaluate how long you want the siding to last, how easy it is to maintain, and what impact it will have on your budget. The ROI for new siding will vary greatly based on the materials chosen. Depending on the type, some siding choices will only have an ROI of 60%, while others command an ROI as high as 97%.
Because siding protects your home from weather and erosion, it’s important to keep it well-maintained. New siding will also add to the curb appeal, even when using siding materials with lower ROIs. A house with excellent curb appeal will typically sell faster, making siding one of the top choices for home improvement projects.
Landscaping adds an aesthetic and financial value
Another project that adds great curb appeal is landscaping. This can involve a wide variety of tasks, from planting new flowers and replacing mulch to power washing the driveway. Experts rank landscaping at the top of the list for the best return on investment for home improvement. On average, a homeowner can expect to recoup much of their costs on this tried-and-true project.
New windows offer a great ROI and other benefits
Boasting more than an 89% ROI, installing new windows is also a popular choice for homeowners looking to add value to their property. Depending on the age of the windows and the type you select, the ROI can vary, but this project offers numerous benefits beyond appreciation.
New windows will better insulate your home. If you are replacing older, drafty windows with energy-efficient installations, you may find that your heating and cooling bill will decrease over time, putting more money in your pocket. Newer windows will keep out unwanted temperatures, ensuring your home stays comfortable, even during the heat of summer or the chill of winter.
The bottom line
Regardless of whether you want to increase the value of your home to sell or simply elevate your living experience, home improvement projects are a fantastic way to recoup costs. If you’d like more information on what projects best benefit your particular home, or you’re interested in Newport Beach homes for sale, contact expert realtor David Roberts. His years of experience helping clients sell and purchase California homes give him the expertise, knowledge, and skill to help you find, sell, or invest in real estate. From his connections with industry professionals specializing in quality home improvement to his prime negotiation skills, David’s services are invaluable, making him one of the region’s top realtors.