Home remodeling ranks high among homeowners’ list of things to do, especially if you want to improve your property’s value. To make sure the money and time you invested are worth it, here are some home renovation projects that ensure sizable return of investment.
- Kitchen remodel — Renovations done in the heart of the home pay off well according to HGTV. You can expect an ROI of 60 to 120 percent — just make sure you don’t go overboard. Applying a fresh coat of paint, adding storage, and replacing your old appliances with energy-efficient models can take you a long way. Bear in mind once you’ve decided on a kitchen remodel project, however, to keep the style consistent with the rest of the home.
- Bathroom addition or remodel — Bathrooms can rake in a lot of cash in terms of ROI and increase your property’s value. According to HGTV, you can easily recoup 80 to 130 percent of your investment with a bathroom addition. Simply scout your home for any underutilized rooms or spaces, such as closets and under-the-stairs cupboards. A half-bath requires at least 18 square feet, while you’ll need at least 30 square feet for a full bath without a bathtub.
If you can’t find any space for a new bathroom, then why not renovate your existing ones? Bathroom remodels also recoup a significant chunk of your investment, and you don’t even have to do a major overhaul. You can opt to replace the tiles or fixtures such as sinks and toilets with newer models.
- Room reinvention — Regarding underutilized rooms and spaces, reinventing a room can transform a home. Consider finishing the basement and turning it into a second living room or a recreation room. If you have an attic, you can also turn it into another guest room, a study room, or an office — the limits are endless. It just goes to show you don’t need to add square footage to inject something new to your property.
- Energy-efficient windows — More buyers are looking for homes that are eco-friendly and energy-efficient. Consider replacing your current windows with energy-efficient models — not only will this move recoup up to 90 percent of your investment, it can also save you up to $500 in monthly energy costs! You may also get certain incentives from the local government for installing Energy Star-rated windows.
- Energy-efficient insulation — Your new energy-efficient windows will work splendidly with matching insulation. According to recent studies, homes without energy-efficient insulation cost more to maintain and live in. Turning a new leaf and updating your home into an eco-friendly abode won’t cost you a lot of money, can save you at least $2,500 in yearly expenses, and can make your home more appealing to prospective buyers.
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