New Year, New Look?
Home renovations are a big decision—and a big investment—that can often translate into remarkable returns. But, as even minor Renos come with price tags, it’s important to think about what you might be getting back and what kind of value you’re adding to the resell value of your home. Some updates can deliver significant value when it’s time to sell, but not all home renovations are created equal or bring the return on investment (ROI) you think you might be due.
Not All Renovations Are Valued Equal
Which home renovations deliver the most value? Or which ones might not be worth the investment? Not surprisingly, according to Remodeling magazine, the renovations that deliver the best ROI are aesthetic.
Garage door - 97.5% ROI
For a small investment, new garage doors are an effective facelift that quickly bumps curb appeal.
Minor midrange kitchen renovations - 80.5% ROI
Minor kitchen updates, such as new appliances, floors, countertops, and refaced cabinets, add considerable value without having to rip out and start from scratch.
Backyard wood deck addition - 75.6% ROI
Decks are good investments that add value to your home but also give you immediate enjoyment.
Siding replacement - 75.6%
Replacing dated siding boosts curb appeal and is a functional upgrade that buyers appreciate.
Front door replacement (steel) - 74.9%
Like the garage and siding, a new front door is a quick boost to curb appeal and helps to reduce drafts and escaping heat.
Among the renovations that deliver the least ROI are additions, bathrooms, and backyard patios. These don’t necessarily add to first impressions and can be exceptionally expensive. While meeting your immediate needs should be an important factor, if you’re planning on selling your home in the future, keep these ROIs in mind when planning your renovations.
Thank you RMG Mortgage