Many homeowners hold off as long as possible on home projects they desire or their home needs. This is largely because of concerns about the cost of the home project. However, understanding how home projects can increase your home’s value can help you make a more informed decision as to which projects are right for your home and provide an extra motivation to follow through on your home improvement plans.
Projects that provide a favorable return on investment (ROI)
Notable home upgrade projects that provide a quality return on investment that did not make our top 3 include an attic bedroom conversion, garage door replacement, entry door replacement, deck, patio or porch addition, and landscaping. Every homeowner should assess their own needs to determine which projects are most suitable for them. However, the three projects that generally can provide the largest return on investment are kitchen remodels, bathroom remodels and window replacement.
Kitchen remodeling project
A minor kitchen remodel can return close to 100 percent of the project’s cost in added home value. A major kitchen remodel does not offer quite the same level of ROI, but it can still return up to 90 percent of the cost in added home value in certain instances. It can also make your home much more functional, and you may find yourself ordering from restaurants far less.
Bathroom remodeling project
A bathroom remodeling project can provide more than a 100 percent return on investment in some instances. Of course, the size and cost of the remodel make a big difference in the ROI. A major bathroom remodel does not offer the same level of financial return. Also, bathroom additions can also similar ROI and can significantly increase the overall value of your home.
New window installation
If you have outdated or damaged windows, then you can receive a significant increase in home value by replacing them with new and improved windows that are ideal for the style of your home. The average cost of window replacement is around $10,000. The increase in home value can be as high as $9,000. So, not only do you get the benefit of enjoying improved curb appeal, energy cost savings and a more comfortable experience in your home, but you also can have an easier time selling your home for more money when the time comes to do so.
How to choose the best project for your home
There are certain things you should consider when choosing the best projects for your home. Of course, added home value should be a consideration. However, practical factors matter as well. For example, you may choose to take on a bathroom addition project if your children are starting to get older and need more space in your home. Curb appeal may play a role as well. New Windows and landscaping projects are two great ways to improve curb appeal that also provide a desirable return on your project investment.
EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.
EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129