Top 10 Home Renovations Worth the Investment

Not all home repairs are created equal, nor will they all yield the same percentage return on investment. Some home repairs are apparent winners, but other fixes are harder to know if they will yield positive returns. So how do you know where to spend your money?

You should consult with a local real estate agent who is familiar with the area to gain insight into the updates that are trending. This will help you prioritize where to spend your budget to get the most bang for your buck. We’ve rounded up the top 10 home renovations you can do that yield a high return on investment to inspire you when creating your home renovation list.

1. Garage Door
Beat-up, dented or peeling paint on the outside of a garage door is one way to scare off potential buyers. Depending on how many doors you have this update may run you a few thousand dollars, but with an ROI of 87 percent, it’s well worth it.

2. Paint
This one is a no brainer! There is nothing more cost effective in home sales than painting, and it will make it more appealing to buyers. When buyers come to view your home they are looking for things to complain about, it’s only natural. Stains, imperfections make the home seem dirty even if it is otherwise clean. And please, please remove any wallpaper. No one wants to buy a home with old wallpaper in it. While painting the ceilings is challenging (and annoying!) it completes the look and makes it all look fresh. If you still have popcorn ceilings, you should consider removing them (sorry, not sorry). A sloppy paint job could actually harm the resale value of your home. So if you aren’t confident you can do a good job, it’s better to hire a professional. And remember--choose a neutral paint color, either grays, tans or whites depending on the other hard surfaces in your home to make it universally appealing.

3. Kitchen
Although kitchens are often the most costly room in the house to renovate, they also have the potential to provide the greatest opportunity to add value, especially if it is dated. A kitchen renovation can provide an average recovery rate of 75-100 percent but you need to be strategic.

Unless your kitchen is in need of a gut job, you don’t need to spend a fortune to get a return. Consider refinishing the cabinets if you can get away with it because replacing them can be expensive. Believe it or not, painting a dark, dated kitchen can completely transform it into something special. The sink and faucet can be replaced inexpensively, but try to avoid selecting luxurious appliances that may not appeal to buyers. Installing granite counters will almost always offer significant value and how sellable the house will be.

4. Bathroom
This is another great source for good return on investment for a renovation. But beware...you can easily spend tens of thousands of dollars renovating this space, but you are not likely to see that same value in a sale price. Take a good hard look at your bathroom to identify priority updates. Replacing fixtures is a relatively inexpensive way to freshen up the look of your bathroom. And if you’re handy enough, it is a DIY project you could handle yourself.

5. Flooring
If you have carpet in high traffic or entertainment areas, consider replacing it with hardwood or tile. The engineered hardwood flooring options are many and can often be purchased for a reasonable price.

6. Curb Appeal
You only get one chance to make a first impression, make it count. There are little things you can do to make the home look nicer at first glance and are relatively inexpensive. If you’re looking for quick low cost fixes you can patch cracks in the sidewalk and driveway, replace the caulk around windows, add new fixtures like doorknobs, paint the front door, repair broken fences, plant flowers, add new mulch and even powerwash and seal your deck.

7. Front Door
If you are going to make this upgrade, don’t settle for a cheap option. At about $1,000, steel doors are affordable, durable, low maintenance and burglar resistant. This investment usually recoups about 87 percent of the cost at sale.

8. Windows
If your home has old single pane windows, or early edition dual pane, they are not energy efficient. New windows and exterior doors will decrease energy bills and will in turn increase your home’s value.

9. Light Fixtures
If you are planning on selling soon, and your light fixtures look dated this project can yield a good bang for your buck. We aren’t saying to go buy a super high end dining room light, be reasonable with your choices, and select something that will appeal to many buyers. If you have an open floor plan home, you should coordinate updates to all the lighting in the main living areas for cohesiveness.

10. Smart/Eco Options
These are the updates you can brag about in the listing description. Replace appliances with low-water, low-energy options such as tankless water heaters, or even new insulation in the attic. A new thermostat, ring doorbell or programmable lights are all smart-money options.

If you’re thinking of selling soon and what to know what you need to do to remain competitive with the market, contact us so we can give you some pointers.