New Construction: Exploring the Benefits of Building a Custom HomeThere is no denying that real estate is one of the greatest investments a person can make. Not only does real estate have a
7 Home Renovation Projects That Give a Great Return on Investment
Dated: December 6 2021
Home renovation has been a hot topic since materials started becoming more readily available, and because of this, many are considering what that could look like for their property. Although not every project has a great return on investment, many give you the chance to earn back nearly every cent you put into it.
These home renovation projects give you a great return on investment and why they're things everyone should consider!
1. Replacing With Long-Lasting Roofing
The stronger and longer-lasting the roof: the better. If your roof is nearing the end of its lifespan, and you want to update it into something fantastic, consider updating to terracotta roofing. This type of roofing has a unique look, can last up to 100 years, and is resistant against everything from weather to fire. Although this can be a more expensive type of roofing to add, it's also extremely popular, with many buyers seeking it out specifically.
The average ROI for a terracotta roof is only at 61%, but when compared against the major loss in value a property can face for an out-of-date top or a poorly built one: this is a major win.
2. Increasing the Number of Rooms
Adding a single room to a home can add up to $50,000 in value: but don't worry, you don't have to build on an extension to do this. Instead, a space many people overlook is the attic! Converting a portion of your attic space into an additional bedroom can cost up to $30,000: but this makes your home more valuable and more sought after. This is especially important if your home has only one or two bedrooms, and you live in an area with many families and schools.
3. Fantastic Updated Windows
Windows are a part of the home that many don’t notice until they’re bad. Updated vinyl replacement windows allow a house to look more polished, ensure there's no need to worry about the HVAC system's abilities, and can protect a property from storms and weather. Take the time to invest in windows that look good, are secure and weatherproof, and aren't too high above budget. Remember the general rule of thumb that no update should cost more than 10% of your home's value: or you've overspent on it.
4. Adding Curb Appeal
Although there are many ways to update your property’s interior, people often forget about all of the updates to the exterior that are possible. From adding a new pool trench drain to creating a rain garden that will keep your property from flooding, you can make your home more valuable from the outside in.
Most curb appeal projects allow immediate large returns on investment, especially since most of these can be done without the aid of a professional, allowing you to save that money by doing it by yourself!
5. Updating a Garage Door
A garage door is a big focal point of the front of a property, not only for aesthetic reasons but also because it's a point of security and can block some of the weather from getting in towards the home. Because of this, updating a garage door offers an almost 100% return on investment, ensuring that the new homeowners pay for every cent that it's worth. This can be an awesome project for anyone who wants to make a drastic change without risking anything.
6. New Siding to Protect the Home
Siding can be a polarizing update, depending on its style and security. But, unfortunately, if you don't update it, you may alienate buyers who don't want to take on a major project the moment they move into their homes.
Look for fashionable board and batten siding that looks good, is sturdy, and can stop the elements and insects from getting into the property. The return on investment for siding is at 77%, which is good because trying to sell a home with out-of-date siding can be extremely difficult.
7. Mini-Kitchen Remodels
Everyone knows that the money is in the kitchen: but did you know that investing in a small remodel is worth far more than pouring money into a large remodel? Take the time to think about what parts of a kitchen need the update the most: and invest in the first. This could mean painting the cabinets and replacing appliances, or replacing fixtures, and updating the floors. Think about what parts of your kitchen would call to a buyer, and seek out ways to make them shine.
You Can Build Value into Any Property
Your property doesn’t have to stay the price you bought it as. Instead, take the time to invest back into it, and create a home that allows you to earn back on your investment! Following the tips above will give you the chance to add tens of thousands of dollars to your property.
Andrea Erickson is a contributor to Innovative Building Materials. She is a blogger and content writer for the real estate industry. Andrea is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that increase property value, maximize energy savings, and turn houses into homes.
As a fourth generation native New Mexican and lifelong Albuquerque resident, Jeff Rose has a unique vision for the Albuquerque Real Estate market. He earned a BBA in Human Resources and Marketing fro....
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