If you’re planning on adding a nice new hot tub to your backyard in the hopes of making a great ROI, you might want to rethink your investment and fix the leaky kitchen faucet instead. Whether or not you’re planning to sell your house soon, it’s always a great idea to learn what renovations will provide you the most bang for your buck!
Focus your energy on specific rooms
Kitchens and bathrooms happen to be two of the most used rooms in any household. Even better, on average, kitchens and bathrooms that are renovated have over a 100% return on investment when sold. Minor renovations such as a new rain shower head, or a new paint job on cabinets prove to be extremely eye-catching to potential buyers. Smaller enhancements such as these are more cost-efficient than remodeling an entire space.
Conserving fossil fuels will conserve your money
With climate change becoming a more prominent topic in recent media, the emphasis on conserving fossil fuels has heightened drastically. HVAC conversion is a somewhat newer trend that has taken over a multitude of households. Coming in at a whopping 103% ROI, changing your fossil fuel-based utilities to electric can prove to be very cost-effective. That being said, the process of installing new wall units is not cheap. This renovation is also the most expensive remodel on our list, costing a little over $17,500.
Remodeling your doors
On the opposite side of the spectrum, remodeling your garage door and entrance doors are some of the least expensive renovations one can make. Garage doors on average cost around $4,300, while entrance doors only cost a little more than $2,200 to remodel. Both doors offer a great deal of curb appeal to your house. New entrance doors save money on electricity bills, providing a secure fit to entryways while also prohibiting creepy crawlies from entering small crevices.
Renovation to stay away from
It’s also important to take into consideration what renovations a new homeowner might want to avoid if they’re hoping for a better ROI. Remodels such as tennis courts, indoor theatres, and library rooms are all examples of renovations not to make. But surely luxury modeling adds value to a house, correct? Well no.
Unfortunately, these types of spaces are designed to cater to specific interests. Unlike bathrooms and kitchens, not everyone needs (or wants) a tennis court in their backyard. Instead, renovating a basement or attic is a great alternative. Allow the next potential buyer to remodel the room to their specific interests however they see fit!
Reach out to the team at NMC to help prep your home for the market. They can walk you through what renovations would be best for your home.