5 Major Home Renovation Projects That Offer The Best Return On Investment
When it comes to renovating your home for re-sale there are a few major renovations that top the list.
1. Major Kitchen Remodels. (ROI 75-85%)
The function of the kitchen has evolved over the years and now more than ever the kitchen must meet those needs.
- Buyers want to envision themselves in a gorgeous newly renovated kitchen where they can actually see themselves – preparing meals for their friends and family -where the kids nestle into a cozy banquette doing their homework, or their guests mingling around that gorgeous island. Buyers want to see this in their minds eye and know that it’s attainable.
- A major kitchen remodel may need to include a new floor plan to improve on a poorly designed work triangle.
- If the kitchen is completely dated, isolated and compartmentalized with an inefficient floor plan and layout – don’t think that replacing the cabinets and appliances will camouflage the problem. It won’t!
- If at all possible add an island into those plans. Everyone loves them!
- Replacing all cabinetry, appliances, lighting, flooring, finishes and fixtures and new French doors and windows will grab the buyers’ attention.
- Since kitchens and baths are the costliest rooms to renovate, the buyer will be thrilled that the work is already done for them.
2. Family Room Additions. (75% ROI)
The family room is the second most popular space in the home after the kitchen.
- Adding 400 sq. ft. of bright and cheery living space (if your neighborhood will bare it), will definitely improve the value of the home
- Increase the overall height of your space and introduce a vaulted ceiling. Creating a sense of volume instantly makes a room feel more spacious.
- Consider the details and add beautiful French doors, floor to ceiling windows or even skylights to flood this new space with light and maximizes a view. Take it one step further and add the deck.
3. Deck Addition. (72-95% ROI)
Deck additions are quite possibly the best investments these days. They naturally transition the interior to the exterior – instantly expanding your living space.
And who doesn’t love that?
- It’s a vacation-at-home experience, as it expands your living space and extends the summer season – forcing you to live more outdoors before the winter season sets in.
- Its design can be as simple or elaborate as the home it’s attached to.
- Multi-leveled or single, built in seating or casual seating areas, hot tubs, and outdoor kitchens – all of which add to the vacation home atmosphere.
- Decks are more popular than pools and relatively easy to build.
- Design the deck to compliment the character of your home’s exterior architecture. Give it some thought in planning – it should be proportionate to the size of your yard.
- Incorporate energy efficient solar or led lighting.
4. Main Floor Master Bedroom Addition(73% ROI)
- Adding a 400 sq.ft. master bedroom suite and spa-like bath provides a private retreat and appeals to many home buyers. Access to main floor is gaining in popularity.
- Empty nesters and others, who no longer want to tackle stairs, prefer to have the master bedroom and bath retreat on the main floor level of the home.
- Immediate access to a gorgeous deck or patio outdoors also adds to the return.
5. Two-Story Addition (77% ROI)
- A two-story addition of 800 square feet could include a new main floor family room and an upper level master suite complete with a full bath
- Or utilizing that extra space and designating it, as the home office, is very appealing to home- buyers.
- Homeowners are spending more time working from home and with the homepreneur trend growing, buyers are attracted to the extra space dedicated solely to operating their home based business.