Home improvement projects can be exciting and difficult, especially if homeowners want to increase their property’s value. It is important to consider any home improvement project’s potential return on investment (ROI) before diving in, regardless of what variety of renovations they will do.
Here are some of the most popular home improvement projects and the potential ROI associated with each:
Bathroom Upgrades
Bathroom upgrades are another popular home improvement project. According toCost vs. Value report, a midrange bathroom remodels an average ROI of 60.1%, while an upscale bathroom remodels an average ROI of 54.8%. Midrange upgrades might include replacing the toilet or bathtub. On the other hand, exclusive upgrades might involve adding a new shower or installing luxury finishes.
Outdoor Living Spaces
Outdoor living spaces have become increasingly popular in recent years, and for a good reason. Not only do they provide additional living space, but they can also increase the property’s value. A wood deck addition has an average ROI of $10,000, while a stone patio has an average ROI of $17,000.
Energy-Efficient Upgrades
Investing in energy-efficient upgrades can be a smart move for homeowners. Upgrading to energy-efficient windows or installing a new HVAC (heating, ventilation, air conditioning) system can save a homeowner money on energy bills. It is one of the many reasons why homes with energy-efficient features sell for more money than those without.
Kitchen Renovations
Finally, a kitchen renovation is a significant investmentthat pays off quickly. According to Remodeling Magazine’s Cost vs. Value report, a minor kitchen remodel has an average ROI of 72.2%. A major kitchen remodelshas an average ROI of 57.4%.
Cabinet refacing in Laguna Hills is one of the many minor remodeling projects.It is known since the only thing changed in cabinetries are the drawers, hinges, and doors. Still, it makes the entire place looks good as new.
A major remodel might involve a complete overhaul of the kitchen layout.
Many home improvement projects can offer a high ROI. These upgrades mentioned above are only a few examples. However, it is vital for a homeowner to research and considerstheir goals before starting any renovation program. With the right strategy, they can increase their home’s worth while creating a space they love to live in.
Check out the infographic below and learn more about home improvement ROI through cabinet refacing brought to you by the well-known cabinet refacing Laguna Beach firm, Kitchen Cabinet Refacing:
