When beginning to think about renovating your home, knowing which projects will give you the best return on your investment is essential to deciding which renovations you want to pursue.
Spending tens of thousands on a project that will only add 30 percent of its cost to the value of the home is a waste of capital in many regards, unless you are planning on living in the home for decades to come. Instead, updates that will add a significant amount more value to your home should be the projects that you begin first.
Before you start, be sure to keep track of and contain the materials and waste left over from the renovations. Do not just throw them away - some of the materials can be dangerous to dispose in your local trash. You can either sell or donate the old materials that are in good condition to ReStore. Or, if you don’t want to deal with the leftover materials, contract a waste removal service that will donate and recycle as much of the waste before sending everything to the local landfill. Leaving all the hard work to renovating and not cleaning!
Here are the top 5 interior renovations for 2018, why they are great, and how much value they will add to your home.
Garage Door Replacement
A garage door replacement is among the most profitable projects a homeowner can take up. It will make the exterior of your home look more cohesive and attractive if you choose a design that matches the rest of your property. The average cost of a garage door replacement varies, but as long as it is an improvement over the old door, you will always recover your investment in the value of your home.
According to U.S. news, the return on investment for a garage door replacement can be anywhere from 85 percent to 95 percent.
Minor Kitchen Renovation
A minor kitchen renovation includes things such as re-tiling the floor and backsplash, replacing small to medium appliances, or renovating cabinets and storage spaces. Kitchen renovations are some of the most obvious renovations out there, meaning a buyer will be able to tell upon looking at it if the kitchen has been remodeled and upgraded.
According to Remodeling Magazine, you can expect to see a return of about 83% of your investment, but this varies slightly depending on which types of projects you choose to take on in the kitchen.
Insulation upgrades are one project that most don’t think about when considering renovating, but it is up there with a garage door replacement for the most worthwhile interior updates. In fact, it’s one of the few that will actually provide more value to the home than it cost.
Insulation is key to the comfort and sustainability of a house - a home with terrible insulation will feel uncomfortable, and will add hundreds to your electricity and heating bills over a short time. Insulation upgrades are very cheap to do as well, with most full-home renovations costing less than $2,000.
According to U.S. News, you can expect to see about a 108 percent return on your investment for insulation renovations.
The Bathroom is the room that nearly every guest and person living in the house has used and has to use. Having a beautiful and well-equipped bathroom tells others that you care about self-care and can help to create a cleaner image of the home as a whole. It’s one of those things that you don’t notice too much if it looks fine, but when the bathroom is in a state of disrepair, it becomes the focal point of all the things wrong with the home.
A bathroom renovation can include replacing sinks, bathtubs, shower doors, cabinets, and other larger-scale projects.
You can expect to see about a 80 to 90 percent return on your investment for bathroom renovations, but similarly with the kitchen renovation, this may vary slightly depending on exactly what you choose to do with the room.
Replacing the front door with something that falls more in line with the aesthetic of the home can help to make guests and buyers alike feel more at home and welcomed into the house.
Make sure to choose a door that suits the look and feel of your home’s exterior - a door may look absolutely stunning on its own, but when combined with the rest of the house, it can seem garishly over-decorated. Steel Doors, for example, are becoming more and more popular due to their fire-preventing more secure nature.
A door replacement can net you a return on investment up to 110 percent, but only if the new door both suits the home more than the previous one and is in some way an upgrade on the safety of the old one.
When tackling your interior improvements, make sure to weigh the options of DIY and hiring a professional. Share your unique interior renovations in the comments below!