What kind of home renovation projects result in the best ROI? Take note Denver home owners—here are projects that end up being the best investments.
Maintaining the basics of your home, such as the roof and exterior painting, are often better investments than a lavishly remodeled kitchen or bathroom. Having brand new appliances and remodeled rooms won’t make much of a difference if the roof is leaking. Focus on basic home improvements first, and then move on to luxuries.
According to Remodeling Magazine you’re less likely to get your investment in a major kitchen or bathroom remodel back than you are to get back what you spend on basic home maintenance such as new siding. Siding replacement recouped 92.8 percent of its cost, according to the study. Replacing roofs and windows are also significant, returning 80 percent or more at resale.
The exterior of your home should look as nice as the interior. A well-maintained yard and home exterior go a long way toward making your home appealing.
A new front door is a great low-cost choice with high ROI—a replacement steel door is one of the best renovations you can make, with an average 97.2% return on investment. A new door can also be a huge energy saver. Replacement siding is another fix to consider— it’s also low maintenance, an important issue for cost-conscious buyers. Siding replacement recouped 92.8 percent of its cost, according to one study. Vinyl siding, fiber-cement siding, and foam-backed vinyl are several options. Garage door replacement (83% average national ROI) and adding a front porch or wooden deck (87% average ROI) are some other things to consider.
Kitchen remodels are one of the biggest projects. Keep in mind that minor remodels (about $15,000) often result in higher ROI than more extravagant ones. A minor remodel, replacing cabinets, drawers, and door fronts, new counters, and new flooring has an average ROI of 82.7%. One important thing to consider is your kitchen’s overall flow throughout the full layout and workspace. This is known as the triangle: the space where your cook area, sink and dishwasher meet to create an effortless flow when working. If you want to play it safe, keep it traditional: all-wood cabinets, commercial-look appliances, natural wood or stone floors, and stone countertops.
One key thing to consider: if you only have one bathroom, don’t spend money remodeling it. You would do better to add a second bath. If you have an older home that only has one bathroom, adding another one is a great way to improve. One study by the National Association of Realtors said that adding a bathroom increased the sale price of a home by 8.7 percent, more than twice the rate for adding a bedroom. If your home already has a sufficient number of bathrooms, adding a walk-in shower is a great way to remodel. Some smaller fixes include re-grouting the shower, installing new fixtures, adding crown molding and brightening up the room with some paint.