Which Renovations add the Most Value to your Property?
According to Bankrate, home renovations can add value to your home, but it’s important to note that not all home improvements will increase the value of your home. There’s a difference between adding value to your home and earning a return on your investment .
That being said, some home renovations can provide a high return on investment. The following are some of the top home renovations that can increase the value of your home, according to Bankrate:
HVAC conversion: Converting a fossil-fuel-burning furnace to an electric heat pump, installing new lines and wall units, can cost an average of $17,747 for a 2,000-square foot home, but your ROI is outstanding at over 100 percent.
Garage door replacement: Replacing your garage door with a good-looking one can get you back more than you spent on it when you sell your home.
Minor kitchen remodel: A minor kitchen remodel can include replacing cabinet fronts, countertops, and appliances, and can recoup an average of 77.6% of the cost.
Siding replacement: Replacing your home’s siding can recoup an average of 75.6% of the cost.
Window replacement: Replacing your home’s windows can recoup an average of 72.3% of the cost.
Deck addition: Adding a deck to your home can recoup an average of 66.8% of the cost.
Bathroom remodel: A bathroom remodel can include replacing the tub, toilet, sink, and tile, and can recoup an average of 64.8% of the cost.
It’s important to note that the return on investment for home renovations can vary depending on the location, the type of renovation, and the quality of the work done. It’s always a good idea to do your research and consult with a professional before embarking on a home renovation project.
