Home renovations can make us happier about where we live, they can fix that one annoying issue that you always wanted to change, and they can increase the value of your home at the same time. The problem is that some renovations recoup more of their cost than others, so it is up to you to decide what is most important when it comes to renovations. To help you on that path, here are five remodeling projects that offer some of the highest returns on investment (ROI).
Manufactured Stone Veneer
According to bankrate.com, replacing vinyl siding with stone veneer is an upgrade that can recoup up to 95% of the cost of the replacement. While it may not help you enjoy your home from the inside, a stone veneer can be a big curb-appeal upgrade and make your house look better on the market.
Finish Your Basement
According to homeadvisor.com, when you finish an existing basement, you could recoup about 76% of the cost of the remodel when it is time to sell. This is also one of the renovations that, when done correctly, you can enjoy for the time that you own your home. Adding an extra bedroom, a game room, a theatre, or even an in-law suite, in an unfinished basement is a blank canvas just waiting to be turned into a work of art.
Open The Floor Plan
If you have been house hunting within the last 25 years, you have probably seen a pretty clear trend. In general, older houses are more sectioned off and less open, while newer homes, especially the living areas, tend to be more open. If you have more of a closed layout, homelight.com says that knocking out the right wall here and there can have a high ROI.
Garage Door Replacement
It may not be fun, and you may not enjoy it when it is done, but replacing an old garage door can have added to the value of your home. It is one of the first things buyers see and notice in a home, and it is something that most homebuyers use every day. If you purchase the right one, you could be looking at close to a 95% return.
Minor Kitchen Remodel
With a kitchen remodel, you can get a lot of bang for your buck and a lot of immediate enjoyment. Depending on how much time you or your family spend in the kitchen, making it useful and beautiful can be a real selling point, and it will make the primary family chef happy. A good remodel can give you about a 76% return.