So, you want to take your home to the next level?
When it comes to home improvement, coming up with ideas is fun, but committing to a project can be scary and overwhelming. After all, you want a project that is:
- Affordable 💵
- Manageable 👌
- Pays off in the long run 🕰️
- Helps make your home beautiful 💐
In short, you want to know the best ROI home improvements. Luckily, you’ve come to the right place. We’re here to explain everything you need to know about ROI and which projects will get you the most bang for your buck.
Why You Should Take on Home Improvement Projects
You’re not planning on moving in the next few years, and your home is just fine as is. Why would you want to take on the hassle of a home improvement project, anyway?
The truth is, improving your home can have immediate benefits, as well as benefits in the long run.
- Aesthetically Pleasing – Did you know that being in a beautiful space can increase your overall wellness? Studies have shown that being in an aesthetically pleasing space can help you feel calm and peaceful.
- Increase Function – Badly designed spaces can make you feel frustrated with your home. A remodeling project can help make your space more functional and work for your current life.
- Resale Value – If you think you might sell your home in the next few years, you might want to start considering the resale value of your home. By modernizing your space, you’ll likely make more money on the sale of your home.
- Energy Efficiency – Many outdated parts of your home could be causing your energy bills to rise. Old windows, cracked siding, and appliances that aren’t energy efficient can all contribute to these problems. Spending money on updating your home can save you money in the long run!
- Make the Most of Your Space – Many of us have spaces in our homes that we never use because we haven’t gotten around to finishing them. Home improvements can make it feel like the square footage of your space has doubled when it is all usable living space!
What Is ROI?
If you are a new homeowner, you might never have heard the term “ROI,” much less know how to increase it!
ROI stands for “return on investment.” When it comes to homeownership, ROI is used to measure how much of an investment you may get back when you sell your home.
For example, homeowners tend to recoup about 60% of the cost of a standard roof replacement if they sell their home soon after installing a new roof.
Different home improvement projects will yield different ROIs, so it is a good idea to do some research before beginning.
How to Decide Where to Start
You’re ready to start a project but are unsure where to focus your attention. If you’re looking to update your home, here are some important things to consider.
- Real Estate Market 🏡 – If you’re starting a house project in the hopes of increasing your resale value, it’s a good idea to do some research on the real estate market in your area. A real estate agent can help you assess your home and whether making improvements will add more value to your home.
- Your Budget 💵 – It’s a good idea to take a good, hard look at your budget and determine what you can actually afford before diving in headfirst.
- DIY vs. Hiring a Professional – Consider whether you plan to DIY the majority of your home improvements or if you will need to hire a professional. Hiring a professional will significantly increase the expense of your project, which means you will want to make sure your project has a good ROI before beginning.
10 Home Improvement Projects With a Good ROI
Looking for the best ROI home improvements for your home? We’ve compiled a list of the best projects, from simplest to most difficult, to help you get your money’s worth!
1) Painting 🎨
One of the easiest ways to transform a space is to paint it! Paint can instantly modernize and add interest to a space. A can of paint only costs $15-$40 a gallon, but it can make a big impact. Even better than that? Studies have shown that a fresh coat of paint can result in a 107% ROI! Yup, you heard that right!
2) Minor Bathroom Remodel 🚽
You don’t have to pull out the sledgehammer to get your money’s worth. Small bathroom renovations can have a big impact and are very DIY-friendly. Small changes, such as adding a fresh coat of paint or new fixtures, can make the space feel modern and beautiful. Looking for more of an impact? Adding in a new toilet or vanity can be very affordable and make a huge difference.
You can expect a 102% ROI on your small bathroom remodel.
3) Garden Landscaping 👩🌾
Many people focus on the interior of their homes when it comes to making improvements. However, exterior improvements can be really helpful when trying to increase your resale value.
Investing in quality garden landscaping will help increase curb appeal. You can DIY your landscaping or hire a professional, which makes it a home improvement project that is flexible for all budgets.
The home improvement ROI for landscaping is 100%!
4) Garage Door Replacement 🚗
You likely don’t think much about your garage doors, but they can greatly affect the outward appearance of your home. A new garage door can help insulate your home and make a big difference when it comes to curb appeal.
The average garage door costs about $5000, but you can expect to recoup about 93% of that expense.
5) Add a Backyard Patio ⛱
We’ve talked a little bit about how a home renovation can increase the square footage of your interior. However, you can make your home feel larger by paying attention to the outdoor space.
A backyard patio is often a huge draw to potential buyers. As the current homeowner, there are lots of ways to create one, which means there are options, no matter what your budget are. From wood patios to stone and gravel ones, you can create a unique space that adds significant value to your space.
6) Refinish Hardwood Floors 🪚
Hardwood flooring is all the rage right now when it comes to home design. However, poorly maintained hardwood floors could end up losing you money in the long run.
If your hardwood is scratched, has gaps, or is discolored, it could be worth your time to invest in refinishing them. Refinished hardwood floors have an ROI of 70%-80%.
7) Minor Kitchen Remodel 👩🍳
Kitchens are one of the best places to add value to your home, as they are one of the most important spaces to future buyers. If you don’t have the budget to fully redo the space, a minor kitchen remodel could still increase your home’s resale value.
Options for a minor kitchen remodel include
- replacing the hardware
- adding energy-efficient appliances
- painting the existing cabinets
- adding new hardware.
8) Major Bathroom Remodel 🛁
You’ve learned about the difference a minor bathroom remodel can create. Now, imagine what a full bathroom remodel could do!
A beautifully designed bathroom is a huge draw to homeowners. Adding in new features like a fresh shower and tub system, statement tile, and adding storage functions like shelves can transform the space and lead to a big ROI.
9) Finish the Basement 🛋️
Finished basements are huge when it comes to selling your home. A finished basement doubles the usable square footage and keeps your home safe from things like water damage.
Finishing a basement is a large project, but you can expect to see an ROI of 70-75%, as well as protect your existing space while you live there.
10) Major Kitchen Remodel 🍳
As we said, the kitchen is a huge draw for potential homeowners. If you’re looking to do a major home renovation, the kitchen is a great place to put your money. A major kitchen remodel will generally involve adding new cabinets and flooring, as well as decorative details like a tile backsplash.
Getting the Highest ROI on Your Home Improvements
If you want to get the highest ROI on your home improvement project, it’s best to hire a professional you can trust to get the job done right. While it might be tempting to give DIY a shot to boost your return, it can often backfire and do more harm than good.
Ready to start your home improvement project? The Heartland Builders are proud to provide full remodeling services for our customers. Whether you are looking to upgrade your interior or your exterior, our team of experts can help you create the home you’ve been dreaming of!
Contact us today to get a free quote on your home improvements!