According to Renofi
, the national average ROI for home remodeling projects is around 70%. In an era where the value of a home is not just in its current utility but also its potential sale value, making smart, intentional updates is key. With careful planning, you can make upgrades to your house that not only make it a more pleasant living space but can also provide a substantial return on investment when it comes time to sell.
Average Return on Investment by Home Improvement Project
In a world where every corner of our home whispers its own story, renovating is not just about magnifying its aesthetic appeal—it’s about nurturing your investment. A brush stroke here, a fixture there; these embellishments are more than superficial. They breathe life into your space while at the same time cultivating a future harvest—a financial return that echoes the care you've devoted to your home. According to Remodeling by JLC
, each project carries its own potential for return on investment, an expression in percentages that speaks directly to the shrewd, compassionate homeowner. Make each choice a loving, wise investment in your future, akin to planting seeds in a garden you tend to with hope and expectation. Below is a table that paints a vivid picture of what these investments might yield:
Avg. ROI %
Midrange Bathroom Remodel
Minor Kitchen Remodel
Major Bathroom Remodel
Major Kitchen Remodel
Garage Door Replacement
Wood Deck Addition
These numbers are more than digits—they are the heartbeats of every room you nurture, promising that your thoughtful, loving touches today are tomorrow’s flourishing returns. From the intimate embrace of a newly remodeled bathroom to the warm welcome of a fresh, gleaming front door, each project is an act of love that echoes financially, reverberating as a wise, fruitful investment in your home’s vibrant future.
The best projects to enhance your home’s return on investment
Giving your kitchen a minor touch-up
The kitchen is often the heart of the home and a major selling point for potential buyers. A minor kitchen remodel can significantly boost your home’s appeal and resale value. This doesn’t necessarily mean a complete overhaul; even simple updates like new hardware, a fresh coat of paint, and energy-efficient appliances can make a big difference.
Invigorate your home with a fresh coat of paint
Never underestimate the power of a fresh coat of paint! It’s one of the most cost-effective home improvements you can make. Choose neutral, warm colors to appeal to the broadest range of buyers and enhance the space’s natural light, making it appear bigger, brighter, and more inviting.
Bringing life back to your hardwood floors
Refinished hardwood floors can transform a room, taking it from a dark and dingy space to warm, welcoming, and polished. This is a project that not only adds value but also appeals strongly to potential buyers' senses, showcasing a cleaner, neater, and more cared-for home.
Installing new mirrors to reflect a brighter space
Mirrors aren’t just for bathrooms. They can increase the appeal of your home by making spaces feel larger and more inviting. For rooms without much natural light, a well-placed mirror can make a world of difference, offering a visually expanded and brighter space.
Refreshing the details with new hardware
Small changes can have a significant impact, and swapping outdated hardware for something more contemporary is a simple, affordable way to update your home. New handles and knobs in the kitchen or bathroom can surprisingly refresh the entire look of these spaces.
Sprucing up your home's outer appearance
It's said that first impressions last a lifetime, and this couldn’t be truer for your home. Power washing the siding, painting the front door, or replacing it altogether with an entry door replacement, and maintaining a neat driveway can work wonders. These exterior improvements don't just boost your home’s curb appeal; they offer some of the best return on investment home improvement options available. In a real estate market where every impression counts, these updates can be a game-changer.
Cultivating a welcoming front garden
Greet potential buyers with the charm of thoughtfully selected trees, bushes, and flowers. Low-maintenance plants can add significant appeal without overwhelming future owners with upkeep. Plus, good landscaping doesn’t just look lovely; it can significantly increase your home’s resale value and offers a good investment for those looking to sell in the near future.
Crafting purposeful and inviting spaces
Home is where the heart is, and crafting functional, inviting spaces is just what most buyers are looking for. Whether it’s transforming a spare room into a cozy family room or converting an awkward nook into a practical home office, making the most of every square foot can add significant value and appeal to your home. It’s about more than just size; it’s about making a home feel warm and inviting.
Turning your attic and basement into valuable living spaces
Don’t let a dark and dingy basement or a dusty attic remain unused. Turning these spaces into functional living areas, like a playroom for the kids or an extra bedroom, can significantly increase the usable living space in your home. A basement remodel can transform your home, creating a warmer space that offers potential buyers more value and utility, helping you to achieve a high ROI on these home renovations.
Breathing life into your bathroom
Bathrooms may be smaller spaces, but they can make a big difference when it comes to selling a home. A minor bathroom remodel can involve a fresh coat of paint, updating fixtures, or a complete overhaul for a major bathroom remodel. Bathroom renovations are among the most high-value home improvement projects you can undertake. With sleek, modern designs that echo current local trends, your bathroom can go from being just another room to a relaxing oasis that prospective buyers will fall in love with.
5 Factors Influencing the Resale Value and ROI of Your Home
1. The charm and character of the neighborhood
The neighborhood is often the silent factor that can significantly sway a home's resale value. Potential buyers aren’t just looking for a house; they’re seeking a community. A welcoming, vibrant neighborhood can significantly elevate the appeal of your home, while a less desirable location may limit the ROI home improvements can achieve.
2. Regional influences
Different regions have unique tastes and preferences. In some areas, a swimming pool might significantly increase a home's value; in others, it could be seen as a burden. Understanding regional trends and consulting with a local Realtor® can help guide your home improvement projects toward the best return on investment home improvement in your specific locale.
3. Current condition of the real estate market
The real estate market is a moving target, influenced by everything from economic conditions to seasonal changes. Even the best home improvements can't change a slow market, but they can position your property to stand out when buyers are ready and willing.
4. Project timeline
Home renovations rushed to meet a tight deadline can sometimes end up costing more and yielding less. On the other hand, a carefully planned, strategically timed remodeling project can add substantial value to your home. It’s essential to weigh the time it takes to achieve your home improvements ROI against your desired selling timeline.
5. Navigating unforeseen expenses and issues
Every home renovation has its hiccups, from a dark and dingy basement needing more work than expected to a surprise issue with the home’s existing electrical wiring. Setting aside a contingency budget for unexpected expenses helps to ensure that you won’t lose money on your renovation in pursuit of improving your home's resale value.
About Maggie Keats
As Long Island's top real estate producer, Maggie Keats is deeply and passionately connected to the picturesque North Shore, embodying an earnest and warm approach that prioritizes her client's comfort and needs, offers personalized and unmatched service regardless of budget, and leverages her extensive knowledge and problem-solving skills to navigate complex issues and consistently secure favorable outcomes in transactions, solidifying her distinguished reputation that attracts both buyers and sellers alike. If you're looking to buy or sell a home or have any questions about the New York real estate market, contact Maggie Keats