This fact might surprise you: The average home improvement project does not tend to have a 100% return on investment. So you might be thinking – why would I remodel then? Some reasons might be for the added enjoyment you will get from having that brand new kitchen or wanting to make sure your home keeps up with other homes in the area that are investing in certain upgrades. However, if you’re looking to make some upgrades with 100% ROI, these are some top options you should consider.
Upgraded Landscaping: It surprises a lot of people to find out that a top runner for maximum return on investment is actually outside of their home. Your curb appeal is the first impression of your home, so it makes sense that investing in landscaping would have a good return. Adding in some color and cleaning things up can make a big difference. Consider incorporating flowering shrubs, large planters with bright flowers, and fresh mulch.
New Roof: This one isn’t much fun, but it is HUGE deal when it comes to selling your home. If you’re seeing water leaks or know your roof is nearing the end of its life, put this in the #1 spot of things to do. The ROI on a new roof is over 100%. Some signs that you may need a new roof would be any shingles missing or curling up, the sun shining through your attic, or you see stains on ceilings and walls.
Hardwood Floors: The timeless look of hardwood floors are a top loved feature by buyers, and one that will probably always be a good investment. The trending styles of hardwood floors may change over time, but they are always going to trump any other style of flooring when it comes to holding their value. Consider refinishing them if they look worn or stained, and if you don’t already have them, they’re going to be worth the initial investment down the road.
Patio or Deck: Outdoor space is a huge must-have for a lot of buyers, especially given everything we’ve experienced in the world recently. Since we already know that landscaping is the #1 project for ROI, it makes sense that a patio or deck would really step up your backyard game. Now you’ll have a place to sip your morning coffee or evening glass of wine and appreciate all the exterior work you’ve done on your home, too! To give you some examples, the average cost of a patio is $6,000 and the average return is 102%. For a deck, the average cost is $9,450 with a 106% average return.
Which remodeling project have you been considering? Always take into account the potential ROI on any home projects you decide to tackle. Spending $50,000 on a kitchen remodel will not necessarily add that amount to the value or your home, so keep that in mind when deciding where to spend vs. where to splurge.