If you’re like many homeowners, the idea of renovating your current home rather than moving to a new place has probably crossed your mind. A recent survey found that more than half of American homeowners prefer to stay put and upgrade their existing space. This trend gives home improvements a new level of importance as homeowners look to enhance their living spaces and boost their property’s value.
What is ROI?
Some of the best home improvements, like an updated kitchen or a new deck, can be a bit pricey, but the investment often pays off when it’s time to sell or refinance. Before diving into a remodeling project, it’s essential to understand the return on investment (ROI) you might expect. Some projects recoup almost all their costs and can significantly increase your home’s value.
High ROI Home Projects
For example, a garage door replacement is one of the top ROI projects, with homeowners recouping nearly 194% of their investment. This project, which involves replacing your old door with a modern one, enhances curb appeal and provides a strong return when it’s time to sell.
Another high-ROI project is replacing your front door with steel, which offers an impressive 188% return. Steel doors improve energy efficiency by reducing drafts and enhancing the overall look of your home, making them a smart investment.
Adding manufactured stone veneer to your home’s exterior is another project that boosts aesthetics and value. This upgrade can recoup over 153% of its cost, making it an attractive option for homeowners looking to increase curb appeal.
And if you’re thinking of updating your kitchen, a minor remodel with midrange materials can return about 96% of your investment. This remodeling typically involves updating appliances, refacing cabinets, and adding new countertops or flooring.
Deck additions are also popular, especially for those who love outdoor living. A wood deck, for example, offers an ROI of nearly 83%. This project is perfect for expanding your living space and enhancing the overall appeal of your Sedona home.
The Takeaway
Whether you plan to list your home or simply enjoy it more while increasing its value, these renovations are worth considering. If you’re in Sedona and need guidance on which projects make the most sense for your home and budget, I’m here to help. These updates add value and improve your home’s resilience and energy efficiency, making them a win-win.
Visit this link for more details on home renovations that deliver the best returns. If you’re ready to discuss your options or get started on a project, don’t hesitate to reach out—I love a project!
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