You’re looking to get the highest home improvements ROI that boost the value of your home, but you’re not yet sure which is the most advantageous upgrade you can get?
While all home improvements projects bring a decent return on investment, some are surprisingly valuable.
Be it a bathroom remodel, a kitchen bump-out, a new basement finish, or a deck addition, all the home improvements that we’re about to discuss will give you more than the upper hand when selling your property. They’ll make your entire home more functional and comfortable.
Without further ado, let’s find out what’s the renovation project with the highest ROI!
1. Kitchen Upgrades
The kitchen is easily the most important room in the home. Not only is it where you cook and eat, but it’s also often the heart of the home, the family room where you all gather after a long day of work or school.
A well-done kitchen upgrade can make your home more inviting and comfortable for these long night talks, but it’ll also boost your home’s value by bringing an immense ROI.
Some popular kitchen upgrades include new cabinets, a granite countertop, a stainless steel sink and faucet, and new, energy efficient appliances. While these upgrades can be expensive, they’re a good investment that’ll pay off.
A recent study by Remodeling Magazine found that midrange kitchen remodels have a 68% ROI, making them one of the best home improvement investments you can make.
If you’re looking to do a kitchen upgrade, be sure to budget for all of the necessary materials and appliances. It’s also important to factor in the cost of labor if you plan on hiring a contractor to do the work for you.
2. Bathroom Remodels
Bathroom remodels are another popular home renovation with a high ROI. An older study by HomeAdvisor found that bathroom remodels have an average ROI of 81%, but recent studies found that midrange bath remodels bring an ROI of just 55%, compared to almost 59% from 2021.
A bathroom remodel can involve anything from replacing your old bathtub or shower with a new one, to installing a new vanity or toilet. If your bathroom is outdated or cramped, a bathroom remodel can be a great way to fix these problems and add value to your home at the same time.
Be sure to budget appropriately for a bathroom remodel project. Materials like tile and fixtures can be expensive, so it’s important to plan ahead. If you’re unsure about what changes you want to make, it’s always best to consult with a professional contractor before starting work.
Potential buyers love both a remodeled bath and kitchen, so these two options will definitely increase the curb appeal of your home, even if they might not be the highest home improvements ROI.
3. A Manufactured Stone Veneer
Let’s get to higher numbers and see some home improvements that have the highest ROI you can possibly get.
A manufactured stone veneer for your home’s exterior is sure to bring back an ROI of over 92%! So if you were to spend $1,000 for this project, you’d get back over $900 back. If this is not impressive, we don’t know what is.
The average job cost to get this home improvement is around $10k. Naturally, you’ll need a professional to get the job done, and different contractors will charge differently. Needless to say, the higher the quality of their work, the better this huge ROI will preserve, and the more money you’ll get back upon selling the property.
4. Garage Door Replacement
Of course, a replacement means you already have a garage door, otherwise, this home improvement might cost a lot more. On average, a garage door replacement costs around $4k, and the ROI that this upgrade usually brings is 92%.
This project will entail removing and discarding the existing garage door, which is most likely 16×7 feet. A new four-section door made of high-tensile steel that has been coated with paint twice in a factory setting will be installed using heavy duty galvanized steel tracks. The old motorized opener can still be used. This new garage door comes with a lifetime warranty and is insulated to minimum R-12.
Windows in top panel are ½-inch insulated glass. Hardware includes galvanized steel hinges and ball-bearing urethane rollers.
While this sounds a little too much for most of our homeowners, we know for a fact that this upgrade is totally worth it.
5. Deck Addition
Deck additions for your outdoor space have the same ROI as last year. A wood deck addition costs on average $20k and has an ROI of 64.5%. Composite decks cost around $25k and give back 58.6% ROI.
While composite might not seem like the better option, its low maintenance properties and durability are much more valuable than a couple of extra bucks.
Wooden decks need constant maintenance, and after several years of having it, this addition will actually have a much lower resale value. Decks with hardwood floors make a better investment, but even they will need maintenance.
A composite deck is a much better long-term investment, even if it’s a little more expensive. Besides, prospective home buyers, real estate agents, and any smart real estate investor loves them!
Conclusion
So, which remodeling projects are you ready to start?
While all of these projects bring a decent ROI, some will prove to be more valuable if you’re planning to sell the property. Others, on the other hand, will make the quality of your life much better in your existing space.
In any case, for all these home renovation projects, you’ll need a professional contractor that can deliver a superior product for you to enjoy the maximum ROI possible.
Here at MGS Contracting Services, we offer professional kitchen and bathroom remodeling services, but we’re also building quality home additions that’ll last a lifetime.
Get in touch with us today at (571) 577-9554 to discuss the ROI of various other projects you have in mind, or request a quote for your upcoming remodeling project here!