While we believe that your home should first and foremost suit you and your family's needs, it is certainly wise to take into consideration the return on investment before heading into a home renovation. Many of these projects can be quite costly so considering the potential return is essential in case you later decide to sell your home.
Now, not all home renovations are created equal. Also, what may be right for you may not be right for your neighbor. However, these three home renovations are proven to offer the highest ROI. Check them out below!
1. Minor Bathroom Remodel. The average cost of this project is $10,500 while the average return tops it at $10,700. That's a rate of return of 102%! A minor bathroom remodel skips a "gut job" and instead focuses on smaller swaps such as a new vanity, new lights and perhaps adding a luxurious shower head.
2. Landscaping. The average cost of landscaping is $4,900 and the 100% return rate brings an average of $4,900 back. We've said it before and we'll say it again, curb appeal matters. Your front yard and landscaping is the first thing your potential buyers see when pulling up to your home. Landscaping is a sure way to spend less money, make a great first impression and achieve a high return.
3. Minor Kitchen Remodel. The average cost of a minor kitchen remodel is $15,000 and the average return is $14,600 for a return rate of 98.5%. Like the minor bathroom remodel, this project focuses on minor upgrades that make a big impact. No need to demolish the entire room. Refinishing, repainting and adding new hardware to existing cabinetry makes a world's difference. Get creative!
As with any big investment, considering your returns can help set realistic expectations, provide guidance and reduce overall stress. If you're considering selling your home but want to first explore renovation options, be sure to check out Compass Concierge here. No project is too small to give your home a competitive advantage in today's hot market!