Last Updated on November 24, 2023 by Kravelv
People opt for house remodeling projects for different reasons. Sometimes, the house faces damage, and there is a need to remodel. Other times, people remodel their house because they want to give it a new, trendy look. And some people remodel their houses for the sole purpose of increasing their property's value. No matter the motive behind the remodeling project, one thing that homeowners always consider is the return on investment of the project.
The ROI means how much the remodeling project will add to the value of your real estate property. Simply, it means how much of its cost it will recoup. When we talk in terms of ROI, not every remodeling project is the same. Sometimes, even large-scale remodeling projects do not generate a good ROI as compared to some simple renovations. For example, if you live in Pittsburgh, simply replacing and updating your garage door will generate a 102% ROI while also boosting the house's value.
Thus, it is important to know which remodeling projects enhance the beauty, functionality, comfort, and value of your house. Here are seven remodeling projects with a high ROI.
1. Minor Bathroom Remodel:
A bathroom remodel project is the best investment decision you can make. You don't have to carry out a huge bathroom remodel from scratch to get a high return on your investment. By simply making minor changes, you can give your bathroom a new look. It is best to find and hire expert local remodelers to do this job. If, say, you live in Pittsburgh, Legacy Remodeling is the expert remodeler in Pittsburgh that can help you transform your bathroom.
With minor changes like replacing the old vanity with a new one, updating the cabinetry design, installing a new and more efficient shower, updating the lighting, replacing old faucets, and repainting the tiles, you can successfully achieve your goal. A minor bathroom remodel has a 102% ROI on average.
2. Small Kitchen Renovations:
The kitchen is the heart and soul of every house. You utilize it for cooking, eating meals with your family, entertaining guests, and so much more. Whenever you sell the house, the potential homebuyers will focus most on the kitchen. That is why kitchen upgrades are a surefire way of increasing house value and overall functionality.
You can opt for small kitchen renovations like changing the countertops, repainting the kitchen walls, upgrading the kitchen hardware, adding a stunning backsplash, adding new sleek stools around the island, installing a statement light fixture above the island, and updating the sink. Minor kitchen remodeling projects, in general, generate an 85% ROI.
3. Update The Floor:
If your home's flooring is outdated and worn out, then it can lead to some serious damage to the house and the people living in it. So, it is wise to update the flooring in your house as it is also a great remodeling project in terms of ROI. There are tons of flooring materials, designs, sizes, and colors that you can choose from. Updating the floor will breathe new life into your whole house. The best advice here is to go for a hardwood floor.
Hardwood floors have stood the test of time because they go with any paint color and any décor style one can think of. You might think they are a bit expensive, but they recoup their costs pretty well. If you install hardwood floors, you will be able to recover 118% of the costs you spent on the project.
4. Repaint Your House:
Repainting the house is one of the most underestimated remodeling projects that results in high ROI. It requires minimal effort and very low investment and yet gives your house a new look. Not only does new paint give a fresh look to the space, but it also covers up any blemishes on the walls. You have two choices here: either you can repaint the house yourself, or you can hire a professional.
Choosing a professional painter might be a better choice as they can guide you better about the right color palette that will suit your house. They can skim the walls and repair minor damages on the walls before applying the paint. They also have a better understanding of what type of paint goes on which type of surface. Repainting typically garners a 60% return on your investment.
5. Increase The Curb Appeal:
The first thing anyone notices about your house is its exterior. That is why you should try your level best to invest in remodeling projects that improve the exterior of your house. Simply improving the landscaping will make your house appear more appealing to potential buyers. Landscaping projects have a 100% ROI.
Similarly, you can go for other projects like adding a patio. You can add fabulous lighting, sitting arrangements, and plants and pots to make a cozy, lively patio that will enhance your lifestyle.
6. Install New Windows:
Upgrading the windows falls into both the categories of interior and exterior remodeling projects. Windows can be seen from both outside and inside as well. That is why they must be in top-notch condition to leave a good impression on the person seeing the house from the outside and also be beautiful and efficient to provide comfort for the people inside.
Faulty, damaged, and outdated windows are not only a safety hazard but also result in high cooling and heating bills. There are different materials and frame designs for windows that you can choose from that complement the look of your house. The ROI of replacing your windows is 89.6%.
7. Switch to Eco-Friendly HVAC:
Everyone is becoming conscious about saving the planet. That is why it is best to opt for green or clean technology in our homes. HVAC conversion, which gives up to 103% ROI, is a hot trend these days. So, if you have a fossil fuel-burning furnace, convert it into an electric heat pump and install new wall units and new lines.
Conclusion:
If you are deciding to make some changes around the house and carry out some remodeling projects, here is your reminder to stop and think about it for a second. Not every remodeling project will generate a high ROI. So when you are investing your money, time, and efforts in remodeling projects, you should carefully choose such projects that have a high ROI.
