The return on investment (ROI) from home renovations can vary greatly, but some renovations tend to have a higher ROI than others. Here are some renovations that often have a good return:
- Kitchen and bathroom remodels: Updating these high-use areas can provide a significant boost to a home’s value and appeal.
- Adding outdoor living spaces: Outdoor kitchens, decks, and patios can increase the usable square footage of a home and are attractive to potential buyers.
- Finishing a basement: A finished basement can add valuable living space to a home and is a popular feature for families with kids or who need a home office.
- Energy-efficient upgrades: Upgrades such as new windows, insulation, and HVAC systems can lower energy bills and make a home more environmentally friendly.
- Landscaping: Improving a home’s curb appeal with landscaping can increase its value and make it more attractive to potential buyers.
It’s important to keep in mind that the ROI of a renovation can vary depending on the local housing market and the specific renovation. Consult with a real estate professional or contractor for personalized advice on which renovations are likely to give the best return in your area.