How do Home Improvement Projects Rank for Returns on Investment?

How do Home Improvement Projects Rank for Returns on Investment?

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CC Sunscreens

This year, America has seen a surge in home improvement projects. People spending more time at home are undertaking bold renovations and simpler upgrades to maximize the comfort, efficiency and utility of their surroundings. One important factor when considering any home project is taking stock of what it means for the future of your home. When it comes time to sell your current home, knowing what will add to its value can help you prioritize projects to undertake in the present.

So what’s worth the cost when it comes to home renovation? Let’s take a look!

Your Dream Kitchen

When it comes time to resell your home with a luxury kitchen remodel, you’ll only make back around half of what you spent on the renovation. The truth is that custom and luxury renovations seldom recoup their value when sold. Top of the line appliances, features and finishes add significant custom costs to projects and are built to your specific needs and tastes. Unfortunately, what may constitute your kitchen paradise may not seem as dreamy for your home’s next owner.  

Home buyers often prioritize other home attributes far above a luxury kitchen, making it seem like an unnecessary extravagance when shopping for a new abode. The verdict? When undertaking a high-end kitchen renovation, go into it only if you know it will offer you years of cooking joy and satisfaction. It certainly isn’t a good strategy to indulge in for selling your home.

Your Dream Bathroom

Have you been eyeing imported tile designs, dreaming up a luxurious update for your bathroom? Much like luxury kitchens, upscale bathroom upgrades don’t especially pay off. A custom bathroom remodel with new and high-end toilet, tub, sink and tile may give you great pleasure, but when it comes time to sell, you’ll only get back around 85 cents for every dollar you invest in the project. 

Adding Space

Large undertakings like adding a living room space or even putting a new level on your house can be a massive investment in your home. The project may mean months of design and construction, but once finished can add much-needed living space to fit a growing family. While the cost of these projects can be some of the most expensive home renovations out there, they do tend to recoup their value when it comes time to resell. 

Extra square footage and a roomier feel are both appealing traits to home shoppers right now. For every dollar you put into a room or level addition for your home, expect to make about the same amount back upon selling, or even net a small profit from the effort.

Replacing Old Appliances

When it comes to getting the most out of a home renovation, practicality is key. Undertake kitchen and bathroom renovations when it makes sense to update older fixtures and appliances. Replace appliances as they get older with durable and efficient modern designs. Making basic upgrades to your appliances is also a good strategy when getting ready to sell your home. 

While a luxury remodel can actually alienate potential buyers, most home shoppers will respond positively to new, sensible appliances. You can even expect to make a little money by making the switch. 

Replacing Old Windows

Like we said above, cost-smart home renovation is all about practicality. One major way to add value to your home is by replacing older less-energy efficient windows with modern designs that offer less draftiness and better energy efficiency. A window upgrade not only improves your home’s energy efficiency, it registers with homebuyers and consistently allows you to recoup a project’s costs, plus some, when it is time to resell. 

Here in Arizona, window replacements can be further enhanced by adding attractive, UV-blocking custom sunscreens to your home. Sunscreens are an affordable and durable way to enhance the performance of your windows minimizing light damage, heat intake and glare, while adding comfort and privacy. Sunscreens bring year-round temperature balance to your home and passively work to reduce energy costs. 

Want to make your home improvements pay off? Start your home improvement list with sensible upgrades you can make to your home’s efficiency and performance, and opt for well-made sensible new features.