Renovating your home can be an exciting and daunting task, especially if you’re considering selling it. Home renovation projects can add value to your property, making it more appealing to potential buyers.
However, not all home renovation projects provide the same return on investment (ROI). In this article, we will discuss which home renovation projects typically provide the best ROI and provide strategies for balancing your personal preferences with the features that are most likely to appeal to potential buyers.
We will also discuss the importance of considering the local real estate market and the value of comparable homes in your area when making renovation decisions.
Which Home Renovation Projects Provide the Best ROI
When renovating your home for resale, it’s essential to focus on projects that provide the best ROI. According to the 2022 Cost vs. Value Report, the following renovation projects typically provide the highest ROI:
Minor Kitchen Remodel
A minor kitchen remodel typically involves replacing cabinet fronts, hardware, countertops, and appliances. According to the Cost vs. Value Report, a minor kitchen remodel costs an average of $10,000 to $15,000 and provides an ROI of around 77%.
Bathroom Remodel
A bathroom remodel typically involves updating the fixtures, flooring, and lighting. According to the Cost vs. Value Report, a mid-range bathroom remodel costs an average of $18,000 and provides an ROI of 61%.
Adding a Wooden Deck
Adding a wooden deck can increase your living space and provide a great outdoor entertainment area. According to the Cost vs. Value Report, adding a wooden deck costs an average of $19,000 at $200 – $1,000 per square metre and provides an ROI of 66%.
Adding a Patio
Adding a patio can provide an outdoor living area and increase your home’s appeal. According to the Cost vs. Value Report, adding a patio costs an average of $17,000 and provides an ROI of 55%.
Landscaping
Landscaping can provide excellent curb appeal and increase your home’s value. According to the Cost vs. Value Report, a professional landscaping project costs an average of $6,000 and provides an ROI of 66%.
Window Upgrades
Upgrading windows can provide numerous benefits for homeowners, including improved energy efficiency, increased natural light, and enhanced curb appeal. According to the Cost vs. Value Report, replacing windows with vinyl or wood frames can cost an average of $21,000 AUD and provides an ROI of 72%.
Features that Are Most Likely to Appeal to Potential Buyers
When renovating your home for resale, it’s important to balance your personal preferences with the features that are most likely to appeal to potential buyers. Here are some strategies to consider:
Choose Neutral Colours
Neutral colours appeal to a wider audience and make it easier for potential buyers to imagine themselves living in the space. When choosing paint colours, stick with neutral shades like beige, grey, and white.
Keep it Simple
Avoid going overboard with unique or trendy design elements that may not appeal to everyone. Keep the design simple and classic.
Focus on Functionality
Potential buyers will be looking for a functional space that meets their needs. Focus on creating a space that is practical and functional, rather than overly decorative.
Keep the Space Clean and Organized
A clean and organised space will make a great first impression on potential buyers. Before showing your home, make sure to declutter and organise your space.
Highlight the Home’s Best Features
Make sure to highlight your home’s best features during the renovation process. If you have a beautiful fireplace or a great view, make sure to emphasise these features.
The Value of Comparable Homes in Your Area
When making renovation decisions, it’s important to consider the local real estate market and the value of comparable homes in your area. Here are some factors to consider:
Location
Consider the location of your home and the surrounding area. If you live in a high-end neighbourhood, potential buyers may expect high-end finishes and luxury amenities. However, if you live in a more modest neighbourhood, a complete kitchen renovation may not provide as much ROI.
Comparable Homes in the Area
Take a look at other homes in your area that are similar in size and style to yours. See what upgrades they have and what features are most appealing to buyers in your area. This can help guide your renovation decisions and ensure that your home stands out from the competition.
Budget
It’s important to consider your budget when making renovation decisions. You want to make sure that you’re spending your money wisely and not over-improving the neighbourhood. Work with a contractor or real estate agent to determine what renovations will provide the best ROI for your specific home and budget.
Timeframe
Consider the timeframe in which you plan to sell your home. If you plan to sell in the near future, focus on renovations that provide the most immediate ROI. However, if you plan to stay in your home for a while, you may want to focus on renovations that provide long-term benefits and enjoyment.
Market Trends
Stay up-to-date on current market trends in interior design and home renovation. Potential buyers may be looking for specific features or styles, so it’s important to keep these trends in mind when making renovation decisions.
Why Windows & Doors Add Maximum Resale Value
Windows and doors are two of the most essential components of any home, and upgrading them can add significant value to a property. There are several reasons why windows and doors add maximum value to a home:
Energy Efficiency: Energy-efficient windows and doors can save homeowners money on utility bills and reduce their carbon footprint. New windows and doors with double or triple glazing, low-E coatings, and insulated frames can help regulate indoor temperatures, reduce air leakage, and prevent drafts, thereby enhancing the overall energy efficiency of the home. This feature can be a significant selling point for potential buyers who are looking for an eco-friendly home.
Curb Appeal: Windows and doors play a vital role in enhancing the curb appeal of a home. They can make a significant visual impact, especially from the exterior. Choosing stylish, high-quality windows and doors that match the architectural style of the home can add instant appeal and value to the property. Aesthetically pleasing windows and doors also make a home look more inviting, which can attract potential buyers.
Safety and Security: New windows and doors can enhance the safety and security of a home. They can come equipped with advanced locking mechanisms, impact-resistant glass, and reinforced frames to keep intruders out and provide added protection against natural disasters, such as storms and hurricanes. This feature can be particularly attractive to families with young children or buyers who prioritise safety and security.
Noise Reduction: Windows and doors can also help reduce external noise levels, which is particularly beneficial for homeowners who live near busy roads or airports. New windows and doors with double or triple glazing and insulated frames can significantly reduce noise infiltration and improve the overall comfort of the home. This feature can be a selling point for buyers who prioritise peace and quiet.
Resale Value: Upgrading windows and doors can add significant resale value to a home. In addition to enhancing the overall aesthetic appeal and functionality of the home, energy-efficient windows and doors can be a selling point for potential buyers. Buyers are increasingly prioritising energy-efficient homes that offer long-term savings on utility bills and reduce their environmental impact. Upgraded windows and doors can also set a home apart from other properties on the market and attract more potential buyers.
Start at Wideline Windows & Doors
If you’re considering upgrading your windows and doors, Wideline Windows and Doors offers a wide range of high-quality and energy-efficient options to suit any style and budget. Their expert team can help you choose the best solutions for your home, and their products come with a comprehensive warranty for your peace of mind.
Contact Wideline Windows and Doors today to schedule a consultation and take the first step towards enhancing the value and comfort of your home.
Visit your nearest showroom or view the full range online for more.