Not all rooms are created equal: Maximizing renovation ROI

So you're considering a remodel somewhere in your home and ideally, you would like to get the best return on investment. You get your demo hammer in hand, safety glasses on, steel toes laced up tight, and then suddenly realize, I have no idea where to start! Now instead of scouring the internet for advice, just read on because according to several industry experts, focusing on specific areas of the home can help maximize your ROI. 

According to 2022 national averages shared by Remodeling Magazine, projects like replacing your garage doors, and adding stone veneer to your home have the highest return-to-cost values with bathroom additions, master suites, and home office additions coming in near the bottom of the list. (For the full list and details, click the link above or copy and paste the link at the bottom of the page) 

Understanding that there are many variables at play, there are renovations you can focus on which historically bring in some of the higher return-to-cost values:

1. Kitchens: The value of a home can be greatly increased by remodeling the kitchen, especially if the kitchen is outdated. Full remodels can return less than partial remodels according to national averages. 

2. Bathrooms: The look and feel of an older home can be significantly improved with a bathroom remodel, especially in an older home though adding a brand new bathroom altogether can be costly thus diminishing the return opportunity. 

3. Outdoor Living: Building a deck or patio can expand your living space and be a great selling point if you decide to sell your house.

4. Repainting your home: A new coat of paint can update its look, and make it feel more modern and clean.

5. Basements/Attics: Adding living space to your home by finishing a basement or attic can increase its square footage and provide additional living space which some buyers may find appealing.

6. Landscape: Improving the home's exterior landscape can enhance a home's curb appeal, making it more appealing to buyers.

7. Go Green: Upgrading home appliances, windows, and doors to more energy-efficient models can provide homeowners with savings on utility bills and increase their home's value.

There is a wide range of costs for these projects and a significant difference in ROI depending on your location and the particular renovations you choose. Finally, consulting with a professional and licensed contractor can help to ensure you are making the best and safest investment for your property.

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