If you could change one thing about your home, what would it be? Every homeowner has home improvement ideas that they’ve dreamed up – whether that’s a completely renovated kitchen, or just a new shade of paint on the exterior. No matter what your dream home improvement is, renovations to your house can be both stylish and functional while also increasing market value.
Of course, renovating any part of your house comes with significant costs, which tend to get overlooked during daydreams. If you want to start making improvements to your home, choosing a renovation project that can enhance the marketability of your home is always beneficial.
Revolutionize Your Space with Interior Home Renovations
You don’t have to go big with interior home renovations to make significant changes to the look, feel, and value of your home. In fact, some of the interior projects with the highest return on investment can be completed for $5,000-$10,000.
Replace or refinish your flooring
Hardwood floors are attention grabbing, easy to clean, and not as expensive as you’d think. The average cost of replacing or refinishing hardwood floors is $3,400, but the estimated value recovered is $5,000. That’s a 147% average return on an interior project that is often overlooked.
Upgrade your insulation
Energy costs continue to go up, so upgrading your home’s insulation is an easy way attract more potential buyers. Not to mention it decreases your energy bill while you’re living there! The average cost to replace insulation is $2,500, with an estimated recovered value of $2,500. While you break even with this renovation, you’re saving costs for years to come on your energy bill.
Enhance your closets
Having enough space to properly organize your belongings can take your house from cluttered to perfectly arranged. While each person will organize a closet space differently, having the space in the first place is important to buyers. So important that the recovered value on this $6,000 project averages $5,000, an 83% return.
Enhance Curb Appeal with Exterior Home Renovations
Exterior home projects, similarly, don’t have to break the bank to be effective – and there’s nothing that provides an ROI like enhancing the curb appeal of your home. These exterior projects will make your home more stylish while also increasing your home’s value.
Landscaping
New landscaping can give your home a whole new look and feel. The front yard is the first thing you and potential buyers see when they come to your house, so a well landscaped yard space can significantly impact buyer interest. You don’t need to go overboard to make a difference – the average cost on a landscaping project is $4,900 and has a return of 100%.
Deck or porch addition
This is a more significant project but can provide you with a functional space to entertain guests. While the average cost on this home improvement project is $11,000, it typically recoups $10,000 – or 90.3% of the investment. Adding an exterior structure like this can greatly improve buyers’ perceived value of your home.
Upgrade your garage doors
While this likely isn’t your dream home renovation, it can make a huge impact on your home’s curb appeal. Replacing your garage door is a quick project and can be as low as $2,300 for professional installation. You’ll typically see an 87% return on investment here – more if you replace it with a well-insulated garage door to cut down on future energy costs!
Increase Your Home Value through Renovation
These six home improvement ideas are just a few of the renovations that you can undertake and see a return on your investment. Whether you’re getting ready to sell your home and want to improve its value, or simply want to enjoy an enhanced living space, these projects will help you achieve your dream home and ultimately provide a return on your investment.
