Home Renovations With the Best ROI

Before you get to buying the materials and contracting a team to get to work, make sure you’ve weighed the cost of the renovation to the value that update will add to your home’s market value. We’ve put together a list of renovations that offer the best ROI for their buck, and offer some advice on other factors to consider before you get started. The return on investment (ROI) of a project isn’t the only factor to consider when planning your renovation endeavors. How soon you plan on selling your home is another important factor to consider. If you plan to sell your home in six months or less, a major kitchen remodel or a master suite addition may not be the best idea since you won’t be able to enjoy these updates for long, and the ROI may not justify the cost of the investment. If you plan to sell soon, it’s best to stick to renovations with a smaller budget, making sure vital things like your home’s plumbing and electrical are up to par, and any update you make adds to the curb appeal of your home. If you are selling your home soon, it is vital that you talk to an experienced real estate agent and get familiar with your local housing market. An experienced agent can help you understand what homes in your area are selling for and can help guide you when it comes to renovations. They may even suggest that you get a home inspection or that you declutter your home and get a storage unit before listing your home. Every market is different when it comes to ROI, so be sure to speak to an experienced agent before choosing a project. Feel free to contact ARK Attorneys if you need a referral! Here’s our list of the 5 best home renovations for your home!

1. Fresh Paint A fresh coat of paint is the easiest and most cost-effective update to make to your home, especially if you plan to sell soon. Warm, neutral colors are your best bet since they brighten up your space and make it easy for buyers to imagine their own things in the room. Be sure to paint trim and ceilings and make sure you fill and smooth holes out, too!
2. New Front Door The front door is part of your home’s first impression, so it’s easy to see that a new front door goes a long way when it comes to curb appeal.
3. Wood Deck Coming out of pandemic-era life consumers now know more than ever how important outdoor space can be. While the price of a new wood deck can be high, especially these days, they are know for recouping as much as 80% of the initial cost upon sale.
4. Attic Conversion If you live in one of Chicago’s 5 ADU pilot program areas we seriously suggest taking advantage of it. Adding an ADU in your basement or attic can bring serious rental income and resale value to your home.
5. Garage Door Replacement Similar to the front door curb appeal situation, a new garage door carries a lot of bang for it’s buck when it comes to ROI. Some stat show that newer garage doors actually correlates to the speed that a home sells.