Home improvements may be a bittersweet topic for most homeowners who want the benefits and convenience that comes with making improvements but dread the costs associated with them. To make this situation even trickier, a project may take up a lot of money but translate into poor returns, a true nightmare for the diligent homeowner. Here are five home improvement projects that have a high return on investment for you to consider so that you can make a decision you won’t regret.
1. A Roof Replacement
The value of a brand new roof on your home is hard to ignore. With the approximate cost of replacing a roof in its entirety being around $8,000 in the United States, this is a price you should be willing to pay. In return, you will get improved curb appeal as well as a more valuable home. While this is an obvious advantage if you intend to sell your home at some point soon, you also stand to benefit immensely from a new roof. You will first of all be assured of your family’s safety and also enjoy knowing that you have essentially hit the reset button on your roof’s aging, starting at zero.
2. A Kitchen Remodel
The kitchen can also give you great returns if you remodel it. Aim for projects that will improve both the aesthetics and function of your home and give your entire family more reason to spend time in the kitchen. Paint the walls and trim as well as cabinets to give the entire space a fresh new look. For functional projects, add shelves to the walls so that there’s more room to store things. You can also add an island if you don’t currently have one in your kitchen. This way, there’s ample room to spend time as a family. This will make it easier for you to catch up at any time you choose to do so, as there will be room to sit and chat while others work.
3. Finishing the Basement and Garage
A finished basement and garage are important projects to take on. They’re worth the time and money spent on them because they increase the livable area that you have in your home. This gives you more to sell if you put your home on the market. Potential buyers will love the fact that they get these extra rooms, as they’re sometimes ignored and left in an undesirable state. One of the top projects for homeowners, according to Remodeling Magazine, is replacing the garage door. This earns over 90% return on investment and makes this project worth a lot by itself.
4. A Bathroom Remodel
The bathroom is another important space in any given home, given the frequency with which it’s used. If you purchased your home or built it a long time ago, there’s no doubt that your needs as a family have changed by now. You may either desire different decor and an improved finish or be in need of more storage space. You may also want to upgrade the shower and toilet bowls and make other improvements to boost the efficiency of the space and make it more accessible. Whichever the case, if you have any dissatisfaction with your home’s bathrooms, they’re a good project to take on.
5. Replacing the Furnace
Finally, the air conditioning and furnace that your home has may be in need of replacement. According to the United States Department of Energy, if you upgrade your boiler or furnace from 56% to 90% efficiency in a house in an area with an average cold climate, you become more sustainable. You save 2.5 tons of carbon dioxide emissions each year if you heat with oil, or 1.5 tons if you use natural gas to heat. If your home’s furnace has reached the end of its lifespan, replace it and you will enjoy the efficiency as well as a potentially good return on this investment if you sell your home.
These five home improvements have a high return on investment and are worth looking into if you want to improve your home. It will be well worth the price you pay, so decide which project you would like to do first and get it done.