We recently met with a client of ours who purchased in 2021 and will likely upsize in the next five years. They are planning on doing home renovations to update their home. So we got together for coffee to chat about what makes the most sense.
When planning your next home renovation, it’s important to consider your potential return on investment (ROI) and know which projects add overall long-term value to your home.
Here are some ROI statistics from Architectural Digest:
Interior Projects:
- Hardwood flooring refinish – 147%
- New wood flooring – 118%
- Insulation upgrade – 100%
- Closet renovation – 83%
- Complete kitchen renovation – 75%
- Bathroom renovation – 71%
- Kitchen upgrade – 67%
Exterior Projects:
- New roofing – 100%
- Garage door – 100%
- Fiber cement siding – 86%
- Vinyl siding – 82%
- Vinyl windows – 67%
In addition to the ROI, there are other things to consider. For example, insulation upgrades and new windows offer long-term energy efficiency benefits (insulation upgrades can save you up to 20% in heating and cooling costs).
Keep in mind that these are averages and the ROI on renovations will vary in each type of real estate market (such as a buyer’s market versus a seller’s market) and depending on the type of home, current demand, etc.
If you are thinking about making home renovations, reach out and we can chat about what would make the most sense for your home!
