5 Major Home Renovation Projects That Offer The Best Return On Investment
When it comes to renovating your home for re-sale there are a few major renovations that top the list.
1. Major Kitchen Remodels. (ROI 75-85%)
The function of the kitchen has evolved over the years and now more than ever the kitchen must meet those needs.
- Buyers want to envision themselves in a gorgeous newly renovated kitchen where they can actually see themselves – preparing meals for their friends and family –where the kids nestle into a cozy banquette doing their homework, or their guests mingling around that gorgeous island. Buyers want to see this in their minds eye and know that it’s attainable.
- A major kitchen remodel may need to include a new floor plan to improve on a poorly designed work triangle.
- If the kitchen is completely dated, isolated and compartmentalized with an inefficient floor plan and layout – don’t think that replacing the cabinets and appliances will camouflage the problem. It won’t!
- If at all possible add an island into those plans. Everyone loves them!
- Replacing all cabinetry, appliances, lighting, flooring, finishes and fixtures and new French doors and windows will grab the buyers’ attention.
- Since kitchens and baths are the costliest rooms to renovate, the buyer will be thrilled that the work is already done for them.
The family room is the second most popular space in the home after the kitchen.
- Adding 400 sq. ft. of bright and cheery living space (if your neighborhood will bare it), will definitely improve the value of the home.
- Increase the overall height of your space and introduce a vaulted ceiling. Creating a sense of volume instantly makes a room feel more spacious.
- Consider the details and add beautiful French doors, floor to ceiling windows or even skylights to flood this new space with light and maximizes a view. Take it one step further and add the deck.
Deck additions are quite possibly the best investments these days. They naturally transition the interior to the exterior – instantly expanding your living space.
And who doesn’t love that?
- It’s a vacation-at-home experience, as it expands your living space and extends the summer season – forcing you to live more outdoors before the winter season sets in.
- Its design can be as simple or elaborate as the home it’s attached to.
- Multi-leveled or single, built in seating or casual seating areas, hot tubs, and outdoor kitchens – all of which add to the vacation home atmosphere.
- Decks are more popular than pools and relatively easy to build.
- Design the deck to compliment the character of your home’s exterior architecture. Give it some thought in planning – it should be proportionate to the size of your yard.
- Incorporate energy efficient solar or led lighting.
4. Main Floor Master Bedroom Addition (73% ROI)
Adding a 400 sq.ft. master bedroom suite and spa-like bath provides a private retreat and appeals to many home buyers.
- Access to main floor is gaining in popularity.
- Empty nesters and others, who no longer want to tackle stairs, prefer to have the master bedroom and bath retreat on the main floor level of the home.
- Immediate access to a gorgeous deck or patio outdoors also adds to the return.
5. Two-Story Addition (77% ROI)
- A two-story addition of 800 square feet could include a new main floor family room and an upper level master suite complete with a full bath.
- Or utilizing that extra space and designating it, as the home office, is very appealing to home- buyers.
- Homeowners are spending more time working from home and with the homepreneur trend growing, buyers are attracted to the extra space dedicated solely to operating their home based business.
I encourage you leave questions or comments below this post, and fill out the form on the right hand side of this page to receive your free copy of my special report: “15 Money Saving Strategies When Planning Your Home Renovation”
Article by Lori Gilder, Architectural Interior Designer, Los Angeles, Ca. © 2010 Lori Gilder. Interior Makeovers Inc.