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Best ROI Home Improvements for Your Home

Gray St. Onge June 13, 2024

Best ROI Home Improvements for Your Home

When considering renovations, homeowners are not only looking to enhance their living environment but also to invest wisely by increasing their home's market value. Certain home improvements have consistently proven to offer the best return on investment (ROI), making them ideal choices for those looking to sell in the near future or simply to add value to their residence. This guide explores the top home improvement projects that can maximize your property's value, offering both immediate satisfaction and long-term benefits.

Kitchen Remodeling

A kitchen remodel consistently ranks at the top for ROI. The kitchen is often considered the heart of the home, and updates here can greatly influence a buyer’s perception. A minor kitchen remodel with moderate expenditures—like new cabinet fronts, updated appliances, and a fresh coat of paint—can offer an ROI of about 72% to 78%. It's crucial to avoid overly personalized designs and to choose functional, broadly appealing updates.

Bathroom Renovation

Next to the kitchen, bathrooms are high-impact areas for potential buyers. Updating an outdated bathroom or adding an additional bathroom can substantially improve a home's overall appeal and usability, with an average ROI of around 60% to 67%. Consider modern fixtures, efficient toilets, and perhaps a new vanity to modernize the space without complete overhauls.

Energy-Efficient Improvements

With rising energy costs and increasing environmental awareness, energy efficiency has become a significant selling point. Replacing old windows with energy-efficient models not only reduces heating and cooling costs but can also attract energy-conscious buyers, yielding an average ROI of 68%. Similarly, upgrading insulation and HVAC systems can significantly improve energy efficiency and home comfort.

Adding a Covered Patio

Outdoor living spaces have become particularly desirable, especially in the wake of the global pandemic as people seek more at-home outdoor enjoyment. Adding a covered patio can expand living space and offer an attractive return, typically around 72%. Materials and craftsmanship matter here; well-constructed, durable deck materials like composite can be more appealing than traditional wood, which requires more maintenance.

Roof Replacement

While less glamorous than kitchen or bath remodels, a new roof is a critical selling point for new buyers who want to avoid immediate maintenance. If your roof is nearing the end of its lifespan, replacing it before listing your home can prevent negative impressions and potential price reductions. The average ROI for a new roof is about 60% to 65%, making it a worthwhile investment for aging homes.

Landscaping Enhancements

Curb appeal cannot be overstated, and landscaping is a major component of that first impression. Professional landscaping can yield more than a 100% ROI, depending on the extent and appeal of the improvements. Even simple changes like adding planting shrubs, or installing a stone walkway can make a significant difference.

Refinished or New Hardwood Floors

Hardwood floors are highly sought after for their durability and timeless appeal. Refinishing existing hardwood floors or installing new ones can recover 70% to 80% of the cost in home value. They are preferred over carpeting due to their ease of maintenance, allergen reduction, and versatility in decor.

Smart Home Technology

In an increasingly digital world, incorporating smart home technology can be a significant draw. Features like smart thermostats, security systems, and fire detectors appeal to tech-savvy buyers and can enhance home functionality. The investment in smart technology can have an ROI of up to 65%, combining modern convenience with functionality.

Paint and Minor Cosmetic Upgrades

Never underestimate the power of a fresh coat of paint. Opting for neutral, light colors can make spaces feel larger and more inviting, potentially increasing a home’s value by 1% to 3%. Additionally, replacing outdated light fixtures, door handles, and the like can modernize a home with relatively little investment.

Additional Living Space

Converting unused spaces into functional living areas can significantly increase a home's square footage and its potential value. Whether it's adding an extra bedroom, a home office, or a recreational area, this can yield an ROI of about 70% to 75%.

Home improvements are a strategic choice for increasing property value, but not all investments yield equal returns. By focusing on high-ROI projects, homeowners can not only enjoy their upgrades while they live in their homes but also position themselves for a profitable sale in the future. When planning renovations, consider both current trends and timeless appeals to maximize your investment and attract a broad buyer base.

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Are you ready to sell a home in the Tucson area? Gray | St. Onge is an award-winning Tucson real estate team, with over half a billion in closed sales, recognized for its commanding presence and market leadership, proprietary and innovative marketing strategies, and ability to cultivate lasting client relationships. Reach out to the trusted team at Gray St. Onge today!

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