If you’re constantly looking for ways to make your living space more comfortable, up-to-date, and enjoyable, you’re not alone. According to a study by Statista, a market research portal, an average American homeowner in the age-group of 35-44 years spent $3,060 on home improvements annually, between the years 2011 and 2015. And another study by Statista estimated that U.S. improvement and repair expenditure amounted to about 326.1 billion U.S. dollars in 2015.
There’s no doubt home improvement projects add value to your home. But do you know what projects actually bring a good return on investment? Maybe not, because sometimes home improvements are a bit of a gamble. But here are a few proven ones that assure the best ROI:
- Enhancements to most-used spaces in the home, deliver maximum value. This includes kitchen, bathrooms and entertainment spaces. According to Remodeling Magazine’s 2017 Cost vs Value Report, mid-range remodeling projects in the kitchen brought about 80.2% ROI and bathroom renovations brought 64.8%.
- Energy-efficient home features attract buyers who are willing to pay more. Projects that make your home more energy-efficient are sure to improve ROI dramatically. Many homeowners consider solar panelling to be a valuable addition. However, if you’re working with a smaller budget, you can make your home energy-efficient by upgrading the wiring, plumbing and heating/cooling systems, adding a programmable thermostat, and/or weather-stripping doors and windows.
- Improving outdoor spaces is another efficient means to ensure great ROI. Whether it’s about Adding a swimming pool, building a deck, or redesigning the landscape, investing in outdoor spaces makes a lot of sense. This is because a majority of home buyers consider elegant outdoor spaces to be one of the most attractive qualities for a perfect home.
- An entry door made of steel can fetch ROI up to 90%, according to Remodeling Magazine’s 2017 Cost vs. Value Report. This is because, a steel front door means additional security, and home buyers view this as a very attractive feature. The same report also reveals that a fiberglass alternative for the entry door can also bring ROI up to 77.8%.
- Garage door replacement is another project that can add value to your property. Your garage doors make up for a large portion of your home’s exterior look. This is one of the first things that people notice about your property. Upgrading it to the latest design not only improves the outward look of your home but also adds brownie points straight away. This project can bring up to 85% ROI.
Some of these projects may be more affordable to you than others. If the only thing that comes in the way of realizing your dream of a perfect home is money, then don’t worry. Home renovation loans are just meant for you.