An attractive garage door is high on the list when it comes to getting a return on your investment, and it has. Founded in 1976, Bankrate has a long history of helping people make smart financial decisions. We have maintained this reputation for more than four decades, demystifying the financial decision-making process and giving people the confidence to decide what steps to take next. Every year, the respected specialized publication Remodeling analyzes the costs of major home renovations and estimates the value that these projects offer when they are resold.
Released in April, the “2024 Cost versus Value” report compares the average cost of 23 remodeling projects in 150 U.S. markets. In the US, and three offer a return on investment (ROI) of 100 percent or more. This means that they will amortize when it's time to sell or refinance your home, since the value of the home and the sale price will increase when you put it on the market.
Installing a large fiberglass entrance means making the current entrance a little wider and installing a fiberglass door that has decorative side lights to match. This is a relatively simple job for a contractor, can be completed in one day and significantly improves the curb appeal of your home. Even better, starting in 2024, it offers a return on investment of nearly 100 percent, meaning you'll get back almost everything you spend at the time of resale. Bathroom and kitchen renovations are the most popular home improvement projects.
You can expect to get back 75% of your investment (according to the Canadian Institute of Taxation)). Replacing an outdated vanity, old plumbing and lighting fixtures, or adding a new tile floor will ensure great cost-effectiveness and give your bathroom a modern, updated look. In addition, if you want your renovation to be durable, it is also essential to have a high-quality, waterproof system that disengages under the tiles. Adding a pool can make financial sense if you live in an area with a warmer climate, such as Florida or California, or in a neighborhood where most other homes have pools.
This is not the most glamorous renovation, but a modern renovation, reflecting the growing interest in air conditioning systems from renewable, ecological and energy efficient sources (heat pumps heat and cool a house and replace air conditioners which consume a lot of electricity). So, if you're thinking about listing your home for sale, these are the renovations that should top your to-do list. I want you to remember that you must SELL IT WELL, which means making improvements and renovations in a way that is right for the homebuyer. Consider redesigning the floor plan or adding extra space to make the house more functional for modern living.
An accessory housing unit (ADU) is an innovative and affordable housing solution in high-cost areas, as well as a way to house an extended family or add rental income to your property. Kitchen redesign is one of the major improvements you can add and one that will almost certainly add value to your home. In a HomeLight survey, 49% of leading agents say that unsafe homeowners are renovating key rooms, such as kitchen and bathroom remodels, while waiting for interest rates to fall. Renovations have become increasingly important for homeowners looking to improve their living conditions without the need to buy a new home and run the risk of higher interest rates.
During the height of the pandemic, social distancing, work-from-home trends, and workplace shelter initiatives led to an increase in extravagant outdoor kitchens and elaborate office renovations in the household. This project not only adds class to your home, but also money to your pocket, since it also recovers all your expenses and then some. If you have a low budget or short time for renovations, consider the small things that will help increase the value of your home.
