Homeowners are constantly looking for ways to add value to their homes. Whether it’s for resale value or their own enjoyment, everyone wants to get the most out of their investment. So if you’re looking to add value to your home and make some money in the process, here are 10 of the most profitable home renovations.
1. Kitchen remodels
A kitchen remodel is one of the most profitable home renovations, as it can increase your home’s value by up to 20%. A new kitchen can range in price from $5,000 to $50,000, depending on the size and scope of the project. For example, a minor kitchen remodel, which includes new cabinet doors, countertops and appliances, can cost as little as $5,000. A major kitchen remodel, which involves gutting the entire space and starting from scratch, can cost upwards of $50,000. This is one of the most profitable home remodelling projects because it improves both the function and appearance of one of the most used rooms in your house.
2. Bathroom remodels
A bathroom remodel can also be quite profitable, as it can increase your home’s value by up to 15%. A new bathroom can cost anywhere from $3,000 to $25,000, depending on the size and scope of the project. For example, redoing a small bathroom by adding a new shower or tub, toilet, sink, and vanity can cost as little as $3,000. If you want to do a major bathroom remodel, be prepared to spend upwards of $25,000. Although undertaking a bathroom remodel may seem daunting, it’s often worth your while in the long run.
3. Adding a bedroom
Adding an extra bedroom to your home can be a great way to increase its value, as it can add up to 10% to your home’s resale value. This is especially true if you live in an area where there is a high demand for housing. The cost of adding a bedroom will depend on the size and scope of the project. For instance, if you need to construct an entirely new room from scratch, it will be more expensive than simply converting an existing room (like an office) into a bedroom. The average cost of adding a bedroom is between $10,000 and $50,000.
4. Finishing a basement
Finishing a basement can also add value to your home, increasing your living space and making your home more attractive to potential buyers. The average cost of finishing a basement is between $5,000 and $30,000. For more information about finished basements and whether the investment is worth it, click here.
5. Replacing windows
Replacing old, drafty windows with new, energy-efficient ones can also increase your home’s value while saving you money on your energy bills. On average, replacing windows costs between $3,000 and $10,000.
6. Adding a master suite
Adding a master suite to your home can be a great way to increase its value. A master suite typically includes a bedroom, bathroom and walk-in closet. The cost of adding a master suite will depend on your home’s size and the project’s scope. If you need to build an entirely new room, it will be more expensive than simply converting an existing room (like a large bedroom) into a master suite. A common expense for a master suite is somewhere in the ballpark of $10,000 to $50,000.
7. Landscaping
A well-landscaped yard can increase your home’s curb appeal and resale value by up to 10%. If you need to hire a professional landscape designer or architect, it will be more expensive than doing it yourself. Some landscaping ideas include planting trees and shrubs, installing a new lawn, and adding flowers and garden paths. The average cost of landscaping is between $5,000 and $20,000.
8. Painting the exterior of your home
A fresh coat of paint can also increase your home’s curb appeal and make it more attractive to potential buyers. Hiring a professional painter will be more expensive than doing it yourself, but it might be worth it to you to save time and effort. The average cost of painting a home’s exterior usually falls between $3,000 and $10,000.
9. Adding a deck or patio
Adding a deck or patio is another great way to increase your home’s value and add extra living space. The return on investment is usually between 50% and 80%. The cost of adding a deck or patio will depend on the size of the project. If you need to hire a professional contractor, it will be more expensive than doing it yourself. Typically, the cost of adding a deck or patio is between $1,000 and $10,000.
10. Replacing the front door and garage door
Replacing your front door and garage door is a great way to give your home a fresh, new look. It’s also a relatively inexpensive project that can increase your home’s value. The average cost of replacing a front door is between $1,000 and $3,000. The average price of replacing a garage door is around $500.
Concluding Thoughts on Home Renovations
Making any of these home renovations can help increase your home’s value and make it more appealing to potential buyers. For more information about home improvement trends this year, check out this article on Cost vs. Value.
However, it is important to remember that not all home improvements are created equal. Some home improvements, such as adding a pool or installing a new roof, can cost you more money than you make back in increased resale value. Therefore, it is essential to do your research and consult with a real estate professional before making any significant changes to your home. Check out our article on Money Sucking Home Improvements to Avoid for more information.
