High ROI Home Upgrades
Home remodeling projects do more than just update your interior; they can also add value to your home. However, not all upgrades are created equal. Some home upgrades traditionally have high return on investment, or ROI, while others will only recoup a fraction of their cost.
The following are four home upgrades that will provide the most bang for your buck. By investing in these home improvements projects, you can upgrade your home – while also adding to its value.
- Upgraded landscaping (105%)
Average cost: $4,750
Average return: $5,000
First impressions matter! Many homeowners are shocked at how much landscaping can impact the value of their home. By making a minor investment in upgraded landscaping, you can add value – and curb appeal – to your home. This basic landscaping project includes fresh mulch, flowering shrubs, a 15-foot deciduous tree, two large stone planters, and a new flagstone walkway.
- New roof (100%)
Average cost: $8,000
Average return: $8,000
Roofs, windows, and doors might not seem glamorous, but they rank consistently as some of the top home improvement projects with high ROI.
“Buyers want to take the basic systems for granted,” said Editorial Director of Remodeling Magazine [http://www.remodeling.hw.net/], Sal Alfano. “They assume the roof doesn’t leak and the air conditioning and plumbing work. Maintenance can chew up a lot of cash quickly, and people are afraid of that.”
- Fiberglass insulation (95%)
Average cost: $2,100
Average return: $2,000 (plus monthly savings on energy bills)
Even though you can’t see it, fiberglass insulation can add serious value to your home. This energy efficient upgrade is attractive, as it helps you save money every month by reducing heating and cooling costs.
- Hardwood floors (91%)
Average cost: $5,000
Average return: $4,500
Hardwood floors are one of the most commonly requested home features. While there are a wide variety of sizes, styles, and colors available, wide boards in dark colors will provide the highest ROI. If you are lucky enough to find original hardwood floors under your carpet, or have hardwood that needs some TLC, refinishing hardwood floors can have a 100% ROI with an average cost and return of $2,500.