Home improvement projects increase your home value. An ROI more significant than 100% indicates that you earn more than what you invested, but a return of less than 100 doesn’t have to mean anything; you’ll still enjoy the gains while receiving some of your investment back later.
Moving the interior of your home outdoors There are a few projects you should consider when making this decision. Remember that costs and ROI may differ based on house size, location, materials used, and other variables.
Refinish or Install Hardwood Flooring
Refinishing or installing hardwood flooring could provide a substantial return. According to Remodeling Impact Report, an investment of $3400 for hardwood restoration could increase your home’s value by $5,000, giving it an ROI of 147 percent. Alternatively, if you don’t have hardwood floors installed, an installation cost of $5,500 could increase by $6,500 in future values – representing a 118 percent return on investment.
New Roofing
There is a vast difference between the expected return on investment for roof projects and those reported by Remodeling Magazine. Their report states that a median cost of $12,000 for a new roof will cover its own expenses; however, Remodeling Magazine claims to replace metal roofs covering 3,000 square feet costs $51,436 and only increases your home’s value by $28,196 (a 54.8 percent ROI). Asphalt shingles come at an expected price of $31,535 with a higher ROI rate of 59.6% ($18,780). In conclusion, replacing your roof can yield more than half that cost and prevent flooding at the same time!
Change Your Insulation
According to The Remodeling Impact Report, changing your insulation can be worthwhile with an estimated expense and return of around $2500. This affordable break-even solution will make your home appear cozier even if you can’t feel it. Furthermore, increased insulation helps save money on energy costs by cutting down drafts in the attic or basement.
Converting a Basement or Attic into Living Area
Expanding the living area of your home can be especially appealing when you have staff working from home or children growing. Although these tasks tend to be expensive, the rewards of investing are great: an increased living area will lead to greater returns on investment in the long run.
According to NAR and NARI estimates, a basement conversion costs $57,500 with an ROI of 86 percent at $49.250. Conversely, an attic conversion can run as high as $100,000 and yield up to $75K in value (75%).
Change Your Garage Door
A brand-new garage door can be both attractive and potentially profitable. Prices vary depending on the material chosen, though Remodeling Magazine estimates the average cost to be $4,041 with a resale worth increase of $3.768 (93.3 percent). NAR and NARI, however, are more optimistic; their report estimates costs and recoveries at $2,000 each – representing a 100 percent return on investment.
