If you’re planning on selling your home either soon or a few years down the line, these remodeling projects will offer you a good return on investment (ROI). If you’re planning on buying, you may want to keep an eye out for homes with these projects completed as you’re shopping. They can give you insight into how much you should pay for a home, plus providing you with an idea of how much room for improvement in resale value potential residence may have.
Turning an unfinished basement into a practical living or recreational space or updating an existing finished basement is a great bet if you’re remodeling. Right now, building costs are up due to rising material costs and other factors, so it makes sense to increase the livable square footage of the home you already own.
Small home theaters, kitchenettes or wet bars, and game rooms are all valuable remodeling projects in the basement. Aim for finishes that are on trend, but also timeless for a rumpus room that will be en vogue for years to come.
Outdoor Living Spaces
Like the basement renovations mentioned above, the development or improvement of outdoor spaces can offer high ROI because they offer more living space. Particularly in climates where outdoor spaces are accessible (and actually pleasant to use) for the majority of the year, this type of addition or improvement can net you a high profit.
Outdoor living spaces could include decks, hardscaped patios, flower beds or other landscaping, pergolas, fire pits, or any other outdoor living space you can think of.
Master Suite Renovation
Home buyers (and homeowners) these days tend to put a lot of eggs in the master suite basket. A bedroom slightly larger than the other in the house with an attached bathroom qualified as plenty luxurious for most buyers just a decade or so ago, but today, people want the master suite to be the pinnacle of luxury in a home.
Increasing the size of the master suite by adding on or even co-opting space that’s not quite as useful or valuable are options for master suite renovations. Upgrading the bathroom and walk-in closet and making room for a sitting area are good places to start.
Where people looked at a large jacuzzi-style tub as an ideal bathroom fixture a few years back, the walk-in shower rules now. Aside from being more accessible, walk-in showers are simply what the people want these days.
It’s likely that the more common nature of luxury fixtures like waterfall shower-heads and smart shower systems that allow temperature and pressure settings to be programmed and saved led to the walk-in shower revolution. Luxury showers tend to be more practical than luxury bathtubs, as well, since people are more likely to take a quick shower in a really neat shower than they are to take the time and use the water required for a long, hot soak.
Smart Home Upgrades
Smart home technology is all the rage these days, from thermostats to security equipment to safety devices like smoke alarms. You can install many of these devices on your own if you’ve got just a little bit of DIY skill and a modicum of technical ability.
Future buyers are sure to be impressed with this type of improvement, plus they come with an added bonus. You can expect for many of these devices to actually save you money. For instance, a smart thermostat could save you money on your utility bills, and security-type devices may save you money on your homeowner’s insurance. In the long run, many smart devices may even pay for themselves.
Efficiency Upgrades and Eco-Friendly Materials
Another upgrade that has the potential to pay for itself in savings over time, upgrades to improve the efficiency of your home and make it eco-friendlier are a good bet if you’re looking for remodeling projects with good ROI. There are tax credits that can help offset the costs of these type of remodels, plus there are the energy savings to account for. Consider installing more efficient windows, HVAC systems, appliances, adding installation to your attic to take advantage of these savings. Whether you’re living in the home or selling it, these renovations are likely to pay off.
Luxury Finishes, But Within Reason
If you adore luxury finishes, go ahead and use them in your remodel. Things like granite countertops, high-quality hardwood floors, and fancy farmhouse sinks are generally okay for ROI. However, you’ll see a better outcome if you’re only replacing outdated or worn finishes with ones that are timeless and classy but still fit within a reasonable budget.
The Final Word on Trendy Renovations for ROI
Ideally, you’ll tackle these remodels mostly because you want to enjoy them rather than to simply increase the value of your home. They are no guarantee of a higher selling price, after all. Updating can be great for increasing a home’s value, but you may lose money if you don’t carefully consider renovations.