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How to Maximize Your Homes ROI Through Renovation

April 1, 2015   

People renovate their homes for different reasons. Some do it to improve their living conditions while others do it for increasing the value of their homes. Either way however, a successful renovation will inevitably increase the value of the property to a lesser or bigger degree.

But if your purpose for renovation is simply to make your home beautiful, do you really need to take into account the return of investment for the project? Probably not, but it’s good to remember that there may come a time when you would want to sell your house and when that happens, the ROI from your renovation will come in handy when calculating for the price. So, which renovation projects will give you the greatest return on investment? Read on to find out.

Home exteriors

Home exteriors increase curb appeal and the value of your home. If ever you decide to sell your house, the exterior will give potential buyers their first impressions of your home. Besides, it will also make you feel good when you come home to work and you see your house so beautiful and so gorgeous, wouldn’t it?

Attic bedrooms

Converting an attic into a bedroom could bring as much as 73 percent return of investment for your home renovation. This is because of the additional living space you are adding to your home. Instead of just keeping the attic as a storage and potential living quarter for ghosts, the attic will be occupied by a family member. Although this renovation project costs a considerable amount of money, it’s a worthy investment.

Kitchens and bathrooms

When people assess a home, they usually refer to the bathroom and the kitchen. Having a great kitchen gives a lot of good impression on people. The same goes for bathrooms. If you ever decide to sell your house in the future, the bathroom and kitchen will either make or break the sale. Besides, having a comfortable and functional kitchen is anyone’s dream and the bathroom is supposed to be the place where you can relax your worries away. So, renovating these two parts of the home is not only a good monetary investment, it also will give you a sense of happiness.

Home office

If you are working at home and you want to convert one of your rooms as a home office, then you should do just that. Even if you are a freelancer, you would still want your work area to resemble a real office. Many buyers will often look for a personal library or office space at home because it will still be useful. However, you should choose removable furtinure for this renovation, so if the potential buyers don’t want to use it as a home office, they can easily convert the space into something else.

If you are renovating your home, it is a good idea to calculate how much value it will add on your home. This will give you a sense of pride and accomplishment and it will also guide you on how to price your home right, if you will sell or rent out your home in the future.