A home remodeling project is a great way to improve your living space with added functionality and style. When considering a home improvement project, it’s important to know if it’s worth the investment. Here are four home remodeling projects with high ROI.
1. Kitchen Upgrades
A kitchen remodel of any size will bring a favorable return on your investment. A minor kitchen upgrade can have an ROI of up to 69%. This includes new cabinet fronts, hardware, countertops, and appliances. Even a major kitchen renovation, which includes a complete layout redesign, can have an ROI of up to 53%.
Pro Tip: There are certain design elements you can incorporate into your remodel that will increase the ROI on your renovation, including using a neutral color scheme and matching the quality to the rest of your home.
2. Deck Addition
An aesthetically-pleasing indoor-outdoor living space is a priority feature for many homeowners. The 2022 Cost vs. Value Report by Remodeling states that adding a quality deck to your home provides a ROI of up to 67%.
3. Basement Conversion
A finished basement can be used for multiple purposes, such as a living room, a home office, or an additional bedroom. It also adds square footage to your home, making it more valuable. According to a 2022 Remodeling Impact Report by the National Association of Realtors, refinishing a basement to a living area has an estimate ROI of about 86%.
4. Exterior Improvements
Improving the curb appeal of your home can also have a significant impact on its value. Simple exterior improvements, such as a new fiberglass front door, paint, or siding, can have an ROI of up to 70%. Some exterior projects, such as the addition of manufactured stone veneer, remain high on the list of valuable home updates—yielding up to an 89% ROI.
It's important to note that the value you receive from a remodeling project depends on the scope of the project, the quality of the craftsmanship and materials used, and the location of your home. We recommend consulting with an architect or an experienced home remodeling professional before planning your next project.
Home Remodeling in NH’s Lakes Region, White Mountains, and Northern ME
Planning a home remodeling project? Contact the professionals at Cormack Construction Management. We’re your local home building and remodeling experts.
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