Home renovations are an excellent way to freshen up your residence. They can also set you up for a stronger return on investment (ROI). But, not all home renovations are created equal. Some offer greater ROI, while others aren’t as effective, especially if you’re looking to make the most affordable impact possible.
Here, we take you through the best home renovation projects that offer the biggest bang for your buck…
Top Two Rooms to Renovate
Recent data reported by Houzz and Home Survey, show that kitchen and bathroom renovations offer the best ROI. Kitchens are listed at an average of 83% and master bathrooms at 81%. If you’re considering renovating your guest bathroom, expect a slight dip in potential ROI at 76%.
No matter what, kitchens and bathroom renovations equal money well spent, whether or not you intend to sell your home anytime in the near future.
Costs of Kitchen and Bathroom Renovation Projects
Obviously, potential ROI is one thing, but knowing how much you should expect to spend is ultimately what influences homeowners to decide whether or not to pursue a residential renovation of any size.
To give you some idea, the same survey reported that, on average, homeowners paid approximately $11,000 for a kitchen renovation. However, this estimate quickly jumps upwards of $20,000 for remodels that require new appliances or cabinets and can range beyond $33,000.
Bathroom renovations are more affordable, with an average spend of $7,000. Again, this fee can fast exceed the $10,000 mark, given the size of the room and desired specs of the project.
Surprisingly, given the fact that we tend to judge a book by its cover, exterior renovation projects (think landscape enhancements) don’t offer nearly as much ROI, topping out at only 48%, comparatively. So, if you’re interested in making an affordable impact, focus on the interior of your home.
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