1. Garage Door Replacement
There are many reasons to perform a home renovation project. For example, a home renovation can help improve the aesthetics, comfort, safety, and functionality of a property. While all of these factors are certainly important, homeowners will also want to see an increase in home value at the completion of the project. To this effect, not all projects are created equal. The following breakdown looks at 7 of the highest ROI home renovation projects as we move toward 2022.
When discussing home renovation projects, most people immediately think of exciting interior options such as a dream kitchen, a spa-like bathroom, or a master bedroom expansion. However, year after year, a surprising name ranks at the top of the highest ROI home improvement projects: a garage door replacement.
According to Remodeling Magazine in their 2021 Cost vs. Value Report, the cost to replace a garage door carries a national average of $3,907 but will result in an increased resale value of $3,663--good for an ROI of a whopping 93.8%. While an upgraded garage door obviously does wonders for curb appeal, the premium placed on this project is also likely rooted in safety--statistics indicate that worn garage doors result in up to 30,000 injuries each year. Therefore, a new garage door is an affordable way to improve aesthetics, keep the household safe, and yield a tidy boost in resale value to the home.
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2. Minor Kitchen Remodel
Realtors often say that kitchens sell houses. However, while this can be true, going overboard on a kitchen remodel is usually not the best route. A kitchen that is too gaudy requires extra work when cleaning, can result in higher utility bills, and more often than not will not be utilized to its fullest capacity.
Therefore, if ROI is the goal when performing a kitchen remodel, then a minor project far outstrips an upscale endeavor. Simple projects such as replacing countertops, installing energy-efficient appliances, or giving the cabinets a facelift, when properly executed, can result in an ROI of over 90%.
3. Vinyl Window Replacement
Windows are a unique element of the home, as they simultaneously can impact both curb appeal and interior design efforts. In addition, windows are extremely important for ensuring a home’s energy efficiency, as cracked and poorly sealed windows are a breeding ground for air and moisture transfer.
As a result, it is no surprise that a window replacement can yield up to an 89.6% ROI, thanks to its ability to positively impact so many facets of the home. When performing the upgrade, vinyl replacement windows are typically the choice in contemporary projects because they are completely moisture resistant, can be fabricated in a wide range of styles, and require little maintenance on the part of the homeowner.
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4. Minor Bathroom Remodel
Like kitchens, minor bathroom projects are far more lucrative than grandiose undertakings. While ROI figures vary quite a bit, the most promising statistics indicate that a minor bathroom project can recoup more than 90% of costs. With this in mind, some simple ways to add value to a bathroom include a flooring replacement, switching out prefabricated vanities for more open industrial styles, and adding benches and railings to the shower.
5. Deck Addition
With the pandemic lingering, people continue to emphasize the importance of functional exterior space in their home renovation projects. To this effect, there is no better way to improve the exterior square footage of your property than by adding a deck, with the most encouraging figures showing a deck addition yielding a 90.3% ROI. Furthermore, the most innovative composite decking comes with matching deck railing and fencing, guaranteeing curb appeal at the completion of the project.
6. Landscaping
Landscaping may feel like more of a chore than a renovation, but it is actually one of the most lucrative projects a homeowner can engage in, with the best-executed landscaping efforts approaching a 100% ROI. Very simply, people will pay a premium for curb appeal, as they are desirous of living in a home that looks good. Some creative landscaping ideas include adding a pergola over gardens or flower beds, laying river rock or pea gravel over hard-to-water areas, and adding a stone fire pit to break up the space in a backyard.
7. Roofing Replacement
Finally, homeowners can never go wrong with a roofing replacement. Not only can roofing help establish all-important curb appeal, but it is the home’s first line of defense for insulation and protection from the elements. As a result, even the most simple asphalt roofing replacement will likely result in an ROI of over 60%. However, more innovative composite roofing that can mimic the appearance of a slate, wood, asphalt, or terracotta roof while also providing the highest impact and fire ratings and a 50-year limited warranty, will likely improve on this figure even further.
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Consider High ROI Renovation Projects
Home renovation projects can improve the aesthetics, safety, comfort, and functionality of a property. However, when achieving these goals, homeowners also want to see a boost in home resale value. With this in mind, a garage door replacement, minor kitchen remodel, vinyl window replacement, minor bathroom remodel, deck addition, landscaping, and roofing replacement are 7 of the highest ROI renovation projects homeowners can start today.
Andrea Erickson is a contributor to Innovative Building Materials. She is a blogger and content writer for the real estate industry. Andrea is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that increase property value, maximize energy savings, and turn houses into homes.