I think most of us would agree that home improvements are fun. There’s something exciting about spicing up the place we spend most of our time and making it feel like our own!
With so many different projects to choose from, it’s helpful to know which improvements will add resale value when it comes time to move. Below are 4 home improvements with above-average ROI.
- Bathroom Renovation
Upgrading the bathroom is intrinsically rewarding. It’s one of the rooms in the house that you’re guaranteed to spend time in on a daily basis. Why not make it a nice, relaxing environment?
Improvements could include: a rain-head for the shower, new tile, or updating the sink and mirror/vanity.
These small touch-ups go a long way. Bathroom renovations have an average ROI of 64-68%. This means that if a homeowner spends $10,000 on finishing the basement, their home will increase in value by $6,400-$6,800. On average, the cost to finish a basement is around $16,000.
- Install Hardwood Floors
Homeowners love hardwood floors. They are always in style, can make a space look bigger than it did before, they are easy to clean and are durable. Hardwood floors are a particularly good investment when they complement the decor in a kitchen.
The Remodeling Impact Survey estimates that the return on hardwood flooring is 106%. This makes hardwood flooring one of the only home improvements with a positive return on investment. The estimate provided by the survey suggests homeowners could profit from upgrading their flooring.
Estimates vary, though. For example, From The Forest estimates that the average ROI on hardwood flooring is only 75%. The range is most likely a result of the vast differences in quality from one hardwood floor to another. In other words, some are much older than others at the time the homes are sold. Nonetheless, even at lower estimates, hardwood flooring has a high ROI.
- Replacing Old Siding
When siding gets old it starts to fade, crack, and dent. The wear and tear occurs naturally as a result of harsh weather conditions. It’s inevitable and eventually, it leaves entire houses looking much less valuable than they actually are. Replacing old, worn siding with newer vinyl or fiber-cement siding can dramatically transform the overall appearance of a home.
The ROI on new siding is comparable to that of renovating the bathroom and installing hardwood floors. Modernize estimates that it’s slightly over 80%. The average cost of replacing siding is $15,000. Although the cost can vary widely, for a more nuanced breakdown, check out our article How Much Is Siding Really Going To Cost You.
- Install Energy-Efficient Windows
Over time, windows lose their ability to properly insulate the home. This leads to cold drafts and high energy bills. Installing new, energy-efficient windows pays off in two ways.
In the short term, there are cost savings on energy bills. The U.S. Department of Energy estimates that most families save between $126 to $465 a year after replacing their windows. In the long term, when it comes time to sell, newer windows can increase the value of your home. Modernize estimated that new windows have an ROI of around 85%.
Big D Building Center Has The Best Siding And Windows In Jacksonville
We have an extensive inventory with a vast selection of window and siding options. Once you find something from our inventory, we’ll handle the installation as well. We’ve been helping families improve their homes for over 100 years.
Over that time, our team of trained and caring experts has built a reputation for having extraordinary customer service.
“Big D Window is just about the best! They did a wonderful job of replacing my window. The office and installers were very polite and helpful.”
– Eileen H., Big D Building Center Google ReviewIf you are in the Jacksonville or Northeast Florida area, contact our expert team of professionals. We’ll help you find the best solution for your home.