4 Areas of Your Home To Invest in For Greater ROI
When it comes to home improvements, there are always things you can do to boost the value of your property. Whether you're looking to sell soon or in the distant future, knowing what can benefit you and be enticing to future buyers will help you ensure that any money you invest in pretty much benefits both you and your home's value.
With this in mind, what are the best areas to invest in to see a good ROI?
Kitchen
The kitchen is the most popular place for home renovation work and is one of the best areas to increase your ROI if this is something you want to do. According to a survey by Remodelling magazine in 2022, the average kitchen renovation can get you anywhere from 52.5% to 71.2% ROI on your investment. Larger, more extensive work will see a greater ROI than smaller jobs with less work. Again, the higher the standard of finish and added touches incorporated, the higher the ROI will be. Plus, you get a brand-new purpose-built kitchen for use in the meantime. Win-win.
Insulate
Did you know around 90% of American homes are under-insulated? Well-insulated homes can be the perfect way to help you regulate your home's temperature and reduce energy bills. That being said, not all homes are well insulated or even insulated at all, and if this applies to your home, not only are you losing money on your energy bills, but you're unintentionally devaluing your home, too. Adding effective insulation can see you get a whopping 117% ROI on your investment. This means it more than pays for itself. So whether you're moving in the near future or a few years down the line, talk to an Insulation Company to see how best to insulate your home.
Wooden Decking
If you've been thinking about adding in a deck or replacing an old, worn. existing structure in your yard, this can be an excellent choice for renovations that can improve your ROI. Wooden decking additions can typically expect to recoup around 50% upon resale, meaning you get around half the outlay back on the price of your home. There are always going to be certain things that home buyers are looking for, and wooden decking is still one of the top ones. But in the first instance, adding decking means you get it to improve your landscaping and get a nice place where you can sit out to relax and enjoy the good weather.
New Siding
Siding can be an excellent way to protect your home from the elements. Essentially you are covering up the property's exterior structure with typically a vinyl covering, and you can change the look, feel, and style of your home thanks to this simple addition. Generally speaking, replacing old siding or adding siding altogether can boost the value of your home.
On average, you can expect to pay anywhere from $3 to $12 per square foot, meaning siding for a 25000 square foot home can cost you anywhere from $8,400 to upwards of $25,000. However, the average cost of siding in the US is around $9,500. However, figures from Forbes suggested that in 2023, vinyl siding had a massive 93% ROI, so it's definitely worth considering.
