Home renovations can add value to your property and improve your living space. However, not all home renovations are created equal in terms of return on investment (ROI). If you’re planning on renovating your home, it’s essential to consider which renovations provide the highest value. In this article, we’ll explore which home renovations give the highest value.
A kitchen renovation is one of the most popular and profitable home renovations you can make. According to Remodeling Magazine’s 2021 Cost vs. Value report, a minor kitchen remodel can provide an ROI of over 72%, while a major kitchen remodel can provide an ROI of over 57%.
Bathroom renovations are another high-value renovation, especially if you’re planning to sell your home. According to the same Cost vs. Value report, a midrange bathroom remodel can provide an ROI of over 60%, while an upscale bathroom remodel can provide an ROI of over 50%.
Outdoor living spaces, such as patios, decks, and outdoor kitchens, are becoming increasingly popular among homeowners. According to the National Association of Realtors, outdoor living spaces can provide an ROI of up to 100%.
Energy-efficient upgrades, such as replacing windows, installing insulation, and upgrading HVAC systems, can not only save you money on energy bills but also increase your home’s value. According to the Cost vs. Value report, a window replacement project can provide an ROI of over 72%, while a new HVAC system can provide an ROI of over 60%.
If you have an unfinished basement, a basement remodel can add valuable living space to your home. According to the same Cost vs. Value report, a basement remodel can provide an ROI of over 60%.
Conclusively, if you’re considering home renovations, it’s essential to consider which renovations provide the highest value. Kitchen and bathroom renovations, outdoor living spaces, energy-efficient upgrades, and basement remodels are all high-value renovations that can increase your home’s value and improve your living space. A reputable contractor can work with you to create a budget-friendly renovation plan that meets your needs and stays within your budget. By investing in high-value renovations, you can enjoy a beautiful and functional home while also increasing your property’s value. At American Remodeling Experts, we are experts at carrying out full home renovations and remodeling. Send us a message now and let’s get started!