Whether you’re planning to sell your home or want to improve its value and curb appeal, investing in home remodelling or renovation projects can be a wise decision. However, not all renovations offer the same return on investment (ROI). Here are five remodelling projects identified in the 2023 Cost Vs. Value Report that provide a high ROI:
1. Steel Entry Doors
The entryway is often the first impression visitors have of your home. Installing a steel entry door can enhance home security and add an elegant touch. Steel entry doors are a smart investment (100.9% cost recouped) for any homeowner, offering durability, energy efficiency, and resistance to warping or cracking at a relatively low upfront cost.
2. Vinyl Siding
Not only does vinyl siding enhance your home’s curb appeal, but it also provides excellent protection against the elements. Vinyl siding offers a high ROI (94.7% cost recouped) due to its durability, low maintenance requirements, and attractive appearance. Pair vinyl siding with manufactured stone veneer (102.3% cost recouped) to further enhance your home exterior.
3. Kitchen Upgrades
The kitchen is the heart of the home, making it a significant selling point. Focus on essential elements such as countertops, cabinets, and appliances. Opt for quality materials such as scratch and stain-resistant quartz countertops, energy-efficient appliances, and a modern design. A minor kitchen remodel will recoup 85.7% of the cost. If you need a vinyl window replacement in the process, you’ll recoup approximately 68.5% of the cost.
4. Bathroom Renovations
Similar to kitchens, bathrooms are key selling points for any home. Invest in updating fixtures, flooring, and vanities to create a spa-like atmosphere (66.7% cost recouped). Adding a new coat of paint and enhancing lighting can also make a significant impact. Creating a stylish and functional bathroom can increase your home’s value and help attract potential buyers.
5. Deck Additions
Outdoor living spaces are becoming increasingly popular, making deck additions an excellent investment. Adding a deck can expand your living space and provide a perfect area for entertaining guests or relaxing outdoors. A wooden deck will recoup approximately 50% of the cost, while composite decking (39.8% cost recouped) will ensure longevity and low maintenance. Finish off your deck addition with a sliding patio door.
Investing wisely in these remodelling projects can enhance your home’s value and allow you to enjoy the benefits of a beautiful living space.