Home renovations can come at a steep price, so they might as well be worth it, right? If you’ve been exploring the world of renovation, you’ve likely come across the term “ROI.” ROI stands for return on investment, and it’s a measurement that indicates how much profit is made off an investment. The ROI of an investment is typically represented as a percentage of the original expense, so the higher the percentage, the better the investment. Let’s look at a few stunning renovations that add value to your home with impressive ROIs.
Complete Your Basement
When you finish your basement, you provide your home with more heated square footage. The more heated square footage your home offers, the higher of a price bracket it qualifies for. It can cost roughly anywhere from $20,000 to $34,000 to finish your basement, but with an ROI of 70%, the considerable investment is deemed worthy.
Replace Your Carpet With New Hardwood Flooring
An aged carpet can look dull and dingy and is something every homeowner should substitute. Ridding your old carpet can improve air quality. This is because old carpeting harbors significant amounts of dust, bacteria, and (in some cases) mold.
In addition to making the healthier option for your home interior, hardwood flooring is also more sought after by prospective homeowners. The average ROI for installing hardwood floors ranges from 70% to 80%. Explore how to choose your hardwood flooring to ensure the best flooring decision.
If your home already has hardwood flooring, but it has an unfavorable amount of character, consider refinishing it. So long as your existing hardwood floor is salvageable, refinishing it will garner an ROI of 100%.
Get a New Garage Door
Garage door replacement can transform your home’s curb appeal. This investment nearly pays for itself with an ROI of 95% when you reuse the motorized opener. With various options and an incredible ROI, new garage doors are stunning renovations that add value to the home.
Enhancing your home’s interior and exterior is a lengthy and costly project. To optimize your time and money, make sure you invest in renovations that you can recoup when it’s time to resell. With the following renovations, you’ll impress yourself with your home’s appearance and content with its resale value.