5 Renovations That Bring the Biggest Returns
If you plan on selling your home in the near future, there is no shortage of renovations you could make to ensure that it gets sold quickly and at a good price. Below, we’ve collected five of the best in terms of how much of the initial cost you can hope to recoup.
Every homeowner wants maximum curb appeal. Aside from increasing the pride you have in your home, a pleasing aesthetic will also net you more if you ever sell. New vinyl siding is great for this. Homeowners can expect to receive roughly 83% back on their investment come closing too.
A New Garage Door
Traditionally, a new garage door represents one of the highest returns on investment out of any outdoor renovation – somewhere in the neighborhood of 87%. Of course, this is also another feature of your home that will do wonders for your curb appeal. It doesn’t get much more prominent than your house’s garage door.To get a higher return, consider two new trends that are very popular at the moment: garage doors with windows and carriage doors.
Hardwood floors immediately add a big touch of class to any home. There are also a number of different types to choose from these days (oak remains most popular) so you can get the perfect version for your unique style.
Another reason to love hardwood floors is that they instantly add to the value of your home. You can expect to get roughly 90% of your investment back on them.
Obviously, changing out your insulation isn’t something people are going to notice, so this definitely isn’t the type of renovation that will help your curb appeal. However, upgrading your insulation will make your home much more comfortable to live in.
Here in Ottawa, we get a range of temperatures throughout the year. Improved insulation will mean an improved climate indoors as cold air is kept in during the summer and hot air retained during the winter. Aside from living in comfort, you’ll also save money on that cold/hot air you’re paying for.
When it comes time to sell, you should expect to recoup approximately 95% of your cost. You may also sell a lot quicker, though, as energy efficiency is becoming more and more of a priority for buyers.
A New Roof
Out of all the renovations you could invest in for your home – interior or exterior – a new roof will be the best. You’re not only likely to make the cost back, but probably profit to the tune of 5%. That being said, buyers tend to treat new roofs with relative apathy.
It’s not going to be the thing that gets them to make an offer. A new roof probably wouldn’t even make their top five reasons. However, a roof that needs to be replaced is as good as guaranteed to scare buyers off. So if yours leaks even a little, this is definitely a renovation you need to invest in.
Before you put your home on the market, consider where it might be lacking. The above renovations may be necessary for attracting buyers, but at least they recoup large percentages of their costs.