When it comes to home renovations, there are two basic reasons to undertake a project. The first is simply for your own lifestyle and preference; the second is based upon the renovation ROI (return on investment.)
For those who are considering selling their home at some point in the future, renovation ROI is important. There are certain projects that you may think would raise the value of your home, but the return on investment is typically nowhere near it needs to be. In contrast, these home renovations will allow much higher ROI and will be worth your money.
Backyard Living Spaces: Because people from South Florida love taking advantage of the beautiful weather, adding a functional or beautiful outdoor space is a great project to improve the value of your home. Some examples may be to add a gourmet outdoor kitchen with a fireplace; a deck with gazebo and comfortable seating; a firepit with arranged seating and paver walkways; or tropical landscaping, pergolas or flowered trellis walkways.
Bathroom Addition: Because so many of the older homes in the Venice area had one or maybe two bathrooms when originally constructed, many modern families are looking for a bathroom addition. Homes with at least three bathrooms tend to be more desirable, and those with updated, spacious bathrooms including large showers, double sinks, and natural lighting add a lot to renovation ROI. If you have limited renovation money, many experts think adding an additional master bathroom is an excellent choice.
Garage Door Replacement: It’s not the most exciting improvement, but renovation ROI averages 100% or better for this one single improvement. Contemporary homeowners are looking for both the ability to remotely open the garage – especially important during seasonal rainstorms – as well as to have a hurricane-safe garage door. Hurricane rated garage doors help to protect your home in a significant way, and can also help to lower insurance costs.
New Roof Replacement: When a home clearly needs a new roof, it can be difficult to sell. No home buyer wants to deal with the major expense of a new roof installation. However, those selling a home can realize a full return on investment by installing the new roof and taking the onus off the new owners. This also makes a huge difference in insurance premiums.
Moderate Kitchen Remodels: We’ve all seen the over-the-top gourmet kitchen remodels, but these actually provide a low renovation ROI if too extravagant. A far better choice for the homeowner looking for the best ROI is a moderate renovation, which can include updated flooring, some new appliances, or cabinet resurfacing. However, if you are simply someone who loves to cook and the gourmet kitchen is for your own use, a kitchen renovation may be the most satisfying.
Window Replacement: Anyone buying a home in the Venice area is concerned about the health and safety of their family during hurricane season. A home with new windows which are up to the latest hurricane codes is very attractive to new home buyers, and can help to drive up the price of the home. The renovation ROI is strong because not only does it make the home safer and more energy efficient, but can help to save money on home insurance policies.
For those who are wondering, adding a swimming pool in the backyard is notoriously poor investment if you are looking to get your money back. While the addition of a backyard pool is often a priority for a family, it should be a personal and not a financial decision.
Kingdom Restoration are not only the best professionals to call when you need mold remediation and fire damage repair – but we can help with any home renovations you require. Call us today to discuss your options.
