Flooring is a big deal. Whether it’s carpet, linoleum, tile, or hardwood, buyers will notice and worry if they need to replace it. Refinishing your hardwood floors has a 100% return on investment, so if you have the means this is a must! If you’re replacing carpets with new wood floors you’ll still get 91% which is a solid return.
2. Kitchen Upgrade
They say that the way to the heart is through the stomach, so that makes the kitchen the heart of the home. This is usually the first place people consider for a remodel and it can be a great selling point. Whether you upgrade an existing kitchen (which will cost your around $30,000) or decide to do a complete renovation (costing around $60,000), you’ll get a 67% return.
3. Bathroom Upgrade or Addition
Depending on how many bathrooms in your home, you might want to renovate or even add a new one. If you decide to do a reno which will cost you about $26,000, you’ll get a 58% return, while adding a whole new bathroom which costs around $50,000 will give you 52% of value returned from the project.
4. Living Space Additions
Extra space like an attic of basement can always be converted to something more livable. If you want to change your basement space to a living area, the estimated cost is $36,000, but with a resale $25,000 of that will be recovered. A 69% rate of return is great and you’ll have even more space in your home to relax! An attic will cost around $65,000 and you’ll still get 61%.
For those cold months, insulation is a must for keeping your home warm. If you want to make a more practical change without breaking the bank, this is a good bet. It’ll cost $2,100 and you’ll get 95% of recovered value!