What Home Renovations Give the Best Resale Value?

February 21, 2020

Have you been thinking about putting some money into your home in the form of some remodeling projects in the near future? If so, you’ll likely be most concerned with which projects will improve the space’s functionality and aesthetics, but you should also at least consider what the remodel will do for the value of your home if you ever decide to sell. Certain types of remodeling projects will offer a much better return on investment than others, so if part of your reasoning for doing the work on your house is to increase your potential asking price, here are a few examples of some of top ROI home renovations in Phoenix, AZ:

  • Kitchens and bathrooms: These are likely to be the renovations that will give you the biggest return on investment in terms of home value. In some cases, you may even be able to get a return of more than 100 percent of the cost, but you will at least recoup a majority of the costs of the project in value. Most people in the market for a home want a home that does not require a lot of work to upgrade, and a kitchen or bathroom that is clearly outdated will almost always be a detriment to your ability to sell the house at the price you want. Upgrading the kitchen or bathroom(s) makes your house significantly more attractive to potential buyers and gives you a big boost in your asking price.
  • Important home infrastructure: Kitchens and bathrooms might be the most exciting type of remodeling or renovation projects you can do on a home, but they’re certainly not the only ones that will give you some major value. Redoing the roof, adding or replacing insulation, redoing your electrical wiring or upgrading the HVAC or water heater are all types of projects that, while they’re not particularly thrilling, will certainly go a long way toward making your home more attractive on the market. People don’t want to purchase a home and have these important pieces of infrastructure be ticking time bombs—they want to be able to take them for granted for years after purchasing them.
  • Exterior upgrades: If you’re able to enhance the curb appeal of your home, that will go a long way toward increasing its resale value. Like it or not, people definitely do judge a book by its cover when it comes to the housing market, and if the exterior of your house is in rough shape, people are nowhere near as likely to bother taking a look at the inside. Siding replacement is one of the best ways to increase your home’s value and get a good return on your investment. You can also put on fresh coats of paint, touch up stucco, replace your gutters and work on your landscaping and paved surfaces.
  • Additions: Some additions, such as extra bathrooms or bedrooms, can also make for great value boosts and give a strong return on investment thanks to the extra square footage and functionality they provide.

For more information about some of the top ROI home renovations in Phoenix, AZ, contact the team at Renovations by Design today.

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