8 Home Updates That Have the Best ROI

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From minor décor tweaks to major remodelling ideas, there are always new and exciting ways to improve your home. And whether you’re a design enthusiast or just passionate about designing your dream home, it’s easy to get carried away with all those creative projects. However, it’s important to know which home improvements are worth your time and money. While some will boost your home value instantly and bring you a high return on investment, others might not pay off as much as you think.

Timeless hardwood floors

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There’s no doubt that hardwood flooring is a timeless trend that will always be in style. Installing this type of flooring might require more money than going with laminate floors, for instance, but it will bring you a high return on your investment. Installing new hardwood floors brings an ROI of 91 per cent while refinishing your existing floors comes with an ROI of 100 per cent. So, if you’re ready to update your floors, this is the way to go.

Steel front door

The front door is the focal point of your home’s exterior. Not only does it affect its curb appeal, but it also has an impact on the level of thermal comfort in your living space. Therefore, if your old front door has become worn out, you should consider investing in a new steel door, which will enable you to recoup 91 per cent of your investment.

Improved insulation

Improving the insulation of your home will significantly increase its energy efficiency. Better insulation will help you maintain a stable indoor temperature and reduce your energy consumption. In particular, attic insulation is definitely worth your time and money since it comes with an estimated ROI of 108 per cent. Although you won’t be able to see your home improvement, you’ll definitely be able to feel it.

More square footage

There are plenty of ways to increase the square footage of your home. Attic transformations and basement conversions are the most common options that can recoup around 61 and 69 per cent of their initial cost respectively. However, there are other possible options that can bring you numerous benefits. For example, duplex properties are quite popular in Australia, which is why Aussie homeowners often choose to invest in purchasing or building a duplex. Furthermore, reputable and experienced duplex builders in Sydney employ an all-encompassing approach in order to enable owners to reap all the benefits and get the highest return on their investment. If you decide to increase your square footage by building a duplex, you’ll have two homes within one building, double your rental income and enjoy numerous tax deductibles that can increase your tax savings.

Quality garage door

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Since the garage door also affects the curb appeal of your property, investing in a new door is a great way to boost it. You have a range of options when it comes to materials, colours and designs, but it’s important that you pick a garage door that will fit into the overall style of your home. This is another profitable home improvement with an ROI of 87 per cent.

Minor kitchen improvements

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The modern kitchen has become the heart of a home and, as such, it has a major impact on the value of your property. However, when planning your kitchen remodel, you need to keep in mind that minor upgrades bring a higher return on investment. A complete kitchen makeover will cost you a fortune and you won’t be able to recoup your investment. Instead, you should update the cabinets, change the hardware, install recessed lights, etc. These simple, yet effective improvements can recoup 98.5 per cent of their cost.

Simple bathroom upgrades

When it comes to bathroom improvements, you should also stick to minor changes. You should aim for a modern design that will exude elegance and simplicity. Replacing the vanity, improving the bathroom lighting, styling up the fixtures and upgrading your toilet can bring a great return on investment of up to 102 per cent.

Outdoor space

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Nowadays, having an enjoyable outdoor area is a must, so adding one to your home is definitely a profitable project. If you’ve always dreamt of having an in-ground pool, you might want to skip this idea and build a wood deck instead. A comfortable, appealing and functional deck can increase the value of your property substantially and bring you an ROI of 82 per cent, as well as a dreamy outdoor haven.

If you’re ready for a remodelling adventure, you should go with one of these profitable improvements that will boost your home’s value, appeal and comfort.

 

Derek Lotts is a Sydney based writer and researcher, a regular contributor at Smooth Decorator  blog. He writes about décor, gardening, recycling, ecology and business. He thinks all of these topics fall under the self-improvement category. He believes in the power of sharing ideas and communicating via the internet to achieve betterment.

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