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Which renovation projects will get you the best return on investment? I’ll go over the top four today.
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Whether you’re thinking of selling your home or you just bought your first home and want to make some improvements, there are some renovations you can do that will get you a great return on investment.
These are the top four renovation projects that will get you the best possible return on investment:
1. Upgrade your landscaping. Boost your curb appeal by adding flowers, shrubs, and trees. Spruce up the grass. Make sure that great landscaping carries through to your backyard. Buyers want a really neat backyard, and a good backyard shows very well. Landscaping projects typically cost around $4,700 and you can get a 105% return on investment.
2. Get a new roof. If your roof is getting up there in age and you’re thinking of putting your home on the market, a new roof will get you the best return on investment. Pitched roofs are especially popular in Albuquerque. If you just bought a home and you’re looking to save energy, it can also be very beneficial in the long run to invest in a new roof. A new roof costs about $7,600 on average and you can get a 105% return on investment.
A new roof will save energy and add value to your home.
3. Refurbishing or installing hardwood floors. Hardwood floors are a classic, popular finish for flooring. If you have hardwood floors already, resurfacing them is a great way to make them look good as new. If you’re thinking of installing hardwood floors in your new home, you will enjoy them and they will be a great selling point when the time comes. Resurfacing costs about $2,500 for a 102% return, while installing hardwood floors costs about $5,500 (depending on the size of the home) for a 95% return.
4. Adding a patio or deck in your backyard. This goes along with the landscaping. Here in New Mexico, patios are very popular. You get a lot of use out of them and they will increase your home’s value. Patios cost about $6,400 for a 100% return while adding a deck costs about $5,000 with a 91%.
If you have any other questions about improvements for your home or you’re curious about what’s happening in the market, give me a call or send me an email. I would be happy to help you!