When diving into the vast world of home improvement, one might wonder where to focus their efforts. The answer often lies in undertaking projects that generate a high return on investment (ROI). The best return on investment for home improvement can depend on a variety of factors. Whether you are increasing your home’s value to sell or simply want to update your property to look its best, you’ll want to consider the following home improvements with high ROIs.
Minor and major kitchen renovations
Embarking on home improvement projects, especially in the kitchen, is a strategic move that can significantly enhance your home's functionality, aesthetics, and overall value. A well-thought-out kitchen remodel can recoup costs and increase the value of a home by up to 80%.
Consider updating old appliances to modern, energy-efficient models. This not only rejuvenates the look of the kitchen but also promotes sustainability through reduced energy consumption. Similarly, installing a water-efficient faucet could be a small yet strategic update, marrying both functionality and contemporary design.
Consider updating old appliances to modern, energy-efficient models. This not only rejuvenates the look of the kitchen but also promotes sustainability through reduced energy consumption. Similarly, installing a water-efficient faucet could be a small yet strategic update, marrying both functionality and contemporary design.
Replacing outdated countertops with durable and elegant materials, such as quartz or granite, can transform the entire look and feel of the space, offering a fresh, updated appearance that stands the test of time. At the same time, updating cabinets with a fresh coat of paint or new hardware can substantially revitalize the kitchen without needing a complete overhaul.
Lighting also plays a crucial role in enhancing the kitchen space. Opting for layered lighting solutions, with a combination of ambient, task, and accent lighting, can create a warm and inviting atmosphere, elevating the aesthetic appeal while ensuring functionality. By focusing on these areas, homeowners can craft a kitchen space that is not only beautiful and functional but promises a favorable return on investment when it comes time to sell.
Even minor kitchen upgrades can yield a substantial return on investment. Consider refreshing the paint on your walls with a modern, neutral hue to instantly brighten and modernize the space. Updating hardware, such as knobs and handles, can give the cabinetry a fresh, contemporary look without a hefty price tag. Installing under-cabinet lighting is another affordable way to enhance the functionality and ambiance of the kitchen. These slight modifications can greatly uplift your kitchen’s appeal without drilling a hole in your pocket.
Updating the bathroom
Bathroom improvements, even subtle ones, can significantly boost the value and appeal of a home. In Chicago’s real estate market, bathroom remodels often recouped costs over 100%. Simply replacing outdated faucets, showerheads, or towel racks with more modern and stylish options can instantly elevate the overall aesthetics of a bathroom. These minor changes can deliver a contemporary look without a major overhaul. A fresh coat of paint in a soothing, neutral shade can also transform a bathroom, making it feel cleaner and more spacious. Remember, a well-chosen color palette appeals to a broader audience. Consider a clear glass shower enclosure to make the space feel more open. If a new tub fits the budget, a freestanding bathtub can serve as a luxurious centerpiece. Introducing smart storage solutions like floating shelves or recessed medicine cabinets can declutter the space, making it appear larger and more organized.
If replacing bathroom tiles isn't feasible, consider regrouting existing tiles or using tile paint to refresh their appearance. This can make the bathroom look well-maintained and updated. When finished, consider moving on to the vanity, as this often serves as the focal point in a bathroom. Refinishing or updating the vanity can give the space a fresh look. Consider adding a stylish mirror or modern light fixtures to complement it.
As sustainability becomes a top concern for many homeowners, incorporating water-saving faucets, dual-flush toilets, or energy-efficient lighting can add immense value to the bathroom. Lighting can also dramatically alter the ambiance of the space. Layered lighting can enhance functionality and create a warm, spa-like atmosphere.
When considering bathroom upgrades, it's not always about extensive renovations. Often, small, thoughtful changes can make a bathroom feel new and luxurious, promising a desirable return on investment.
Installing new garage doors
Updating the garage door is a prudent move in bolstering home value. A modern, well-insulated garage door not only augments the home's facade but also enhances energy efficiency. Opt for designs that harmonize with the home's overall aesthetic, potentially incorporating windows for natural light. High-quality materials and updated technology can further boost the functionality, offering prospective buyers visual appeal and peace of mind. This relatively simple home improvement project can reach a staggering 102.7% return on investment.
Making the switch to an electric heat pump
Switching from a traditional furnace to an electrified heat pump offers a high return on investment, with many of these projects seeing recouped costs at 103%. Heat pumps serve as heating devices and can act as cooling systems, making them versatile for year-round climate control. Their dual functionality can decrease overall energy consumption, resulting in potential cost savings over time. With increasing interest in eco-friendly homes, properties equipped with sustainable technologies like heat pumps often stand out in the market, making them more attractive to environmentally-conscious buyers. The consistent comfort heat pumps provide, regardless of external weather conditions, adds an intrinsic value to a home’s living spaces.
Why are real estate agents pivotal during home improvement projects?
Working with a real estate agent who has a deep understanding of projects that offer high returns on investment can be pivotal in helping you make informed decisions. An ROI-savvy agent can help pinpoint cost-effective home improvements that significantly elevate your home's market value.
Adrien Bellagio can help increase your home’s value
As a real estate broker with over 12 years of experience in Chicago real estate, Adrien Bellagio has the expertise and prowess to help you plan and implement home improvement projects that will increase your return on investment, thus boosting your property’s resale value. Adrien specializes in the Chicago area’s most exclusive neighborhoods, including Gold Coast, Old Town, Ravenswood, and Lakeview. If you want to look at luxury homes for sale in Lincoln Park, Chicago, or have more questions about home improvement, get in touch with Adrien Bellagio today.
