If you’re considering a home renovation project, it’s wise to ensure it’ll be one that provides the best ROI, or Return on Investment. A home renovation is typically no small change, so investing in a project that adds value to your home is a smart move.
Last fall we completed a home renovation project for our entryway. We bumped out the foyer as much as the town would allow us according to their codes. Inside, the foyer had been a very tight space; when the door opened it blocked the pathway towards the basement stairs. If anyone was standing behind the door they would have been knocked down the stairs. It was a safety issue. Adding just a bit more space to the foyer helped alleviate that safety issue as well as provided us with a bit more room to take off shoes (we do not wear them in the house).
We also added a portico and pathway leading out to the front. Prior to the renovation, there had been no portico. As a result, whenever it rained or snowed we would get wet while fumbling to unlock the front door. Our packages would be soaked, too. Our prior entryway had no path; it only had six steep steps going sideways towards the driveway. There was not much curb appeal at all. According to the infographic below, replacing an entry provides a 101.8% ROI. Looks like we made a good decision to focus on our entryway. Here’s a photo of our new entryway.
But let’s say your entryway is already fabulous. What should you prioritize for your next home renovation project? When selling a property, the kitchen is often the room that will make or break a sale. Kitchen projects budgeted between 6% and 10% of the total home value will see the highest return on investment. The infographic lists other top projects with the greatest return on investment, as well as provides simple and inexpensive renovation tips.
What home renovation projects have you completed, and did you think they were a good return on investment? What projects do you want to tackle next? Let us know in the comments!
Source: Senator Windows