(Family Features) Homeowners and renters remodel, redesign and restructure their homes for a variety of reasons. Even a newly constructed dream home needs improvements over time.
Common renovation projects include upgrading worn-out surfaces, finishes and materials, or adding features and improving livability. Other homeowners invest in remodeling simply because they’re ready for a change.
However, many find the idea of taking on a remodeling project too overwhelming to attempt. Thirty-five percent of U.S. homeowners would rather move to another home than remodel their current home, according to research by the National Association of Realtors.
What those homeowners don’t realize is that taking on projects is often worth the investment and time. The same study showed that among those who did undertake a home improvement project, 75% had a greater desire to be in their home when the project was completed. Others reported increased enjoyment in their home and a major sense of accomplishment.
Satisfaction aside, there are financial implications that may influence how you prioritize renovations in your home. Learn which interior and exterior upgrades are likely to bring the biggest return on investment with the leading in-demand projects identified by the National Association of the Remodeling Industry and the National Association of Realtors.
Generally speaking, improvements to your home’s structural features and exterior elements drive the greatest returns on your renovation dollars.
New Roof: Your home’s roof takes a real beating from the elements, and upgrading this protective feature is one of the greatest investments you can make for your home with an estimated 109% return on value. There’s a reasonable expectation for long-lasting results and you’re likely to see some improvement in your home’s energy efficiency.
Garage Door: Proving that curb appeal counts, a new garage door is another exterior feature that’s likely to bring a strong return. A new door may be an opportunity to create a new look for your home, but it’s also a way to improve the function of a worn-out door.
Updated Siding: Enhancing an architectural element like siding is another way to improve your home’s aesthetic appeal while making it easier to maintain. Be thoughtful in selecting your materials, though; fiber-cement siding brings a slightly higher return than vinyl selections.
Although many improvements inside the home tend to be based on your personal tastes and lifestyle, you can still reap the benefits of undertaking certain high-return projects.
Wood Flooring: Refinishing existing wood floors or installing new wood floors is likely to bring at or near a 100% return on investment. The project improves a home’s aesthetic appeal and eliminates possible signs of wear while bringing a more modern feel to the living space.
Sustainable Considerations: Also high on the list are projects that improve a home’s energy efficiency, such as upgrading insulation. Not only does improved quality or quantity of insulation help reduce energy bills, it’s an investment you can expect to recoup a large percentage on. Similarly, replacing the HVAC may be a necessary project if the old unit is failing to perform, but it can also improve energy efficiency and result in better functionality and livability for the home.
Livable Spaces: Adding square footage always helps a home value, especially when you can convert unused, unfinished space like a basement into a comfortable, cozy living area. Another place where you can expect a big return is on a complete kitchen remodel, which will allow you to improve function while adding modern touches and upgrading outdated and worn features.