Which Home Renovations Give You the Most Return-on-Investment (ROI)?

home remodel palm beachLooking to do a home renovation project? The big question always is: which project will pay for itself here in the Palm Beaches? The last thing you want to do is sink money into a home remodeling project just to get no return when you go to sell the house.

Research has shown three areas of the house generally provide good return-on-investment:

  1. The Kitchen. This is where your potential buyers will be cooking their food and spending a huge amount of their time. Kitchens have become the center of most households. Even smaller-priced renovations such as painting, refinishing surfaces and upgrading appliances, can reap a great return.
    • Average Rate of Return: Kitchen remodels generally garner a 66% return according to US News.
  2. The Bathrooms.  Specifically, buyers want to see a nice master bathroom. You need to make sure your master bathroom has two sinks, a nice shower and good lighting. Also- don't make bold design choices in your bathroom if you plan on selling  your home in the future.. your pink bathroom might look very dated in 10 years. Neutral colors are the best way to go.
    • Average Rate of Return: 62%
  3. Curb Appeal. The outside of a home is the first thing a buyer will look at. Make sure you are playing up your home's best features, whether it be painting that front porch, keeping that big oak trimmed or keeping pathways maintained. A little bit of maintenance can go a long way in keeping you from having to do a complete landscaping overhaul at the time of sale.
    • Average Rate of Return: Varies, depending on the type of outdoor projects you do. Exterior siding garners 78% return, new front door garners 73%, a new garage door garners 71% and a new wood deck garners 70% return on investment.

The biggest thing to keep in mind when considering a remodel is COST. The lower you can keep your costs, yet balance with quality, the better return on investment. It might not make sense to do a $50,000 kitchen remodel for your neighborhood home resale value, it might be more prudent to do the $20,000 kitchen remodel. Consultation with your realtor on the value of your home and consultation with Steve Cury Construction on the type of remodeling project that can be done in your budget will set you up for success.

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