There are a million and one (not really) renovation projects you can do that'll change how you feel about your home. Sometimes they address the home's aesthetics while other renovation projects repair problem areas. One of the problems homeowner's have is trying to decide which projects are going to pay off when it's time to sell.
One thousand real estate agents participated in HomeLight's Q3 survey and shared the best reno projects that'll give you the most bang for your buck.
1. In-ground pool
As a child, you may have dreamt about owning a house with your very own in-ground swimming pool but whenever you asked your parents about it, they shot you down faster than you could say please. As disappointing as that may have been, as an adult, now you can actually have one!
Now, this isn't going to be a cheap project, as the typical cost of an in-ground pool is about $42,480 (depending on the area). However, you'll get 51% of that back when you list. That's a nice chunk of change!
2. Installing energy efficient windows
Older homes tend to have drafty windows that wreak havoc on the energy bill! Installing new energy efficient windows is a great way to increase your home's value and you save money on your energy bill! The best windows to install are low emissivity, simulated divided, light vinyl windows. You can paint the windows as you see fit and the best part? These windows may cost, on average, $17,000, but you're likely to get a 72% return on your investment! That's not considering the additional savings on your energy bill, too!
3. In-law suites
In-law suites are in high demand as a result of the coronavirus. About 26% of real estate agents say their clients are looking for an in-law suite. They don't feel comfortable leaving their elderly family members in a retirement home and more college age students are staying home because their university isn't open.
There are several ways you can create an in-law suite. You could convert the basement or attic into one. You could build an addition. You could even convert a shed into their own little sanctuary.
Depending on the route you take, you could spend upward to $250,000 ($12,000 to $40,000 is the average price range, though)! Now while that may seem like a lot of money, these suites can add a significant amount of money to your property's value. Plus, in law suites grabs buyer's attention and you'll increase the likelihood of getting a few offers.
4. Home sauna
You can get 42% of your money back if you have a home sauna or spa, which is a decent return. However finding buyers who will actually want these features may be few and far in between. Yet, homeowners who do go with this reno project are most likely doing it for their own enjoyment, which is all that matters!
If you want to get the most bang for your buck while giving your house a new look, these are just a small selection of renovation projects with the best ROI. But, before you dive in head first, you have to do your research.
Read up on what amenities buyers are looking for in your area. Do some research regarding qualified and licensed contractors who have experience with the work you want done. Figure out your budget and figure out the average cost of the materials and labor.
By doing your research now, the faster you'll be able to get started on those projects!
