Home Renovations with a High Return on Investment

July 10, 2020 10:18 pm Published by Leave your thoughts

There are a lot of reasons to consider doing renovation or remodeling work on your home. It can give you some much-needed aesthetic upgrades if your space is old and outdated. It can also add a lot of practical value to your home, as you can make better, more efficient use of your existing spaces. But another factor to consider is the amount of value a home renovation can provide. There are certain types of home renovations that will yield a high return on investment in Birmingham, AL, making them a wise financial decision as well as a solid practical way to get the most out of your home.

Not every single project will give you an equally strong return on investment, though, and there are some that won’t really give you any kind of return at all. If you’re primarily focused on the value and ROI of your renovations, here are a few of the projects you might consider:

  • Garage door: The average ROI for a garage door replacement is 97.5 percent, making it one of the best upgrades you can perform if you’re planning on selling your home. You can expect to pay just over $3,600 on average for your new garage door, but note that this is a national average—the price will vary widely by location. A new garage door provides enhanced curb appeal, as well as long-lasting reliable operation of a part of your home that gets frequent use.
  • Minor kitchen renovations: Kitchen remodels can provide quite a bit of ROI, at least to an extent—luxurious kitchen remodels can quickly balloon in price, getting far past the point where the amenities being added actually contribute anything to the value of your home. If you’re smart about the kind of work you do on a kitchen, you can recoup around 80 percent of the costs. Focus on implementing energy-efficient appliances, new cabinets and countertops, new sinks and faucets, new flooring and new paint. Opening up spaces by knocking down walls can be beneficial, but will add quite a bit to the cost of the project, so make sure it’s truly necessary before proceeding.
  • Adding a deck: You can recoup a little over 75 percent of the cost of building a new wooden deck on a home. This can be an especially beneficial addition if you have a home with a big yard. Decks can also include added features like built-in seating and planters.
  • Siding upgrades: As with a deck, you can recoup a little over 75 percent of the cost of replacing the siding on your home. Even if your home is otherwise very well kept up, old and worn-out siding will really detract from your curb appeal.
  • Replacing your front door: If you replace your main entry door with a higher-quality door, you could potentially recoup around 75 percent of the cost. In some cases, though, simply refinishing an existing wood door can add quite a bit to your curb appeal, and thus the value of your home.

For more information about high-ROI home renovations in Birmingham, AL, contact the team at Metro Contractors Inc. today.

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