For anybody who owns a home, it may often feel like there is an endless list of home renovation projects to be done, some big, some small. One of the best ways to prioritise what gets done first, is to look at the potential return on investment (ROI) that a renovation project might bring in. Familiarising yourself with the projects that will give you the highest financial returns, may help you with the decision-making process.
Replacing The Entry Door
- Replacing the front door of your home can make a big impact on your home’s resale value.
- A steel door has the most ROI, followed by a fibreglass door.
Installing a New Fireplace
- Buyers rank fireplaces among the top 3 amenities they would like most in their homes.
- Get an insert professionally installed into the fireplace to counteract any air gaps, which can send up to 8% of valuable furnace-heated air out of the chimney.
Remodelling The Kitchen
- Kitchen projects that are budgeted at 6% to 10% of the total home value will see the highest ROI. The kitchen is the room that generally makes or breaks a sale.
- Almost 7 out of 10 homeowners remodel the kitchen because it is out of date.
Converting The Attic into a Bedroom
- The average cost for the key elements of an attic conversion e.g. strengthening the floor, insulation & the finish, is $5k/€4.5k approximately.
- Creating an attic bedroom could increase your home value by as much as $40k/€36k approximately.
Replacing The Exterior Siding / Wall Cladding
- The side or cladding on the exterior of your home should not be undervalued.
- Options for replacement include vinyl, fibre cement, foam-backed vinyl & more.
Note: Statistics based on Remodelling’s 2015 COST VS VALUE REPORT.
Simple & Inexpensive Renovation Tips
Fix All Windows & Doors
- Creaking windows & doors that do no open or close easily give potential buyers the impression that other items (that are harder to spot) may not be in top shape either.
- Basic repair work will pay off.
Wash Down & Paint Walls
- Bright neon or gloomy dark coloured walls do not have mass appeal.
- Give them a coat or two of light neutral coloured paint which will give the added benefit of making the room seem larger, cleaner & more appealing.
Update Lighting Fixtures
- Lighting is something that is very trend led with specific items coming in & going out of fashion.
- Purchase inexpensive versions of what is on trend & these can really bring a house that looks dated back to life.
Ditch Old Carpets
- Not everyone can afford to lay down hard wood, however pulling up dirty old carpets is an absolute must when trying to attract a buyer.
- What is underneath may be more presentable with some cleaning & refurbishment.
This article has been prepared with the good advice and help of Senator Windows, who are the market-leading Window, Door and Conservatory manufacturer in Ireland available in PVC, Timber, Aluclad and Aluminium.