There’s a lot of things you can do to your house that’ll make it more enjoyable or functional. Small fixes like painting the walls or switching out the cabinet hardware are quick and easy to do, but they aren’t going to increase the value of your home by a lot.
However, there are some things you can do that if done correctly, you’ll get a good return on your investment. Homelight asked 1,000 real estate agents to participate in the 2020 Q3 survey and according to the survey, here are the best renovation projects that’ll give you the highest return on investment.
1. Swimming pools
If you had a swimming pool growing up, you were probably the cool kid in the neighborhood. A swimming pool is just as awesome as an adult as it was when you were younger. Only, as an adult, you can go swimming whenever you want – and that is luxury buyers want, too!
Installing a pool isn’t a cheap investment, as it could cost upward of $43,000 for an in-ground pool in some areas! But that will pay off in the long run because your family will get plenty of use out of it and when it comes time to sell, you can expect a 51% return on your investment.
2. Energy efficient windows
Old homes aren’t known for having air-tight windows. Drafty windows are a huge drain on your heating and cooling bills. You can cut these costs by installing energy-efficient windows throughout your home. Not only will it save on energy costs, but it will also net you a 72% return on investment!
3. In-law suites
According to 26% of surveyed agents, mother-in-law suites, or In-law apartments are incredibly popular right now due to the pandemic. More and more families are moving their elderly parents into the home or adult children are living with their parents for one reason or another.
These suites can be as simple as adding a bathroom onto an existing room or it could be a full-on addition complete with a kitchenette and living area. But, the cost of a full-on addition could cost up to $250,000, but the average cost for a project like this is between $12,000 to $40,000.
While this is a big investment, it will be worth it! It’ll add value to your home, it’ll attract buyers who want an in-law suite (since in-law suites are typically hard to come by) or you could even rent it out if you chose to do so!
4. Home sauna
How much money do you typically spend when you go to a spa or a sauna? If you visit these places a lot, it can add up pretty quickly! However, if you take that money and invest in building a home sauna or spa, you can expect a 42% return on your investment. Now we know that doesn’t sound like a lot, but you’re going to get a lot of use out of it too! And until you sell, you may as well enjoy the fruits of your labor, no?
If you’re putting money into your house, you want to make sure you’re taking on renovation projects with the best ROI, especially if you’re looking to put your house on the market in the near future.
However, you have to take your time and do some research. You’ll want to know what features and amenities are in demand in your area and you’ll need to figure out which projects fit within your budget. With careful planning and consideration, your home will be more enjoyable for you and your family, as well as more profitable when you sell!