Contrary to popular belief, the research study indicates that bath and kitchen renovations were not the most profitable, per CNBC. For example, a bath remodel that includes new countertops, fixtures, and tiles, led to only a 67% return on investment. Upgrading a kitchen with new countertops, flooring, and appliances led to a higher return of 86%, but it still didn’t yield a full benefit on the money spent to make these changes. However, several improvements received a return that was over 100%, meaning that these changes paid for themselves when the house was sold. These renovations included a new garage door, converting the HVAC system to electric, replacing the house siding with a stone veneer, and installing a new steel front door.
Keep a few things in mind before embarking on a new renovation. Consult with a local realtor to help you decide which improvements make the most sense for the market in your area, and this will help you prioritize your list. Consider starting with a small project to get the ball rolling before you begin a major remodel that requires a home improvement loan, which will be affected by higher interest rates. Compare quotes from different contractors who are qualified to do the work, and leave room in the budget for additional expenses. Following these suggestions will help you get the most out of the money you invest in improving your property, and it will enhance your enjoyment of your home in the days ahead.
