Home renovations almost always make your home a better place. But not all renovations are good from an investment perspective.

If you’re looking for upgrades that specifically increase home value without spending a ton of money, then you have to do some homework about cost vs value. Here are some tips to help you choose home renovations that return on cost…

Decide Your Goals For Home Upgrades

Almost every renovation you decide to do will benefit you in one way or another. However, you may be surprised to know that bigger-ticket items such as a complete kitchen makeover with a lot of personal touches may not yield as much return as a minor kitchen renovation if you plan to sell.

A minor kitchen reno involving new appliances or new cabinet doors and countertops can make a big visual improvement, which can translate to more dollars in the home market rather than tearing it down and starting from scratch.

However, if your goal is to live in the same home for years to come, then, by all means, go with your personal preferences. After all, they’re for you, not for the person potentially buying the home.

Best Renovations For ROI

Some of the upgrades you can do to maximize your return on investment are not the ones you might think of first (like a kitchen reno, for example.)

In fact, one of the top-rated jobs to increase home values is to replace the garage door. It makes sense, considering a garage door can take up 40 percent or more of a home’s facade and is one of the first things a potential buyer will see.

Aside from the mentioned minor kitchen renovation, you can also focus your investments on adding a wood deck, replacing your siding, or swapping your siding with a stone veneer. All of those options have a return of 75 percent or higher. But also keep in mind that the rate of return can change depending on your location.

Renovations To Avoid For Cost vs Value

If boosting home value without spending a mint is your goal, then you should avoid items such as an inground swimming pool. Not only is the initial cost high, but it also requires ongoing maintenance costs. That may deter some potential buyers.

Meanwhile, creating a home theatre may enhance your movie-watching experience, but it might not boost your home’s value as much as you think. In any case, you could consider adding more modern furniture and toss worn-out sofas and chairs.

This is not to say that these renovations are “bad” by any means, as they can enhance the quality of life for your family. However, they just don’t rank as high as some others when it comes to returning on cost.

Do Your Homework For Home Upgrades

While investing in your home is never a bad idea, there are some renovations that perform better from an ROI standpoint than others. So if you have cost vs value in mind, then creating spaces that are geared solely towards your personal preferences aren’t always the best choices.

Did you find this article helpful? If so, be sure to visit often for more tips for homebuyers and realtors.