A house makeover or renovation can be a great way to increase the value of the property. However, while doing the house renovation, you will have to remember that not all house renovations have a similar impact on the resale value. You will have to be picky and choose one with a potentially high ROI.
5 High ROI Home Improvement Ideas in 2022
1. Home Office Space
In the last decade, the number of people working from home has risen by more than 150% . Besides, due to the pandemic, people have become habituated to the Work from Home culture, and more people are adopting this. Considering the current situation, home office space has become a crucial area of every house.
If you want to renovate your house, constructing a home office space can increase the home value. Because nowadays, home buyers care more about home office space than the size of the house or move-in readiness. By building a home office space, you can add eight to ten thousand dollars in the resale value.
Again, if you want to be more creative, you can build an Accessory Dwelling Unit and the home office space.
2. Change the Old Garage Door
Is your house garage door making noise or outdated? Then replace it with a new garage door. You may think replacing the garage door won’t increase the resale price. But in reality, you can have a 100% ROI just by replacing the garage door.
Usually, a new garage door costs around $1,000 to $1,200. But when you install a new garage door in your house, it adds a resale value of more than $2,500.
3. Do Exterior Paint
If you are on a budget and plan to make home improvements, the best way to do it is by repainting the exterior walls. Depending on your home size, it can cost you around $3,000 to paint the exterior of the house. And just by re-painting the exterior walls, you can add about $7,000 to the resale value.
4. Install a Steel Door In Place of a Wooden Entry Door
Steel entry doors are easy to maintain, have cold blocking capacity, and save energy. That’s why houses with steel entry doors have a high resale value. If you have a wooden entry door, it is high time you should consider replacing it with a steel door. You can have 60% to 80% ROI on your steel entry door investment.
5. Finish the Basement
If your house has an unfinished basement and you are thinking about selling the home, you should finish the basement first. By completing the basement, you can add more space to the house. And when you have a finished basement, you can use that space for different purposes such as home office space, HVAC area, laundry space, etc. According to the HomeAdvisor, if you have a 1,000 square feet finished basement, you can have an additional ROI of 70%-80% during the house resale.