Embarking on a new year can mean many different things for many different people, but one thing remains consistent for those of us in the workforce: tax returns. A lot of us can expect a sizable return come early next year, which begs the question of what, exactly, one should do with all that extra cash in pocket.
Using your tax return for a home remodeling project is an awesome option because rather than throw it away on trips, food, or clothes, you’ll be making an investment that you can expect returns on in the future.
Nearly all renovations can contribute to increasing the value of your home, but some have a more significant impact than others. To get the most bang for your remodeling buck, consider one of the high ROI renovation projects below.
The kitchen not only tends to be one of the most popular rooms in the house for families, but it’s also where prospective buyers tend to hone their focus when considering a new home.
Opting for more traditional kitchen styles rather than ultra trendy designs will increase your home’s value even more as doing so will appeal to a wider range of people. Timeless elements like wooden cabinets, natural wood or stone floors, and high-quality countertops are stylish, durable, and universally appealing.
Similar to the kitchen, the bathroom is another highly frequented room in the house, so it makes sense that most buyers will be looking at the bathroom to gauge the overall quality and value of a home.
To get the most out of your investment, consider adding an entirely new bathroom versus updating an existing one. A lot of old homes weren’t built with the abundant bathrooms that are so popular these days, so an addition can really set your home apart from the pack.
Entry door replacement
Curb appeal plays a big part in a home’s overall value, which is why replacing your front door is such a good investment. It’s one of the easiest, most economical changes you can make and it yields, on average, a 96.6% ROI.http://www.remodeling.hw.net/cost-vs-value/2014/
That said, you don’t want to go with just any old door. You should make sure that the door fits well with the aesthetic of the rest of your house in addition to ensuring that it flows well with the look of the rest of the neighborhood.
Investing in a new deck will do more than increase your quality of life with outdoor barbecues and new potential for sunbathing; a new deck also happens to bring one of the highest returns on an investment. If you prioritize a deck addition you can expect to recoup, on average, an 87.4% return.
And there are infinite fun possibilities you can take advantage of when it comes to your new deck’s design. You can go with a wraparound porch, a second storey balcony, a sprawling backyard deck—if you can dream it, we can build it.
Now, this renovation isn’t exactly the most fun or interesting to execute, but it can save you a ton of money both now and in the future. Adding high-quality insulation, particularly in the attic, will ensure that the comfortable air you’re paying to come out of your furnace or HVAC doesn’t go to waste.
This update doesn’t need to be very expensive or time-consuming either. Sometimes a bit of extra caulking around the doors and windows is all it takes to save you bundles on heating and cooling costs.