Projects For High Return On Investment
While most renovation projects can help to improve the aesthetic and look of your home, these improvements are not equal when it comes to the overall return on your investment. If you are considering selling your home now or in the future, it’s crucial to consider which projects will provide the most home equity. Read below for our recommendations on the best San Diego home remodeling projects for a high return on investments. Choosing the right projects can not only help to make your home look more modern, but it can also make your property easier to sell in the future.
Don’t Tear It Down
One of the easiest and most cost-effective ways to transform your home’s living space is to remove any carpeting and to add hardwood floors throughout. If your home currently has hardwood floors, you can refinish them to help bring the surface back to life. The exact return on investment for new or refinished hardwood floors can vary depending on the size of your home and the flooring material you select.
On average, homeowners can expect the return on investment for installing new hardwood floors to be around 75%! These flooring upgrades not only help the space to be visually appealing now but can also create benefits for years to come.
An area of the home that is frequently overlooked during renovation projects is the siding, which can become faded or worn after just a few years of use. New siding is a great way to boost the overall curb appeal of your home and minimize the need for painting if damage occurs. Vinyl siding is extremely resilient and comes in a variety of colors and designs.
Vinyl siding project pricing will depend on the size of your home and any custom additions, but on average these renovations can cost around $15,000. Homeowners can expect a return on their investment at around 60-70%.
Kitchen + Appliance Upgrades
A kitchen is often referred to as the focal point of a home, where families and friends can gather and spend time enjoying food together. An outdated space can be uncomfortable when cooking meals, may create an eyesore and can affect the sale of your home in the future. Making upgrades like painting cabinets, upgrading appliances, and installing new backsplashes can help you to build equity.
It’s important to remember that kitchen renovation projects don’t need to be huge for a high return on your investment. Most minor kitchen renovations can yield a return of between 60-80% of the overall price.
A functioning roof is important for your home while you are living there and also when preparing to put the property on the market. If you notice any leaks during rainfall or staining to your ceiling, it’s time to have the situation addressed by a licensed professional. Making repairs and upgrades to your roofing material will work to preserve your home’s structural integrity and is a big bonus when listing for sale.
Some common signs your roof may need a replacement include the buildup of moss on materials, broken or missing shingles, and an increase in your energy bills. Once you have made the necessary repairs or replacements, homeowners can expect a return of around 107%!
With the high summer temperatures in San Diego, having an upgraded and properly functioning HVAC system is crucial for any homeowner. These systems work to ensure proper air quality, stable utility costs, and a comfortable living environment. Some buyers view any HVAC system as an added bonus but new and upgraded materials add an additional layer of reliability to your property.
Many homeowners avoid having their HVAC system serviced or upgraded due to fear of high costs. On average, HVAC upgrades can cost homeowners around $8,00 with an 85% return on the investment.
This is another crucial home element that is often overlooked because it functions out of our sight. You may start to notice cold areas in your home or a large increase in your energy bills. This can be caused by old or damaged insulation that is in need of replacement. Not only will your home be more comfortable but the savings on heating and cooling will only complement the increase in overall value.
Another common misconception is the overall price of insulation replacement, as many homeowners believe this service to be expensive. Even with the difficult location of this material, the average costs for insulation upgrades are around $2,400 per project.
Similar to insulation replacement, adding new windows to your home is a great way to ensure your heating and cooling costs are low and your home remains comfortable. Old or improperly sized windows can lead to drafts, an increase in your energy bills, and issues when listing the home for sale. Needing to replace several windows may deter potential buyers and affect the overall value of your home.
It’s difficult to estimate the cost for window replacement, as this price will depend on the size of the job and other additional variants. On average, homeowners can expect a 75% return on investment with this type of remodeling project.
Attic space is another area of the home that many individuals overlook, as it often gets used for storage or is not utilized at all. This wasted space can lead to issues cooling or heating your living space and may deter potential homebuyers if the space is unfinished. Closing off walls and adding flooring is a great way to make sure storage space is adequate for all the seasons or it can add additional living space to your home’s square footage.
Attic conversions and upgrades are affordable and surprisingly easy when it comes to home remodeling projects. Thanks to the low cost of this installation, homeowners can expect a 60-70% return on their investment for these types of projects.