Some home renovations and improvements are more popular than others — and for a good reason. They can add aesthetics, boost your property's value, and improve your home's curb appeal. But since any renovation requires an initial investment, it is vital to know where to start, what works best for your home and what ROI (return on investment ) to expect.
Looking to add value to your home? These are the top home renovations and improvements in 2022 with high ROIs.
Window replacement
If your home feels chilly and windy, it is definitely time to consider replacing your drafty windows with new energy-efficient units. Many window installation experts in Calgary claim that homeowners usually underestimate window replacement, thinking it might not dramatically improve the overall thermal performance of their home. But, in fact, it does.
Energy-efficient windows allow you to keep the warmth inside your home during the winter and keep the heat outside during the summer. Moreover, Energy Star-rated windows provide energy efficiency up to 50% more than the ordinary units you probably have now. Overall, window replacement will definitely help you significantly cut down on energy bills and enhance the exterior of your residence.
Homeowners who invest in vinyl window replacements can expect up to 72 per cent ROI, while wood windows can provide a slightly lower ROI OF 69 per cent.
Central air-conditioning installation
Equipping your house with central air may cost around $10,000 or more (for a typical 2,400-sq.-ft. home), but it increases your property value by 10 to 20 per cent. Central air conditioning is also energy efficient. The average EER (energy efficiency rating) of centralized units is 11.5 versus 8.5 for single-window models, making them less expensive to operate.
Renovating the basement
There's nothing more annoying than a distinctive damp basement smell. Rather than worrying about the right lighting or furnishings, a dry basement is far more essential. That is why it is vital to hire experts to fix and renovate the space if your basement is prone to flooding, leaks, or excessive dampness.
Keep in mind, though, that if you want to renovate your basement by working on drywall, insulation, laminate flooring, or even installing a bathroom, everything should be of comparable quality to other parts of your home. When considering basement remodelling, you can expect the ROI to go as high as 50 to 100 per cent, depending on the quality of the material used.
Consider kitchen remodelling
Although a kitchen renovation may not seem like a necessary expense, it does pay off in the end. Many potential house buyers are on the hunt for contemporary, nice-looking kitchens. When investing in kitchen remodelling, you can expect to gain back 62.7 to 81.6 per cent of your money. But start with modest changes first:
- Replace the faucet.
- Change worn-out light fixtures with something more energy efficient.
- Get new cabinet hardware.
Instead of replacing cabinets, paint the existing ones with fresh colour to add aesthetics and a modern look. These simple changes will improve the overall appearance of your kitchen.
Bathroom renovation
Bathroom remodelling will get you an 87.7 to 93.5 per cent return on investment, but just like with the kitchen improvement, don't go crazy. Go with installing new fixtures, use fresh paint to brighten the space, and re-grout the bathtub. A bathroom's appearance may also be significantly altered with the addition of a new mirror.
The bottom line
While the average return on investment for home renovations is 63.9 per cent, there are several ways to increase this number. By avoiding luxurious materials and focusing on more essential improvements like energy-efficient windows or central air conditioning installation, you'll not only add value to your home but also improve your living conditions.