#homeimprovement #ROI #housedesign
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I’m counting down the 6 home renovations with the highest return on investment according to actual data from single family homes all across California! I want to thank home advisory company Realm who has generously provided me with this valuable internal data so that I can share it with all of you so that you can make a more informed decision when considering your next home renovation project.
The renovation with the sixth highest return on investment is a water filtration system, Yes, installing a medium end water filtration system in your home will net you a 90.1% ROI. So if you spend the national average of $3,000 dollars, you can expect to get back $2703 if you were to turn around and sell your house. But ROI isn’t the only benefit of having a filtration system in your home. You’ll get better-tasting, cleaner water conveniently on tap, whenever you want it. So you don’t have to mess around with filling a britta filter all the time. Or if you’re always buying bottled water then a filtration system could save you money in the long run and reduce waste. A whole house filter can also help protect your appliances from hard water.
On to the fifth most profitable home renovation… A high end patio. This one will net you a 90.81% return on investment. With the average patio renovation coming in at a cost of $10,000, you would be able to recoup $9081. And Patios are awesome because they’re a relatively inexpensive way to increase your overall living space without having to pay for an addition to your house that would involve pouring a foundation and framing a new room. And patios are super versatile! They’re great for entertaining guests, they can be used for exercising or relaxing with a couple drinks. And they just give you a great reason to spend some time outside getting some fresh air.
Up next is our renovation with the fourth highest return on investment… A Deck. So if you $20,000 on a premium deck, you’re going to get back $18,250! A deck has a lot of the same benefits as a patio in terms of economically increasing your overall living space, but it also adds a really nice visual aesthetic to the exterior of your home. Another benefit of decks over patios is that you can build them high up off the ground to give you a better view or take advantage of a second floor living space that you want to expand by having outdoor access.
The home upgrade with the 3rd highest ROI is… A new Driveway. The average high end driveway upgrade has a 92.64% ROI. This is literally the first thing people are likely to experience when they come to your property. So if you have a janky looking crack riddled driveway your visitors will get a bad first impression of your home. Besides enhancing your overall curb appeal a new driveway can improve safety if your old driveway is a tripping or slipping hazard. Depending on where you live, adding space for additional parking can be super valuable especially if street parking is limited. And if you live on a slope or your garage is below grade, upgrading your driveway can be a great way to help solve drainage issues as well. A nice flat driveway can also provide you and your family a nice place to shoot hoops or do other outdoor activities.
The Number 2 most profitable home upgrade was surprising to me at first, but the more I think about it, the more I actually want one…and that’s an Outdoor Kitchen. If you love spending time outdoors, then an outdoor kitchen is a great way to enjoy the fresh air while you prepare a meal. And it’s even better if you enjoy entertaining friends and family, since you’ll be able to actually spend time with your guests outside while you cook. If you pair an outdoor kitchen with a patio or deck then you basically have a complete functioning outdoor living space. The one one caveat to an outdoor kitchen is that you probably need to have comfortable weather for most of the year for it to really be worth it.
And that brings us to the renovation with the highest return on investment…a new Front Door.
Disclaimer: The information provided on this RU-vid channel is for educational and entertainment purposes only and should not be construed as financial or investment advice. The content on this channel is not intended to be a substitute for professional financial or investment advice, and you should always do your own research and consult with a licensed financial advisor before making any investment decisions. The views and opinions expressed on this channel are solely those of the author and do not necessarily reflect the views of any organization with which the author may be affiliated. Investing involves risk, and past performance is no guarantee of future results. By accessing this channel, you acknowledge that you have read and understood this disclaimer.
15 фев 2023
