While much is written about the ROI of home improvements the truth is that there is a second benefit to consider. These projects not only deliver ROI, but they also add a much-improved quality of life inside your home.
On average, you’ll see home improvements will deliver somewhere in the neighborhood of a 70% ROI. Secondly, they can deliver over a 100% EFI (Enjoyment from Investment)! In the last couple of years, our homes have become a space where we are doing more living and working.
Whether you’re selling or planning to stay in your home, there are projects that will deliver both investment and enjoyment value. Projects that add livable space to your home like finishing a basement or addition will result in a good ROI. But what about working with the space you have currently?
Kitchen
The kitchen is typically the focal point of the home and many parties. There are simpler projects like cabinet refacing that adds a fresh new look to a dated kitchen. On a larger scale, you can do a full kitchen remodel which can be more dramatic. As a result, you’ll get give you more everyday enjoyment plus plenty of added value.
Bath & Shower
Bathrooms are also a great place to deliver value and enjoyment. While a full remodel can deliver big results, simply updating one of the focal points can also have a big impact. You’ll be amazed at the difference a new shower/ tub or vanity can have. Think about the amount of enjoyment you’ll have thinking about the value you’ve added to your home while showering in your new walk-in spa shower.
Home Exterior
Lastly, the exterior of your home is another option for improvements. New roofing, siding, and windows will not only add value, but will add beauty and performance that will give you a renewed sense of pride in your home. And for potential buyers, you will provide them with an incredible first impression.
So whether you’re thinking about staying or selling this spring, home improvements will not only deliver a good ROI, but they’ll provide hours of enjoyment and pride…or the EFI.
