Whether you own a commercial building, a multi-family dwelling, or a personal home, you probably want to know which of the many possible remodeling projects you can do that will have the highest ROI. Here is a list of six that you may want to consider.
Bathroom Remodel Project
One of the most used rooms in the building, a bathroom can have a giant return on a small investment. Statistics show that the amount recouped after replacing tile, the counter, a shower control, and lighting is about 67 percent.
Kitchen Remodel Overhaul
Steven Taylor landlord has purchased several distressed buildings. One of the most sought-after remodels he found was in the kitchen. With updates to countertops, new microwave, dishwasher, lighting, range or cooktop, and garbage disposal, the ROI came in statistically at around 62 percent.
Adding a deck is much different than updating the project. To add a new deck with joists and concrete piers, and with an added bench or planter on top of the deck, the ROI may surprise you. This project included stair steps and a railing and provided a recouped ROI of over 75 percent.
When working on an asphalt shingle roof update, the ROI came in higher than expected. With a complete tear-out to the wood sheathing, repair of underlayment, new flashing, and new fiberglass shingles, the return on a remodeling investment is reported at nearly 69 percent. All that with a 25-year warranty!
Window Update or Replacement
Light is important if you are planning on reselling the property, so updating or replacing windows can be a huge bonus on the ROI of a building. Whether you choose double-hung, low-E, or aluminum cladding, do not forget to match the exterior trims and siding. The ROI is reported to be at just over 70 percent for window projects.
There are often two types of doors that can be replaced in a residential building, and each has a different ROI. The garage door, as a complete unit of five sections, can be replaced with an ROI of over 97 percent. The building’s entry door or main door’s ROI is not as high, but the replacement cost is often half as much. For an entry door to a personal home, the ROI is nearly 75 percent.
Not all upgrades are worth doing if you are planning on selling the property in the next year or two. However, if you choose one of the projects from the list above, you can be sure you will get a great ROI.