Tips to Increase the ROI On Your Home Improvement Projects

Tips to Increase the ROI On Your Home Improvement Projects

No matter if you are looking to sell your house or simply updating it for a change of scenery, in the back of your mind, you should always be thinking of how your improvements can make you more money on your return on investment (ROI). Usually, any and all updates and upgrades, no matter the size or complexity, can increase the overall value of your home. Our team here at iRemodel Home Renovations is going to go over what you can do in each room of your house to increase its value.  


Designate one bathroom in your home to be luxurious. This will increase the value plenty when you go to sell your house. To get the most luxurious feel, invest in things like frameless glass showers, marble countertops, and anything else that exudes luxury. It’s important to make sure that the space is welcoming but also properly utilized. When properly executed, you can expect a generous ROI when you only spend $5,000-$15,000. To put this into perspective, when all the details and the project have been completed, you can plan for a 62% average ROI.  


If you want to go all out and change your kitchen completely, then a complete kitchen renovation is required. This is going to include things like changing the flooring, paint, counters, cabinets, appliances, and more. Just be warned that this will be the most expensive renovation project out of all other home improvement projects. Depending on the size of your kitchen and exactly what you are looking to have done, the cost can range anywhere from $25,000-$50,000. However, the initial investment is well worth the return on investment. Before you jump into this project, you also need to be aware of the time requirement needed to complete such an extensive undertaking. It will be weeks, if not months to fully complete. If this is not something you can accommodate in your life at the moment, you might want to reconsider the renovation at this time. To put this into perspective, if you get a professional contractor to complete your full kitchen renovation, your ROI can be 75-100%.  


Changing your countertops is a great way to give your kitchen a new look, without the need for an entire kitchen renovation. Make sure to get high-quality stones like quartz or granite. Spending the money on these will drastically increase your ROI and make the whole kitchen look like new. Additionally, you can also choose to update all your appliances to new stainless-steel alternatives. This will drastically increase your ROI and it will only cost you roughly $5,000-$10,000 extra. To give you some perspective, kitchens typically make the highest ROI. You can anticipate a range of 75-100% of a return for whatever money you spent on the renovation.  


Even good quality flooring needs to be replaced at some point simply due to all the wear and tear it gets on a daily basis, especially if you have dogs. Your floors are one of the most visible aspects in your home and something the potential buyers notice first. This makes it extremely important to update it if it’s becoming worn out. But it can be difficult to pick the right flooring for your house. Our only advice is to avoid carpet at all costs. The best options for flooring are hardwood or laminate. To put this into perspective, if floors are properly installed, this can be the best ROI for your house, even if you choose to do nothing else. Updating your floors can give you an average ROI of 100-150%. Typically, hardwood floors will cost you $4-$6 per square foot and another $2 per square foot for having it installed. Whereas laminate can cost $1-$3 per square foot and another $1.50 per square foot for installation.  

Doors & Hardware 

Details are always important, especially if you are trying to have a luxurious aesthetic for your home. A super easy way to accomplish this is with door and hardware replacements. Additionally, things like door trim, baseboards, and crown moulding can help to modernize the overall look of your home. The best part about these projects is that they are fairly minor, non-invasive, and easy to accomplish on your own. Not to mention that they don’t break the bank to complete. This also allows you to purchase higher quality materials that will only add to the value and look of your home. Since this is a relatively small project, the overall impact will be fairly minimal if you are selling your house. But you can still get as much as a 50% ROI on the initial investment. For example, to replace your front door and lock, it will roughly be $2,500. Any new interior doors will cost about $250 for each door.  


The easiest, quickest, and cheapest way to add appeal and increase the value of your house is painting. This detail can often be underappreciated and overlooked by many people. However, simply painting a room a new colour can make it feel like a completely different space. It can completely change the whole aesthetic of a room. You can also make your life easier by hiring a professional to get the job done even quicker. To give you some perspective on this, if you have a 2,000 square foot home and repaint the entire thing, this can yield a 60% ROI. Your cost to complete this project can range from $10,000-$15,000.  

How We Can Help  

No matter how big or small a project you are looking to undertake, our team here at iRemodel Home Renovations is here to help! From bathroom and kitchen renovations to anything in between, we are your custom home builder in Toronto. Give us a call today at (416) 825-2542 if you are interested in our services! Any work we do is guaranteed to get you the most ROI from your home.