5 home upgrades that offer the best ROI

Oct 12, 2023, 13:20 PM
coins with a miniature wooden house

Home renovations can add beauty and function and improve your lifestyle at home. Additionally, the right home upgrades can boost your home's resale value and marketability. If you want to get the highest return on your renovation investment, certain home upgrades recover more of their cost than others.

RenovationFind is a trusted resource in the home improvement industry. They work with renovation companies, trades, contractors and home services companies in Edmonton and across Canada. Homeowners can visit RenovationFind.com to access a directory of pre-screened and certified companies, including the best general contractors in Edmonton, that can assist with value-adding home upgrades.

In this article, RenovationFind shares valuable data from this 2023 cost vs. value report to help homeowners renovate for an excellent ROI.

A garage door replacement

Garage doors significantly affect curb appeal, security, and energy efficiency. This is especially true if you have an attached garage in the front of your house. It makes up for most of your home's front façade.

According to the report, a garage door replacement can recover over 102% of its cost at resale. That is an incredible ROI for a home renovation. In addition, that new garage door improves your garage's thermal performance, security, and aesthetics.

Replace your front entry door

New entry doors can give your home a trendy and modern look while improving security and energy efficiency. In addition, a new steel entry door can boost curb appeal, property value, and even earn profit at resale.

The cost vs. value report shows that a new steel entry door has an ROI of 100.9%. So, get creative with your new door style and colour, and enjoy the benefits of improved thermal performance and property value.

Adding stone veneer to your exterior

Similar to the garage door replacement, new cladding can drastically improve your home's appearance. In addition, it can enhance protection from the elements and thermal performance.

Upgrading your home's exterior with a manufactured stone veneer can recoup over 102% of its cost. For example, you can add stone cladding to the bottom third of your exterior siding and around the front entryway. According to the report, if you spend $10.9K on manufactured stone veneer, you can recover over $11.7K back at resale.

Siding replacement: vinyl or fibre-cement

Your siding is critical in protecting your home from the harsh elements. If your current siding is worse for wear, your home could be at risk of moisture and water penetration, which will cause a score of costly problems.

Fortunately, siding replacements rank high on the cost vs. value report. A vinyl siding replacement will recoup 94.7%. A fibre-cement siding replacement can have an ROI of 88.5%. Plus, boosting curb appeal will always favour you if you decide to sell.

Kitchen renovations

Kitchen renovations have the highest ROI for interior renovations. As the heart of the home, homeowners want to create beautiful and functional kitchens. In addition, homebuyers are seeking the same thing and are willing to pay a little more for it.

According to the report's data, even a minor kitchen remodel can recover 85.7% of its cost at resale. That number has jumped significantly in the past year. The same report showed an ROI of 71.2% just last year. If you want to improve your interior, add to your lifestyle, and enhance marketability for the future, consider a kitchen renovation.

Hiring experienced and certified professionals can help you get the best ROI for your kitchen renovation. For example, the best plumbers in Edmonton can offer ideas for cost-saving installations and energy-efficient fixtures. Find a kitchen renovation company with a proven reputation for quality work and service that covers every aspect of large-scale renovation projects.

RenovationFind connects homeowners with trustworthy contractors

RenovationFind offers a solution for homeowners nervous about hiring the right contractor for their home projects. And the right contractor is critical to successful home renovations with strong ROIs.

Their free online directory features companies that have passed rigorous screening and thorough background checks. In addition, a third party monitors the companies on their listings to ensure continued compliance with their high standards.

Furthermore, homeowners will find a comprehensive directory covering every home upgrade or renovation category. Whether looking for furnace repair, drywall contractors, home builders, tile installers or the best flat roofing companies in Edmonton, you'll find a trustworthy company on RenovationFind.com.