If you’ve been living in your home for a while—or even if you just moved in but have big goals for your new space—tackling renovations can be a fun but challenging prospect. You might have a lot of ideas on your to-do list, but only some of these will bring you the most bang for your buck.
When it comes to getting the most ROI on your home add-ons, stick to these features.
Detached garage
Maybe you have a lot of cars you want to keep in tip-top shape, and your current garage isn’t cutting it for space? Maybe you don’t currently have a garage but would like one? Either way, a detached garage is a costly investment, but one that can bring you big ROI when it comes time to sell. This project can run up to $20,000, depending on size, but if you consider adding a home office or additional rooms above your garage, you can expect an even greater return.
Geothermal heating
Geo-what? If you’re thinking this is just another ecofriendly energy system that isn’t worth the time or construction cost, think again. A geothermal heating system uses the ground’s constant temperature of near 60 degrees to heat your home through underground coils. There is a federal tax credit of 30 percent, plus lower energy bills.
Additional bathrooms
A house with three bedrooms and one bathroom is almost always going to sell for less than a three-bedroom house with two bathrooms. Bathrooms are desirable, and if you have the ability to construct an additional bathroom—be it a half-bath or a full—you should take it. This investment can be inexpensive or quite costly, depending on the size and materials you choose. However, there are lots of options to keep costs minimal and still see at least a 60 percent ROI.
Deck, patio, or sunroom
Though slightly different, these amenities all add a certain feel of luxury and relaxation to your home. If you live in an area that experiences a fair amount of warm sunny days, a deck or patio can be a great way to enjoy the outdoors in a comfortable space. The same goes for a sunroom, only this allows you to enjoy the outdoors without having to really go outside. If you opt to build this space with high-quality materials, you can expect a near full return on your investment, which will be highly attractive to potential buyers.
Wine cellar
This might sound like a completely unnecessary and extravagant addition, but wine cellars are increasing in popularity among buyers—especially in the high-end market. It’s not for everyone, but you might be surprised how quick buyers will be to pay more for an addition like this. If you live in a market with $800,000 homes or higher, a wine cellar might be make or break for interested buyers.
