When you buy wholesale real estate, you want your investment to pay off in a big way. In a perfect world, every renovation that you make will add a great deal of value to your property, but unfortunately, not all renovations can yield the same kind of results. If you don’t have a whole lot of money to invest in your property, then you should start with the renovations that give you the highest return on your investment. The following is our list of the renovations that give you the highest ROI:
- Front door – No other home improvement project will give you such a healthy return on your investment than a new front door. According to the Cost vs. Value Report, when you purchase a new steel front door, you can expect to enjoy a 98% return! In addition to getting you the highest return, a new front door is also one of the most cost-effective projects you can take on! A new front door will greatly improve your home’s curb appeal, and it can make a huge difference on your energy bill!
- Minor kitchen remodels – While a big fancy kitchen may look nice, a major remodel won’t give you the same high return on investment that a minor remodel will. A minor kitchen remodel should be approximately $20,000, and it should include labor, countertops, appliances, flooring, cabinet doors and drawer fronts. This kind of kitchen remodel will get you an approximate 81.8% return on your investment.
Want to learn about more high ROI home improvement projects? If so, please stay tuned for our next blog!