Timely home upgrades can add real value to your property, improve curb appeal, and lower energy costs, all while making your home more comfortable for your family. If you’re looking to make affordable, cost-effective home upgrades with proven ROI, Swift Services can help.
Calculating Home Upgrade ROI
Return on investment (ROI) is a basic formula used to calculate how much you “get back” from completing a home improvement project or other type of upgrade. The widely used ROI formula is:
ROI = (Net profit/cost of investment) x 100
The net profit is the monetary gain from the investment minus its cost.
The cost of investment includes the total financial outlay required to complete the project, all related materials, labor, and other fees.
To calculate the ROI on a bathroom remodel, for example, one might plug in the following values:
- Cost of investment in remodeling, labor, permitting, and related expenses: $25,000
- Net profit, or return on investment (at appraisal): $18,000
That equates to a bathroom remodel return on investment percentage of 72%. This is typical for substantial projects.
Read More: The Best Smart Home Technology Upgrades
What Are the Highest-ROI Home Improvements?
Don’t have tens of thousands of dollars lying around to spend on a comprehensive kitchen, bathroom, or living space remodel? Fortunately, there are several affordable home upgrades that can make a big impact in terms of both ROI and your comfort.
1. Replacing Doors
Your garage door and your front door are both relatively quick upgrades.
- One of the most cost-effective home improvements, garage door replacement offers an immediate curb appeal boost, especially if it’s insulated. New garage doors offer an average ROI of around 200%!
- Front door replacement is a visual upgrade that adds security, too. A new steel front door offers a ROI of around 100%. That makes for a very safe investment!
2. Upgrade Your Kitchen Appliances
Replacing older appliances with modern, energy-efficient models offers an average return on investment between 50% and 90%. Just remember to make sure your home’s electrical system is in good shape first.
3. Enhance Curb Appeal
Exterior enhancements such as repainting your home with a neutral color, upgrading your landscaping, and tidying up any bushes and flowers are among the best home upgrades for the best ROI. And don’t forget about lighting! Choose LED bulbs, which offer an ROI of more than 100% within a year.
4. Upgrade Home Insulation
Adding or replacing insulation substantially lowers your home’s energy costs and usually pays for itself in just a few years. Proper home insulation also extends your HVAC system’s functional lifespan by reducing the frequency and duration heating and cooling systems run.
Cost-Effective Home Plumbing Upgrades
Replacing plumbing fixtures and integrating smart home tech might not be flashy, but they provide an immediate cost savings and could prevent big issues.
- Upgrading to low-flow toilets offers an average ROI up to 100%, and it’s an inexpensive, quick process.
- Smart plumbing technologies, such as leak detectors or sump pump alarms, offer peace of mind and protect against costly water damage.
Explore More High-ROI Home Upgrades With Swift Services
We’re your local home service leader in Myrtle Beach, providing smart and affordable home upgrades from HVAC to plumbing. Contact us today to schedule your service appointment with our friendly technicians!
Book an appointment or call 843-352-6427 for prompt and professional service!