When it comes to home renovations with the highest return on investment (ROI), data-driven decisions can make all the difference. Homeowners are keen on maximizing the value of their properties, and the right renovations can lead to substantial returns.

Here are some renovation projects backed by data to help you make informed choices:

1. Kitchen Remodel: According to Remodeling Magazine’s Cost vs. Value report, a minor kitchen remodel recoups an average of 78% of its cost upon resale, while a major kitchen remodel sees an ROI of around 59%. In Greater Nashville, a well-designed kitchen is a focal point for buyers, making it a top contender for renovation projects with high ROI.

2. Bathroom Additions or Renovations: Data from the National Association of Realtors (NAR) reveals that bathroom renovations can yield an ROI of up to 60%. In Nashville, homeowners appreciate modern, spa-like bathrooms, making this renovation project a valuable investment.

3. Outdoor Improvements: The 2021 Cost vs. Value report highlights the significance of outdoor living spaces. Projects such as adding a wooden deck or enhancing the landscape can result in ROI percentages ranging from 60% to 70%. In Nashville, where outdoor enjoyment is cherished, these improvements resonate with potential buyers.

4. Energy-Efficient Upgrades: Sustainable renovations, such as installing energy-efficient windows, upgrading insulation, or adding solar panels, not only contribute to lower utility costs but also appeal to environmentally conscious buyers. With potential ROI percentages of over 70%, these upgrades align with the growing eco-friendly mindset.

By leveraging this data, homeowners can make informed decisions about their renovation projects, ensuring that their investments yield significant returns. If you’re considering renovations, our team can provide personalized insights and guidance to help you navigate the process and maximize your home’s value.

Our clients that are thinking about selling often get a head start doing home repair/upgrade work during the fall and winter months in preparation for selling in the spring. If this sounds like you, we are here to help! Between our Compass Concierge service and having our own licensed contractor on The Jule team, Kenny Richard, we can help you maximize your home’s value if you’re planning to list.

Exclusive to Compass, our Concierge program helps you easily prepare your home for sale by fronting the cost of home improvement services so that you can sell it faster and for more money. Whether you’re facing basic wear-and-tear or your home requires more significant upgrades and renovations, concierge has the power to transform a property — and help you get top dollar when you sell!