Best Home Renovations for the Highest Return on Investment (ROI) in 2023

1 Nov

Renovating your home can be a significant investment, but not all upgrades add equal value. Whether you're preparing to sell or simply want to maximise your home's potential, it's important to focus on renovations that offer the best return on investment (ROI).

1. Kitchen Remodels

A well-designed kitchen can significantly boost a home's value. Buyers are drawn to modern, functional kitchens, making this one of the best areas to renovate.

ROI: 75–100%
Key upgrades: New benchtops, cabinetry refacing, energy-efficient appliances, and updated lighting.
Budget-friendly tip: Repainting cabinets and replacing handles can refresh your kitchen without a full remodel.

2. Bathroom Upgrades

Bathrooms are another high-value renovation that attracts buyers. Ensuring a modern, stylish, and functional space can improve your home's marketability.

ROI: 70–90%
Key upgrades: Walk-in showers, updated tapware, new vanities, and efficient toilets.
Budget-friendly tip: Reglazing a bathtub instead of replacing it can save thousands.

3. Outdoor Spaces & Landscaping

First impressions matter! Well-maintained outdoor areas add to a home's street appeal and usability.

ROI: 80–100%
Key upgrades: Decks, patios, well-maintained lawns, and privacy hedges.
Budget-friendly tip: Fresh mulch and simple garden beds can boost curb appeal instantly.

4. Interior & Exterior Paint

One of the most cost-effective renovations with a high impact is a fresh coat of paint. Neutral tones appeal to a wider audience and make spaces feel fresh and modern.

ROI: 60–90%
Key upgrades: Neutral, light colours inside; modern exterior tones.
Budget-friendly tip: DIY painting can save on labour costs.

5. Flooring Upgrades

Old carpets and outdated tiles can lower a home's appeal. Modern flooring improves aesthetics and durability.

ROI: 70–80%
Key upgrades: Timber, hybrid, or high-quality laminate flooring.
Budget-friendly tip: If solid timber is out of budget, opt for engineered or vinyl plank flooring for a similar look at a lower cost.

6. Smart Home Features

Modern buyers value smart home integrations that enhance security, energy efficiency, and convenience.

ROI: 60–85%
Key upgrades: Smart lighting, keyless entry, security cameras, and programmable thermostats.
Budget-friendly tip: Start with a few smart plugs or lighting systems before investing in a whole-home system.

7. Energy Efficiency Improvements

With rising energy costs, many buyers prioritise homes that reduce energy consumption.

ROI: 50–90%
Key upgrades: Solar panels, insulation, double-glazed windows.
Budget-friendly tip: Installing ceiling insulation can lower energy bills without a massive upfront cost.

Final Thoughts

To get the best ROI, choose renovations that align with current market trends and buyer expectations. Even small, budget-friendly updates can make a big difference in your home's value. If you're planning a renovation, Asona Constructions can help you transform your space into a beautiful, high-value investment.

Need advice on where to start? Contact us today!

Don Lampasona