10 Home Improvements with a Huge ROI
Before you sell your home, ask yourself this: Is your property one step above the others in your neighborhood? If the answer is no, or you simply want to make upgrades to your home that will yield a high return on your investment, consider these home improvements that will pay off.
Minor Kitchen Remodel
If your kitchen needs a cosmetic update, consider a small kitchen overhaul. The average minor kitchen remodel costs about $14,913 and recoups about $14,691– a 98.5% return. A small kitchen remodel may include refacing cabinets and drawers, installing new countertops, sinks, and fixtures, and updating your appliances with energy-efficient models.
Minor Bathroom Remodel
Instead of making your toilet the star of the bathroom, consider updating its design. It costs about $10,500 to replace a tub, tile, floor, toilet, sink, and fixtures, and you’ll get an average of $10,700 back at resale. (A 102% return!) Modern faucets and hardware will make your home feel up to date and are easy enough to install yourself. You can also save money on your remodel by simply re-glazing and re-caulking your old tub instead of installing something new.
With owning a house comes owning private property, so capitalize on it! Nothing embraces a backyard like a wood deck and patio with outdoor seating. The average cost of a 16 x 20-foot deck and treatments is $10,950 and resells for about $9,000, earning you about 82% back. Make sure to include safe railings, decorative planters, and inviting lighting in your build. You can also use this opportunity to cover any unattractive units in the rear of your house.
Paint Walls and Refurbish Floors
The easiest way to give value to your home is to updates its colors and freshness. For as little as $25, you can freshen the walls of a room with a light, neutral color. Brightening trim shouldn’t be overlooked, either. Do the job yourself for about $100 in material costs or pay a professional $1,000 or so, which should cover multiple rooms, and earn an average 40% return. Quality hardwood flooring can be expensive but yields a similar return. Already have hardwood? Save money by hiring a professional to sand your floors and stain them yourself.
Landscaping and Curb Appeal
An overall landscape upgrade tops the list for outdoor projects that provide the greatest value to a home. Simple lawn maintenance landscaping improvements can cost you $1,500-$4,000 and earn you an estimated 105% return on investment. Decor and design trends can go out of style, but well-maintained greens grow fuller and more attractive as time goes by. Don’t forget to add to your curb appeal by paying attention to outdoor lighting and porch cleanliness and decor.
Some of the home improvements that will provide the greatest ROI in your home, like a major kitchen and bathroom renovation or major floor plan rework, can be quite expensive. If you don’t have the budget for a huge remodel before you sell, remember that you can still derive value from less expensive projects.
Updates like replacing lighting fixtures, ceiling fans, door handles, and hinges, and other details may not necessarily make your home worth more money, but it will increase the perceived value of your house. There is also value in putting an updated home on the market simply because it will sell more quickly.
Provide some serious boost to your home’s value with cleanliness, modernization and simplified organization, which can pay off bigger than you imagine. When you’re ready to sell, give us a call at 704.302.4464.
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