Most Impactful Changes you can make for the Best Return on Investment
Whether or not you are planning to sell your property soon or looking to stay and enjoy your home a little longer, here are a few simple upgrades that boost your home's ROI (return on investment).
However, you must keep in mind not all home improvements are created equal. While transforming your bathroom to a spa-like atmosphere, the overall cost may not pay for itself when you go to sell. While replacing a leaking roof, or fixing gutters, is likely to increase your home's value.
As we continue to see housing prices increase, now is the perfect time to invest in your home and prioritize those home improvements to increase the value of your home.
So what improvements are worth the investment?
- Minor Bathroom Remodel: Returns an average of 102%
- Landscaping: Returns an average of 100%
- Minor Kitchen Remodel: Returns an average of 98.5%
- Attic Bedroom Conversion: Returns an average of 93.5%
- Major Bathroom Remodel: Returns an average of 93.2%
- Major Kitchen Remodel: Returns an average of 91%
- Entry Door Replacement: Returns an average of 90.7%
- Deck/Patio/Porch Addition: Returns an average of 90.3%
- Basement Remodel: Returns an average of 90.1%
- Replace Windows: Returns an average of 89.6%
Source: List from Fortune Builders
Curb appeal is meant to create interest in your home. If people don't like the outside, getting them to go inside is pretty tough. That's why a few exterior improvements are higher on the list. Any exterior home improvement that improves curb appeal will increase interest and a higher ROI.
Other improvements to keep in mind
- Smart Thermostats or smart home features: People want a modern home, and smart appliances and features are just a part of that.
- Exterior siding: This is EVERYONE'S first impression. If it is falling off or chipping, people notice that, but many will wonder what else has not been taken care of.
- Hardwood floors: Many buyers and people favor hardwood floors over carpets. If the carpet is in good condition, you can typically skip this step but if your carpet is yelling for help, switch it out for hardwood instead of carpet.
- Decor: this really comes into play when you are selling. Besides enjoying the amazing decor while you live there, buyers need to visualize the potential space as their own, not a home that people currently live in.