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Home improvement projects can be an excellent way to add value to your home. Of course, if you want to maximize your return on investment, you will need to choose the right projects. According to Remodeling magazine’s most recent “Cost vs. Value” report, the following common home improvement projects have a high return on investment.
Kitchen Upgrades
A kitchen upgrade is one of the more effective home improvement projects you can complete. A minor kitchen remodel can bring a return of up to 77% on your initial investment. Some of the most valuable upgrades and improvements you can make to your kitchen include replacing countertops, switching to energy-efficient appliances, adding a new sink, and installing a stylish backsplash.
A Wooden Deck
Adding a wooden deck to your property is the perfect summer project. Of course, this outdoor feature isn’t just there to look pretty. It is also a space where potential buyers will imagine themselves grilling and spending time with friends and family. Though the upfront cost of a deck can be a little high, you are likely to make a significant profit when you sell your house. Returns of up to 85% are not uncommon.
New Flooring
Whether you choose tile, hardwood, or carpet, upgrading your floors can make your home a great deal more appealing to potential buyers. Your real estate agent will be able to provide you with more insight into the style of flooring that will appeal to the buyers you are targeting. The right choice can give you a return of 70%-80%.
A Bathroom Renovation
Renovating your bathroom can make it more aesthetically pleasing and improve its functionality. You can upgrade your bathroom by installing modern fixtures, laying new tiles, or even knocking down adjoining rooms to create more space. A minor bathroom renovation can bring returns of up to 56%.
A New Roof
If your roof is damaged, or just old, replacing it can add value to your house. After all, a new roof will lower energy bills and prevent leaks and other issues during storms. Potential buyers will also love the fact that they won’t need to carry out any roof maintenance or repairs for years after they move in. Depending on the area you live in, your return on investment from a new roof could be as high as 75%.
Renovating your home makes it more appealing to buyers and increases its value. If you’re interested in more tips to prepare your home to sell, contact me today.
