Home Improvement Projects With High ROI
Renovations can add to the happiness quotient when living in a home, but they can come with a high price tag. Think dream kitchen, heavenly bathroom or master bedroom fit for a queen – it’s good to know what kind of return you will get with these or other improvements when it gets time to sell or refinance.
Not all money spent will be money earned. Here we will address home improvement projects that increase a home’s value with a high ROI.
Add or Refinish Hardwood Flooring
Installing new hardwood floors whether faux wood, bamboo, real wood, and reclaimed wood usually breaks even on the investment. Similarly, if you have wood floors already or found them under old carpet, having them refinished will add value to your home while keeping a buyer from lowering a bid.
ROI – 100%
Energy Efficient Windows and Doors
Installing energy-efficient windows and doors can lower heating and air conditioning bills while you are still in your home. These upgrades can also be added to the list of positives of the home and should be highlighted by your agent.
ROI – 73% (plus money saved on utility bills)
Landscaping and/or Seeding
Making that first impression is the best investment you can make. According to the National Association of Realtors, landscaping lends to the curb appeal that brings the largest return. Just seeding and creating a beautiful clean green lawn alone has a 317% return. Imagine what you could do with clean gutters, potted colorful plants and trimmed hedges to bring value and curb appeal while showcasing your home’s best features.
ROI – 317% +
That’s right, replacing that old creaky garage door with a three-panel galvanized electric model not only adds to the aesthetics of your home but gets you a good return. Many garages are attached to the home and a strong door adds to a safe feeling.
ROI – 77%
A little elbow grease goes a long way. Clean the grout, declutter, clean every nook and cranny from ceiling to floorboards. This simple low-cost investment can bring you a whopping return.
ROI – 935%
Now that we have looked at some of the top improvements that give a high return, we should discuss briefly what can be a waste of money if you are intending to sell your home. Many of these bring 60% or less return, According to Homelight, and are considered a poor ROI.
Major Kitchen Remodel – a bespoke kitchen can cost upwards of $60,000 with a -.08% ROI
Major Bathroom Upgrade – those body-spray fixtures, and electric flooring could get you -1% ROI
Deck Addition – depending on where you live the costs versus the return can be a 50% to 60% ROI
If you are looking to invest money into home improvements, be aware of trends spanning a minimum of five years. When making improvements try to keep in mind what a seller is looking for and what will impact the value while adding character to your home. Aways consult with an expert before making any improvements – they know how to get you more for your efforts and investment.
Keep in mind, if you would like to see what kind of cash offer your home could bring in its current condition, CLICK HERE.
Article provided by HomeLight