3 Home Upgrades With the Best ROIPosted on Jun 23, 2021
Whether you’re planning to sell your home soon, or just want to make a few simple upgrades, it’s important to consider which projects will give you the best bang for your buck. Not all home improvements are created equal, however, and as housing prices continue to rise, prioritizing projects that are sure to return on the investment is a sure way to increase your equity should you decide to sell in the future. So, how do you know which home upgrades to tackle for the best ROI?
1. Minor Bathroom Remodel
Average Cost: $10,500
Average Return: $10,700
There are two rooms that sell houses: kitchens and bathrooms. While the kitchen may be the “heart” of the home, as it turns out, the best run for your money will come from remodeling your bathrooms. Before you start swinging hammers, there’s no need to gut the whole room. But giving each bathroom a little refresh could go a long way. Try replacing shower heads with a rain shower; it’s a luxury feature most buyers will appreciate. Also, swap outdated vanities in favor of something more contemporary. Update lighting fixtures to make things brighter.
Average Cost: $4,900
Average Return: $4,900
Outdoor dollars spent equal a serious increase in curb appeal, which is a serious factor when it comes to selling homes. The aesthetic appeal of both the front and backyard may actually be the first thing potential buyers see, so making a good first impression is of utmost importance. Plus, it will bring you more enjoyment while you remain in the home yourself. There’s no need to go overboard. The best landscaping designs are often the simplest. An effective landscaping job should look nice, yes, but also not suggest that it will require a great deal of upkeep to maintain. Focus on making sure your “lines” look clean and neat.
3. Minor Kitchen Remodel
Average Cost: $15,000
Average Return: $14,600
The keyword here is “minor.” Kitchen remodels can quickly total in the tens-of-thousands-of-dollars, so it’s important to keep perspective. On the other hand, a minor kitchen remodel can boost your home’s value without the need for demolishing an entire room. Instead, try minor upgrades that make a big difference, like replacing the existing appliances with newer, more energy-efficient ones. Instead of replacing the cabinets, try refinishing existing ones. A fresh coat of paint or gloss could make old cabinets look new. Add some new hardware, and perhaps an upgraded sink and/or faucet, and you can completely transform a kitchen.
If you plan to live in your home for the next five or more years, feel free to make upgrades that fit your preferences and lifestyle. However, if your goal is to turn a profit when selling, try increasing your home improvement ROI. The projects that do this best can simultaneously improve demand and value. If you have questions about what upgrades would work best for your property and budget specifically, reach out! We’d be happy to assist you in making that determination!