The Top 5 Renovations to Maximize Return on Investment.
Homeowners • February 17, 2021
As previously discussed in my previous blog post “Real Estate Remains Essential: Preparing Your Home for the Market”, getting your home ready for sale is an important part of the selling process. In a market as exceptional as the one we have been seeing in the past year, it is important to look into what home improvements will provide the best Return on Investment (ROI). While it is not always the case that you will recoup the entirety of the money spent on updating your home or adding slight improvements, there are some moves that you can make that will provide a better cash return than others. To ensure that your money is spent wisely, be sure to tackle the things that attract buyers the most. Be smart about your home improvements; You may have always dreamed of a kitchen update that would make your home shine, but if you have a leaking roof, most buyers won’t be able to get over the price tag that could come with fixing such an essential repair.
Here is a guide with the Top 5 Renovations that you can do to receive a maximum Return on Investment.
A fresh coat of paint is often the easiest and most cost friendly renovation to make your home shine. By getting a quality, professional paint job done before selling your home, getting a Return on Investment is almost guaranteed. A fresh coat of paint will make your home look fresh and untouched, which is why this renovation is easily one of the most important when selling your home.
Return on Investment: typically 60%
It is widely known that the kitchen is where most people gather. We eat food, have drinks, socialize and host in this room more than we even realize. Because of this, modern kitchen renovations are becoming more popular than ever. With new countertops, unique storage solutions, updated cabinetry, shining hardware, an island or a brand new sink, your kitchen could be what attracts multiple offers from eager buyers.
With kitchens, you can go all in, or keep it simple with some DIY cabinet updates to get the sparkle you are looking for.
Return on Investment: 80%-100%
A New Bathroom
It might be strange, but having a beautiful updated bathroom is a luxury many buyers are impressed by. Make your bathroom a bright, open space with glass shower doors, light paint, marble vanity countertops, or a beautiful backsplash. While you can go big with this upgrade, you can also manage to spruce things up on a tighter budget as well by adding in a fresh coat of paint, upgrading your vanity, and making the porcelain shine.
Return on Investment: 60% – 70%
Wear and tear on flooring is to be expected, as we spend most of our time in the house with our feet on the ground. This can cause our floors to look dull, worn, or damaged. Installing new flooring can add value and shine to your home. People will feel like they are the first ones to step into the home, and it will easily elevate the homes overall aesthetic. When installing flooring, be sure to get assistance if you lack the experience to do this properly. Even the highest quality flooring may look bad if it is installed incorrectly.
Return on Investment: 80% ++
Updating and Completing Home Maintenance
While new fancy upgrades are definitely eye catching, some buyers may be more impressed if the home maintenance or essentials are up to date. This can offer peace of mind with their purchase, knowing they won’t have to worry about any big ticket repairs in the near future. Replacing an old roof, updating windows and doors, or installing a new furnace or central air system are definitely ways to make your home stand out on the market, while still garnering a good sized return on investment. Completing other maintenance items such as having the furnace or central air system serviced or cleaning out duct systems are also great ways to show buyers that the home is in good condition.
Return on Investment: 60% ++