What are The Best Return-on-Investment Home Improvements, and will the home improvement you are contemplating provide a reasonable ROI? These are the questions that every intelligent house seller should be asking, perhaps even more than the more conventional query, “Will it enhance value?”
Although there are numerous ways to increase the value of a home, a Southern Belt Construction LLC home repair is not a suitable investment if it requires a considerable outlay of funds that cannot be recouped through a sale. In contrast, a simple, affordable, and minimally labor-intensive innovation that yields a return of 100 percent is worthwhile.
1. A KITCHEN REMODEL
Kitchen remodeling has one of the greatest ROIs. Jennie Berger, co-founder, and co-owner of Property People have 20 years of experience upgrading homes to maximize ROI. She expects a 50-75% return on kitchen remodeling (or more).
If you can only renovate one, choose the kitchen. A retail buyer values a kitchen makeover even if the bathrooms are older. Buying a home with a newer kitchen (but older bathrooms) lets the buyer renovate the restrooms as needed. “If you’ve ever lived through a kitchen remodel, setting up a temporary kitchen may be a (dusty) nightmare!”
Even if you don’t modify the whole kitchen, there are other ways to boost the selling price. Jennie proposes refacing cabinets, replacing counters with quartz or granite, updating hardware, and adding a fresh coat of paint, new stainless steel appliances, and more modern plumbing and electrical fixtures.
2. REFINISHED HARDWOOD FLOORS
In many circumstances, a return on investment of 70 to 80 percent can be anticipated from this home modification. Jared Barnett, a Licensed Real Estate Salesperson and Co-Founder of The Barnett-Bittencourt Team at Compass in New York City, is certain that painting and refinishing hardwood flooring may make an apartment feel like new, which will ultimately make a buyer more inclined to pay more. The first impression a buyer has of an apartment is crucial, and completing these projects will have a significant impact.
You may either teach yourself how to refinish hardwood floors or hire an expert. Never cover an existing wood floor with carpet, as doing so will almost surely result in a loss of money.
3. THE SMALL PARTICULARS
If you’re not interested in undertaking a large-scale DIY project, don’t panic; there are several little adjustments you may make that will yield a fair return on investment upon selling.
Deb Cleveland, the founder of Small Town Dynasty and a real estate investor, has 32 years of expertise and has rehabilitated over 400 buildings in upstate New York.
She advises going through your entire home and making strategic replacements; for instance, ‘if your budget allows it, choose light fixtures that all have the same gloss to complement your home’s aesthetic. Metallic accents attract the eye, thus, placing new door knobs and kitchen cabinet pulls to match the sheen on your light fixtures ties your look together, creating an upscale decorator look on a budget.
4. A FRESH COAT OF PAINT
Exploring new paint ideas is one of the most straightforward and effective methods to prepare your home for sale. According to the HomeGain 2012 Top DIY Home Improvements for Sellers study, if you successfully repaint the interior of your home, the return on investment may be as high as 107 percent.
Glen Pizzolorusso, a Licensed Associate Real Estate Broker with Compass in Fairfield County, Connecticut, advocates a fresh coat of paint, stating, “I cannot tell you what a fresh coat of paint does for the interior of a home.” If you intend to sell your property, you should paint the interior before listing it. The application of a new coat of light (think whites, light grays, and creams) paint to the primary living areas can provide the impression of a larger, cozier room.
5. GARDEN LANDSCAPING
Don’t overlook your outdoor space and its enormous potential to yield substantial benefits with minimal investment and work. According to Marina Vaamonde, Real Estate Investor and Founder of PropertyCashin, inexpensive backyard landscaping ideas provide the highest return on investment for house improvements. The average ROI for landscaping improvements is 100%.
What does modest mean? Simple landscaping enhancements that are low-maintenance and won’t require your buyer to perform extensive gardening. Consider a general cleanup, some low-maintenance plants, and a clean driveway. Deb adds that the bare minimum entails mowing the grass, picking up twigs, trimming the hedges, weeding the flower beds, and spreading new mulch.
RETURN ON INVESTMENT AND HOME IMPROVEMENTS: WHAT NOT TO DO
When won’t a house upgrade pay off? Glen says a $200,000 kitchen remodel on a $250,000 home will lose money. 10% of your home’s value should go toward a kitchen remodel, and 5% toward a master bathroom.
Glen advises against expanding pools unless you want to lose money. A $100,000-$200,000 concrete pool can add $10,000 to a home’s value.
What buyers want depends on the neighborhood’s overall expectations. Glen says adding expensive additions to a non-wealthy property is another way to lose money. Before starting a project, examine neighborhood sales and, if unsure, consult a local agent.
We Buy Houses in San Diego owner Donald Olhausen Jr. encourages buyers to evaluate the context of house changes. Kitchen and bathroom updates are obvious. This is generally accurate, however, it depends on your home’s condition and the local finishes.
Do your homework and determine what sells well in your area, then proceed accordingly. Whether you want to improve your vision or not, our basement finishing Houston firm’s entire home renovation design specialists are ready to design it in a way that you’ll be delighted with.
We can ensure that your home improvement project is completed effectively and accurately the first time by combining our complementing experience. Contact Southern Belt at (713) 930-0003 for more information and prices and learn What Is Gut Renovation and more!