If you’re looking to make renovations to your home, you may want to start in the areas that represent the best return on investment opportunities. This post will show you what those best value home improvements are!
If you’re getting ready to put that “for sale” sign in front of your house, are you sure it’s in the most sell-able condition?
Inspired by home remodel television shows, you might be tempted to do a massive overhaul of your home. But the best value home improvements are those that give you the highest return on investment.
Of course you’ll want to replace obvious things like dingy appliances or stained carpeting. But you also need to be cautious not to put your own style into the renovations.
Buyers will have their own vision for your home.
So What Are the Best Value Home Improvements?
There are many ways to go about selling your home – whether it’s hiring an agent, selling it on your own or selling it directly to a home buyer. You can read more about that here.
But whatever the case, you’ll want to make sure your house is in tip-top selling state.
The following four home improvements will give you the most bang for your buck.
1. Minor Kitchen Remodel
There’s a common misconception that the kitchen must be brand new from top to bottom.
In fact, according to a 2018 Cost vs. Value Analysis, a minor upgrade will give you a much better return on investment at about 81% recoup on costs.
Unless they’re falling off the wall, keep cabinet boxes in place. Simply update them with more modernized front panels.
Replace laminate countertops with something stylish, but not too expensive. Put in some new vinyl flooring, add wall covering and paint the trim.
Swap out noticeably aged appliances for newer, more energy-efficient models. And update the sink and faucet with mid-priced models.
Remember not to make these upgrades too personalized. Buyers know what they want. And it may not be the same as your style, so keep it neutral.
2. Increase Energy Efficiency
When it comes to resale value, houses that are energy efficiency are rated higher than others.
Adding attic insulation is one of the best ways to increase energy efficiency.
It’s an inexpensive project that can be done for less than $1,500 and typically has a return of over 100%. It’s just a sound investment, even if you’re not planning to sell your house any time soon.
Once you have the attic well-insulated, it makes sense to upgrade to a higher efficiency HVAC system and water heaters.
Reducing living costs to a potential buyer is very appealing. And some states or cities even offer tax incentives to help offset the cost.
3. Improve the Bathroom
Much like the kitchen, there’s no need to completely remodel the bathrooms.
A simple update that includes a new ceramic tile floor, standard white toilet, updated fixtures and a solid-surface vanity counter with integral sink could give you an 80% return on investment.
The major exception here is for houses with just one bathroom. In this case, a full remodel may be necessary. With everyone sharing one bathroom, it needs to be as inviting as possible.
4. Beautify with Manufactured Stone Veneer
This one is all about curb appeal.
Replacing just a part of your vinyl siding with stone veneer gives your house a stylish makeover.
Focus on the street-facing facade, installing the veneer around the main entry to the house and in spaces between windows and toward the garage.
Not only will you add class and a modern feel to the exterior of your home, but you’ll get a 97% return on investment!
Are You Ready to Sell?
Once you are, take advantage of the above best value home improvements. They’ll allow you to deliver the highest ‘wow’ factor at each open house, while making the best sale possible.
And for other great articles about using digital marketing in realty, check out our blog.