Your home has been giving you a place to live and securing your family and belongings for a while. However, you must also be responsible for ensuring that the property is in good shape all the time. Home renovation projects are quite a lot, but not all of them can help increase the return on investment. There are some improvements you can make and not realize any boost to your home’s resale value. Below, you will learn about the best improvement projects that can enhance your return on investment.
When you hear about return on investment, you should understand that it simply means realizing your money’s worth after the home improvement projects are complete. It also means doing renovations and remodeling that will attract the best buyers. You would be surprised to learn that of all the people who want to buy a new home, 32% of them are first-time buyers. Therefore, the following are some of the best improvements you can make to your property to increase its value and return on investment.
The roof is one of the conspicuous parts of the property that potential buyers see first. Regular checkups are essential to help you identify any roofing issues before they get out of hand. Nonetheless, about one in four or 23% of homeowners say that they rarely have their roof inspected unless they realize an issue. This should not be the case because roof problems can cause more significant issues, which may cost more to repair or replace the broken parts. You should have all your roofs renovated, including the one covering wherever you park your car. The appearance of your garage’s or parking lot’s roof also plays an important role when selling your home.
Making your Home Smart
The advancement in technology has made life easier for many homeowners. Most buyers in today’s real estate market look for homes that have leveraged different technological systems. An increase in return on investment also entails being ahead of your competitors. Having a smart home increases your chances of selling your home quickly and at the best price. Think of installing thermostats, an HVAC system, sound-controlled lighting, and security cameras. All these will boost a potential buyer’s interest in the property and give you bargaining power.
Adding a coat of paint can transform your property in ways you have never imagined. However, if you are in a tight financial spot, you could consider just painting the exterior. Touching up the home’s exterior with a coat of paint can boost your return on investment by about 55%. You should note that if you are improving your home to sell, you should not paint it according to your tastes and preferences. You can talk to your local realtor who can advise you on the colors in high demand in the market.
Besides the home’s exterior, prospective buyers will also want to know the state of the interior parts, the kitchen being at the top of the list. Giving your kitchen touch-up can make your return on investment skyrocket. Potential clients will be turned away by a messy and not renovated kitchen because they will have to take on such projects when they move into the house. Experts advise that minor kitchen renovations can bring back about 78% of the investment costs, while upscale can help you realize 58% ROI.
A home with a well-done floor is worth more. When it comes to floor improvements, you can think of installing wooden flooring or renovating the existing one, if your budget is tight. However, the money you recoup from either of the two projects depends on the property’s price range and the work that needs to be done.
There are so many benefits of conducting home improvement projects. Such benefits include boosting the home’s performance, making it safer for the occupants, and increasing the property’s value. However, the above-discussed renovations are the best that can help you significantly increase your return on investment.