Home Renovations that Offer the Best ROI for Resale
Are you looking to sell your home and concerned about its resale value? If you last updated, upgraded, or refurbished a while ago, your home could show signs of wear and tear that could negatively impact the sale when you try to appeal to buyers. Whether you have a large or limited budget, you can make the much-needed changes that can increase the value of your home and attract home buyers. Here is a list of top-rated home renovation ideas that offer the best ROI for resale.
Boosting Curb Appeal—It’s always best to begin with the exterior, as that will be noticed first. You may choose only to repaint and clean up the yard. To increase the value even more, you should consider larger renovations. Some examples are a new garage or front door, porch makeover, adding a deck, renewing siding, mailbox update, window replacements, adding stone veneer, and landscaping. Exterior upgrades can run approximately $100,000 depending on the grade of materials and home size.
Upgrade the Kitchen—This area is mostly used in the home, so buyers will scrutinize its working condition and appearance more. Hardware, surface areas, and appliances should be in tip-top shape. Peeling, chipping, wearing, and other symptoms of age are a sign it’s time to replace such items as plumbing fixtures, flooring, cabinet fronts, and countertops. Look for energy-efficient refrigerators, stoves, and other large appliances. By improving energy efficiency, you can increase your home’s market price by 3.5 to 9 % over homes that do not have energy-efficient upgrades. Most buyers and homeowners value this; ergo, your home will sell faster with these upgrades. In addition, if you have the room, installing a kitchen island with seating would drive more demand since many like to entertain now where they cook. The average cost for kitchen remodeling is between $15,000 and $40,000.
Finish Basement—Finishing your basement and converting it to a rec room, home office, or guest room is less costly than building a new addition. It also provides 80% ROI, especially if you make it a home office. More people are working from home and may be attracted to a space that would give them privacy from noise, pets, and family.
Install Smart Home Features—80% of home buyers prefer buying a home already equipped with smart technology. Consider installing security systems, smart thermostats, entertainment items, and smart kitchen appliances.
Install a Wood Deck—Adding a deck can provide 65% ROI if your home lacks outdoor property. Wood decks have a better return on investment than composite ones, but a drawback is that you will have to refinish them, which will cost more over time. The cost for a new deck averages around $35,000.
Open Up the Rooms—Knock down walls to connect living space and eliminate the feeling of being closed or crammed in.
Simple Interior Updates—As with the exterior, you may make minor changes if your budget necessitates this. You can purchase a new carpet, install new flooring and windows, or update bathroom or kitchen fixtures. Replace aging or faulty appliances that you need, such as an HVAC system, toilet, shower, or water heater. If you only want to repaint, choose a neutral color. Home photos look better against a beige or off-white, for instance. Also, it is easier for buyers to imagine what their furniture will look like in the home with a toned-down hue.
Like your interests, people seek homes that are well-functioning, maintained, and attractive. When you, as the seller, put yourself in the buyer’s position, you can best understand and appreciate the value you can create in making the suggested changes that can garner these results. Whether you choose to make a large or small investment in renovating your home for resale, any of the mentioned changes can help bolster your home’s value and bring you closer to selling your home.