For many homeowners, spring brings with it a desire to make a few changes around the house and yard, even jump into a renovation project. This year, consider upgrades that will increase your home’s return on investment, even if you don’t have plans to sell right now. Here are some of the best ROI home improvements you can make.
It’s no surprise that a kitchen remodel remains the top home improvement that provides the highest return on your investment. Experts estimate that although kitchen remodels are pricey, they will usually return anywhere between 50-75%. Potential home buyers will view an upgraded, modern kitchen as a more valuable and convenient investment.
Refinishing hardwood floors is another great home improvement project that can bring you a high return on your investment. Experts suggest that covering a hardwood floor with carpeting rather than refinishing it, will only lose you money in the long run.
The Interior Walls
Paint, paint, paint. Most agents will recommend a fresh coat of paint before a house goes to market. Painting is not only an inexpensive improvement, it also makes a substantial impact. This is no time to experiment with unusual colors. Go for light colors like whites, creams, and light grays. Painting main living areas can create the illusion of a larger, more open space.
A National Association of Home Builders (NAHB) survey shows that 85% of home buyers are looking for an open floor plan between the dining room and the kitchen. 85% is nothing to sneeze at, but many homes may not have the ability to easily change their interior space. Experts urge homeowners to consult with a professional before tearing down interior walls.
At times the outdoors gets ignored as we tend to concentrate on improving our living areas. The truth is your outdoor space offers incredible potential for a return on your investment. Upgrades to your landscape can be done without investing a load of money. Projects may include fresh mulch, a tidy, trimmed driveway, some low-maintenance plants, and basic upkeep of your lawn.
The Garage Door
Take a look at your existing garage door. Is it faded, dingy, or noisy? Perhaps it has an outdated look. A new garage door can add punch to your home’s curb appeal. An average garage door costs about $1,200 but adds an average of nearly $2,800 in resale value.
Talk about a simple fix. Upgrade a tired, scratched, or dented mailbox for under $100. While you’re at it, take a look at your house numbers. If they look worn, replace them for less than $20.
The Little Things
Details that add a touch of luxury and style can go a long way. Think doorknobs, kitchen cabinet knobs, and drawer pulls. Choose finishes that complement your interior colors and styles.