Home improvement projects can greatly impact a property’s home value. If selected carefully, they can also increase a buyer’s interest in your home. To use your resources wisely, choose the best return on investment home improvement projects. In other words, focus on projects that add value to your investment. Try out one of the high ROI projects below when deciding which to choose.
Minor bathroom remodel
For one of the best return on investment home improvement options, not much beats a minor bathroom remodel. Minor bathroom remodels have an ROI even greater than a major bathroom remodel. While it may seem counterintuitive or impossible to earn more doing less, most times all buyers need to be impressed is a touch-up that makes the bathroom look clean and new. Replace hardware to be more luxurious or modern, then update lighting to brighten the space.
Landscaping
Cultivating a picture-perfect home exterior can go a long way in impressing buyers. For a welcoming energy, consider adding extra shrubbery, flowers, and trees. Simply tidying up landscaping can also make a good first impression. Pay attention to soft scaping (plants, rocks, and nature) and hardscaping (lights, sidewalks, and walls).
Minor kitchen remodel
Like the minor bathroom remodel, a minor kitchen remodel can be just the thing to revamp a space for buyers. A minor remodel saves homeowners from time-consuming demolition and rebuilding. Instead, repaint walls, replace old hardware, and make upgrades to appliances like the fridge or dishwasher.
Major bathroom remodel
Major bathroom remodels take more time and resources but still have one of the best return on investment in home improvement projects. This is because buyers value commonly used spaces like the bathroom and kitchen. When selling in luxury locations, a seller has the flexibility to be bolder in plans. Think about functional upgrades first. These include plumbing, lighting, and tiling. Then, get into luxury and aesthetic additions. Create a walk-in shower, put in a soaking tub, and use high-quality materials.
Major kitchen remodel
Major kitchen remodels can be a great step for homeowners with an enclosed kitchen space. Kitchens should be optimized to serve several purposes. These include food prep, cooking, hosting, and socializing. Take down a wall that separates the kitchen from the living room, then add a center island to maximize usable space. For larger construction projects, always work with a professional home contractor to avoid costly mistakes. Also, monitor the cost of upgrades in comparison to your home’s value.
Entry door replacement
In the same vein as landscaping, replacing the front door can seriously bump up curb appeal. Buyers are left with a poor first impression if your door looks old, warped, or dinged up. It sets up low expectations for the rest of the property and may even raise concerns about a home’s overall condition. If your front door still has good bones, sanding and repainting may be all it needs. Otherwise, search for options that can weather harsh conditions and that match the home.
Deck, patio, and/or porch addition
Like an attic conversion, outdoor additions extend the home and provide extra functional space. An outdoor addition like a patio or deck can highlight the location perks of your property if it overlooks the water or mountain range. Be sure you have the space to construct and aren’t violating any local or HOA regulations.
If there is room to create an outdoor space, homeowners should definitely consider a build. Scale the project to your home’s value and buyer interests in the area. For example, an intimate elevated porch may be enough to intrigue buyers. Those searching for luxury properties may expect more grand constructions like an outdoor kitchen with a built-in grill and a covering from the sun.
Basement remodel
For properties with a basement, a sublevel room has vast potential for a remodel. Once again, it increases the functional space in a home. Leaving a basement unfinished or dingy can also dissuade buyers from considering the property. Instead, personalize the basement to suit a function you think buyers will like. This can range anywhere from a personal fitness room, an extra bedroom, a wine cellar, or an entertainment room.
Replace Windows
Although window replacement can be costly, it’s a project with an aesthetic and functional appeal to buyers. Energy-saving options can actually save buyers on utility bills. This can be a large selling point in areas with extreme winters or summers. New windows simply look better. Like a fresh coat of paint, new windows sharpen a home’s appearance from the inside and outside.
Ready to improve your home?
When searching for the best return on investment home improvement project, try one of the 10 options above. Small changes can have a large impact, particularly in the bathroom and the kitchen. Creating more livable spaces like a deck, basement, or attic also appeals to buyers. Local real estate agents are great resources for sellers deciding on a project that buyers will like. If you’re preparing to sell your home and could use some guidance, we’re here to help! At The McKelvie Group, we have the expertise and experience needed to assist you every step of teh way. Don’t hesitate to get in touch with us for personalized support as you navigate the home-selling process.
