Top 6 Home Renovations to Earn You the Best Return on Investment
If you’re looking to sell your home in the near future, you’ll want to prep your house so that it can not only meet market standards, but will also stand out in the face of competition! This means renovations are sure to be in order, especially if you’ve lived in the home for some time and have left maintenance on the back burner. To get you started, here are the top 6 home renovation tips to guarantee you a high return on investment!
- Painting: The simplest and no doubt most cost effective renovation choice you can make for your home is painting the interior. Painting not only gives a newly renovated feel, but also it opens up the space by making rooms look bigger and brighter. A safe bet it to choose a palette that is neutral and appealing to the wider majority of homebuyers. You can either choose to hire a professional painter, or do the job yourself but this relatively inexpensive renovation is known to garner roughly a 60% ROI for sellers.
- Kitchen Counters & Faucets: While an entire kitchen renovation may be too costly for some, consider replacing countertops and faucets with up to date hardware and sleek new designs for a more modern aesthetic look. Crisp, new updates of your countertops and faucets will surely appeal to buyers!
- Bathroom Renovation: Transform your bathroom into a lavish escape for potential homebuyers. A space in which buyers can start their day right, and see themselves unwinding after a long day work. There are many bathroom renovation inspirations to find online, but new countertops, modern sleek fixtures, tile backsplashes and sliding glass door showers are just a few suggestions on where you might want to start. The important thing is to make note of what areas in the bathroom capture your attention first, and prioritize your renovations this way.
- Flooring: Considering how many hours we spend bustling around our home each day, a floor can go through a lot of wear and tear over the years. Buyers are more likely to be drawn to a home if the aged floors have been replaced with new flooring with an equally aesthetic appeal. Avoid carpet altogether and go either the hardwood or laminate route (depending on your budget). Both can make a dramatic difference and look wonderful, so long as you hire a contractor who knows how to properly install and lay the flooring efficiently.
- New Roof: A new roof will add tremendous value to your home, as buyer wants to ensure the home they purchase has a roof in good shape and in functioning order. The assurance of knowing that the shingles are secure, there is no potential leakage or water damage, and the gutters and drains will do their job to keep things dry, shows buyers the homeowner maintained the home properly and is a huge draw to buyers!
- Finished Basement: A top renovation for ROI is budgeting to finish your basement before selling. Many buyers will actively search for a home’s with a finished basement when house hunting, and thus your home will stand out against competition who have otherwise not invested in the same renovations. A finished basement also makes your home a great option for buyers looking for a ‘turn key’ property that requires no additional work upon moving in. While a basement renovation may seem like a costly endeavor, the payoff may well be worth it!
Now that you know the top 6 Home Renovations for a High ROI, you can start preparing your home for the market with confidence! Need more help on how to kick-start your renovations? I’m here to help!