The 6 Best ROI Home Improvement Projects:
No matter what the motivation is for your home renovation, you want to make sure your money is well spent. But what home improvement projects provide the best bang for your buck? We have the top 6 best home improvement projects that not only increase the value of your home over the long term but also increase your quality of life while you still live in it.
For Home Owners:
- Home office
- First, up is renovating/creating a space for a home office. With the influx of people working from home becoming the norm, having a dedicated space for work not only helps productivity but can be an attractive piece for buyers when you eventually decide to sell your home. Also, having an area separated from the rest of the house can make it easier to concentrate on the tasks at hand. Recent research even suggests having a home office can even increase your home’s value by 10%
- Opening Up the Floorplan
- While you need a dedicated space to work, you still need an open space for family and to entertain. This upgrade not only can improve your living conditions and make you happier in your home but it can also increase its value when/if you decide to sell. If you are planning to live in your home for the long term then you’ll want to enjoy the space you spend most of your time in. That can be expanding your kitchen, opening up the living room, etc. Opening up the floorplan is a great way to improve the look and feel of your home. And according to the An NAHB survey says 79% of home buyers favor an open arrangement between the family room and the kitchen. So grab that sledgehammer and start knocking those walls down!
- Bathroom Remodel
- New faucets, sinks, or even a fresh coat of paint in a matching style can give your bathroom a modern, cohesive look. It’s an inexpensive upgrade that can have a big impact on buyers because everything feels new. And according to an article on FortuneBuidlers.com, a minor bathroom remodel returns an ROI of 102%. There’s no need to gut the whole room, but giving each bathroom an updated look could go a long way.
- Minor Kitchen Remodel
- You want your home to look good whether you are selling it or living in it. Some minor upgrades in your kitchen can really improve the overall look. Do you have an old dented refrigerator? Consider getting one in better condition. It doesn’t even have to be more expensive it just has to cosmetically look new. Instead of replacing cabinets, try refinishing them. If your kitchen looks clean and pops it looks more appealing to buyers. And doing a minor kitchen remodel means you don’t have to tear down a wall or demolish a room.
- Upgrading your flooring can be a great way to up the value of your home. Not only can it improve the aesthetics of your home but it can also remove the smells that may have sunk into your floor over time. This applies specifically to fixer-upper homes where the previous owner had pets. Replacing the floor can help your home smell good and look good. So if you have pets or your flooring has seen better days, a few thousand dollars to replace or revive it is money well spent.
- Nothing beats having a fresh coat of paint on the walls. Not only can it provide a new look but it can also help soak up lingering odors as well. A home that smells like fresh paint can help it sell and feel new. Light, neutral wall colors make for a good palette for resale because buyers can imagine their belongings in the space, experts say.
They also help your home look its best in online photos and listings. And it can be a fun way to spend a weekend!
A bonus tip is to make sure all your light bulbs are working and are matching. Having matching bulbs is a very simple but effective way to improve how your home looks and feels.
If you plan to live in your home for five or more years, you should feel free to make upgrades that fit your preferences and lifestyle; however, if you want to turn a profit when you sell, you want to make sure to do the best home improvement projects to make the most ROI in your time and money. For a full description of this topic and more be sure to check out the full-length episode of our Talent Talk on our Facebook.