What home improvements will give you the largest return on your investment? In some markets, you can get a return on investment of over 100% depending on the area of remodel. I'd like to discuss two areas that you should focus on.
1. Your curb appeal: Boosting your curb appeal can be simple tasks such as trimming some overgrown bushes, setting out a few potted plants, or replacing the siding. Your front door and your garage door are also considered curb appeal. The 2015 Home Value Report from Remodeling Magazine stated that replacing your front door yields an average of 108% return on investment.
The first issues buyers will want taken care of are items such as faulty furnace, basement water leaks, rotten windows, old/stained roofs, etc.. In most cases, buyers will not care about the new appliances or other renovations that you have done until these issues are addressed.
2. The kitchen: This is the only interior renovation that landed in the top ten at an 80% return on investment. This renovation be as easy as painting your cabinets or replacing your countertops if they’re worn or outdated.
Replacing your front door yields a 108% return on investment.
No two neighborhoods are exactly alike; this means that the homes you’ll be competing against, even ones with many similarities, will still be different. It’s because of this that you should consider hiring a professional home stager to get an expert opinion on the repairs you need to make.
If you'd like more advice on what home renovations you should consider making, take a look at the provided links below:
Even if you're not selling in the immediate future, there is still value to doing repairs like these: being able to enjoy the renovations while you’re still living on the property. Don’t just do it for the money—do it for you.
If you have any more questions about home renovations, please feel free to email me or give me a call. I look forward to hearing from you!