Home Improvement Projects for the Best Return on Investment
Unless you bought a brand new home, it is likely that your home could use some (or a lot of) improvements. Buying an older home is desirable because it comes with all the character and charm of the era when it was built, whether it be mid-century, Victorian, etc. But older homes require a lot more work and financial investment to keep or increase their value. The general rule of thumb is that that homeowners should budget 1% of the purchase price of the home, each year to put towards repairs, updates or maintenance. For example, if your home cost $300,000 then save $3,000 each year to put back in to upkeep and improvements.
It can often times be overwhelming to decide what to update or how to prioritize your list of what needs to be done. Should I get a new roof, windows or deck??? Below is HomeLogic’s list of the top home improvement projects with the best return on investment (ROI). If you are thinking, somewhere down the line you will be selling your home or even if you are planning to stay put for a while - it might not be a bad idea to consider moving some of these improvements towards the top of your list.
1) Upgrade Your Landscape: It is amazing what some flowering shrubs and potted annuals can to do the visual aesthetic of your home. Even more important - when it comes time sell your home a new walkway and fresh mulch could get you a ROI of up to 105%.
2) Install a New Roof - Installing a new roof can be expensive. But with a ROI of up to 105% it is worth it. Plus, it will potentially avoid more expenses down the road if you are at risk of water damage or have a sky high energy bill.
3) Refinish or Add Hardwood Floors - Hardwood floors are a huge selling point for potential buyers. If your home already has hardwood floors, consider getting them refinished if they are looking dull and a bit beat up. If your home doesn’t have them, considering adding them. Both improvements could net an ROI of up to 100%.
4) Redo or Add a New Patio or Deck - People don’t typically buy a home to spend the entire time indoors. Having a dedicated outdoor space, like a patio or deck, not only improves your outdoor entertainment potential, it has a ROI of up to 102%.
HouseLogic’s list is fantastic for some fairly easy updates with a quick impact. But I have one to add to the list. In my 9 years of experience and showing countless homes, I can say with certainty that kitchen’s sell houses. And while there is a bit of a higher price tag on a kitchen remodel/update, it is one that will add value to your home and increases the chances of a quick sale of your home. Trust me on this!
If you ever have any questions about your home and whether a certain project will help the value or resale, please don’t hesitate to reach out. I’m here to be a resource to you for any of your questions.