Renovation Projects with the Best Return on Investment (ROI)

Renovation Projects with the Best Return on Investment (ROI)

Buying an investment property can be a make or break for some people. Do not buy an investment property unless you are prepared to put some money into the property after you buy. If you own a home now and are considering selling the home, think about what the house needs in order to maximize your profits on the house from the original buy price. There are many different things you can do, both inside and outside of your house, to make a decent chunk of change on your property. I am going to give you the run down on the best renovation projects you can start doing now in order to turn a profit on your house.

Renovations with the best ROI.

  • Let’s start with the kitchen. An update to your kitchen will greatly improve the value of your home. When updating your kitchen consider the following:
    • All of the appliances. The fridge, microwave, dishwasher, stove, and oven. Make sure they all match. Stainless steel appliances are in right now.
    • The cabinets are another thing worth considering. Darker types of wood are typically better for kitchens.
    • Everybody wants granite counter tops in their homes. If you are going to renovate and update your kitchen, make sure the counter tops are solid granite. It may cost more, but laminate counter tops are noticeable to buyers and they don’t like them as much.
    • The sinks, backsplash and faucets are another great thing to update. People want larger sinks and faucets that can come out with a hose. The two-part faucet and sprayer are out dated now.
    • The light fixtures can make the difference in a kitchen. They set the ambiance for the room. If they are too dark, that can be a problem and if they are too bright, well, then you end up blinded. Set them up for how they are going to work with the finish in the kitchen.
  • Next on the list of renovations is the bathroom. The bathroom is where many people spend a good amount of time. Whether you are going…, getting ready to go somewhere, showering, changing, etc., you spend time there. People want that space to be inviting and feel homey. In our blog from earlier this month, “Maximizing a Minimized Space: Valuable Renovation Ideas for Smaller Homes”, we talked about doing the shower and tub separate from each other. All of the other renovations that take place will be just like the kitchen. That is; update the sinks, fixtures, faucets, and cabinets.
  • Changing carpeted areas to hard wood or some type of tile will make a room feel more open. This should be done in major living areas, like the kitchen and living room. Hard wood and tile will help to greatly improve the value of your home.
  • New windows are another way to boost the value. Old windows can cause higher energy bills. New energy efficient windows greatly reduce the cost of A.C. and Heating bills because they are thicker and are sealed much better than old ones. Anything that you can put in your home that is “energy efficient” will add value.
  • If you have outdoor living areas such as a deck or patio, it would be wise to update that as well. People like to spend time outside and entertain their guests. In our blog, “Maximizing a Minimized Space: Valuable Renovation Ideas for Smaller Homes”, we highlight some key ideas for what you can do with an outdoor patio or deck. Some of the ideas were to have an outdoor kitchen built, add benches, bars, planters, cabinets and lighting. Doing these things will vastly improve the living space of your home and, in turn, the value of your home.
  • A new roof will also boost the ROI of your home. Roofs are expensive and can be a deal breaker for buyers if the roof doesn’t have much life left. Buyers don’t want to spend a couple hundred thousand on a home and then dump another twenty to fifty thousand on a new roof. If you get that done before listing the house, you will have a great selling point.
  • And lastly, the landscape. The outdoor areas of your house are what other people have to look at in your neighborhood. If your yard is looking dead and not kept up, that lowers the value of your property immediately. This is because anyone else in that neighborhood will have a hard time selling their house because people don’t want to be looking at a trashy, unkept yard. Having some landscaping done is usually fairly simple. Some ideas for that would be to replace certain areas with mulch or rock, plant some trees, and maybe add a few decorative boulders in. Another, bigger idea, would be to have a pond or waterfall installed. Doing some landscaping doesn’t just raise the value of your home, but everyone else’s around you as well.

When you buy a house, you are making an investment. That investment can be for your entire life or just for a period of time. But, if you want to make some money when you decide to sell, it is best to keep everything updated in and around your house. If you have been thinking about doing renovations to your home and are considering selling, be sure to read through all of our blogs. We have some great information, tips, and tricks that will help you get the process started.

 

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2018-09-11T22:54:33+00:00 August 21st, 2018|Uncategorized|