8 Home Renovations That Offer the Highest ROI
If you are planning to put your property on the market soon, there are several upgrades or home renovation ideas that will help boost your return on investment (ROI). However, when selling your house, you must understand that not all renovations are created equal. A major bathroom remodelling project may transform your bathroom into a spa-like space, but it can be quite costly and may not pay for itself when you sell it. On the other hand, minor home improvements, such as fixing a leaky roof and replacing gutters, are more likely to boost the value of your home.
With the real estate prices steadily increasing, now is the right time to invest in improving the infrastructure of your property. While the Internet may give you plenty of ideas on how to add value to your home, as a seller, you must carefully choose what renovations offer the best ROI.
Here are the top 8 home renovations with the highest ROI:
1. Small Bathroom Makeover
While there are several renovations that add value to your home, a minor bathroom renovation does not only help sell your house fast but also gives the greatest home improvement ROI. Instead of initiating makeover projects in each room, a minor bathroom remodel is a better investment. However, there is no need to transform the whole bathroom space. Replacing the shower head with a rain shower and updating the lighting can give your bathroom a new look.
2. Minor Kitchen Renovation
Potential homebuyers are often attracted to a modern-looking and functional kitchen where they can enjoy activities, such as cooking or sharing meals with their family or friends.
While it is a strong selling point, you do not have to spend too much on your kitchen makeover. Conducting small bathroom upgrades, such as replacing old kitchen appliances with newer, better ones, can make a huge difference. You do not need to splurge on new cabinets. Updating your existing cabinets with a fresh coat of paint or gloss and new hardware can give your kitchen a whole new transformation.
Giving your house a fresh coat of paint may be the most under-appreciated improvement project that homeowners undertake. For a relatively low investment and minimal effort, painting can bring high returns.
While painting is among the most common DIY home renovations, hiring a professional painter is highly recommended, especially if you are putting your home for sale. A professional can help you choose the best colour palette, skim the walls, seal trim, and fix small damages before applying high-quality paint that is right for the wall surface. While it may not be the most glamorous house renovation project, updating the paint can make a space look new. With the expertise of a colour expert, your home can have the perfect shade that works best with the lighting.
4. Doors and Hardware
Investing in new interior doors and hardware does not need to be expensive. It can be as simple as replacing your old front door and adding a quality lock set. Also, consider adding door trim, baseboard, crown mouldings, and wainscoting. These are some of the affordable home improvement projects that can instantaneously rack up the appeal of your home. However, these simple improvements depend on the quality of workmanship and materials used. Consider hiring a trusted professional or ask for referrals or recommendations from friends who share similar standards with you.
5. Replace Windows
In addition to installing a new front door and a fresh coat of paint, you can give the exterior of your home a brand-new look by replacing your old set of windows with new ones. With its clean lines, your new set of windows can dramatically improve both the interior and exterior. Also, make sure to choose an energy-efficient window to help the new homeowners save money on energy bills.
Installing new flooring is among the top home renovation projects that offer the highest ROI (as long as you avoid rookie flooring mistakes). With the right flooring contractor, it can bring a return on investment as high as 100% to 150%. However, the success of this home improvement project does not lay so much on the material used for the flooring but on the quality of installation. So, make sure to leave the job to the professionals.
Investing in landscape improvement goes farther than spending on the exterior walls of your house. A beautiful, well-maintained landscape can help boost the curb appeal, attracting more potential buyers to your property. The first thing buyers notice is the aesthetic appeal of your front and backyard. So, make sure to create a good first impression.
You do not need to overspend when updating your landscape. Simple improvements can make the best landscape as long as the hedges and trees are trimmed and clean.
8. Porch, Patio or Deck Addition
A prospective homebuyer’s wishlist includes an outdoor area where they can relax, entertain guests, and even work. A patio, porch, or deck is one of the most popular hardscaping elements that attract potential buyers to your property.
Provided there is enough room in your front or backyard, consider adding a patio, porch, or deck. Having an exterior structure can boost the value of your home as it adds usable living space to your garden. Additionally, it might be a good selling point that a prospective buyer wants all along. If you decide to add an outdoor living space, be sure to use quality materials for its construction.
- Wood: The traditional wood deck is more affordable and easier to install. While it requires regular maintenance, it offers a pretty good return.
- Composite: If you want to ensure durability, go for composite decks. Unlike their wood counterpart, composite materials do not easily rot, warp, or splinter.
Investing in essential home renovations and improvements can bring your property up to the current standards and stand out in the hot real estate market. Selling your home is one of the most significant transactions you will ever make. That is why it is crucial to find a realtor with the right knowledge and experience.
JamesJenn Real Estate is a licensed real estate agent in Oshawa who can help you with the selling process—from setting a realistic price and determining necessary home improvement to marketing your listing and many more. Call now at (647) 500-0441 to learn more about our low commission real estate services in Oshawa.