Best Value Add Improvements
November 15, 2023
When thinking about adding value to a home, it's important to consider the cost of the improvement and how much value will be added to the home. I put together a list of projects that typically add the best value return or "return on investment (ROI).
- Kitchen Remodel: The kitchen is often considered the heart of the home, and a modern, updated kitchen is a major selling point for potential buyers. A minor kitchen remodel, such as refreshing cabinet finishes, replacing countertops and appliances, or adding a tile backsplash, can recoup around 78% of its cost at resale.
- Bathroom Update: Bathrooms are another essential space that buyers scrutinize carefully. A mid-range bathroom remodel, involving new fixtures, flooring, lighting, and a fresh coat of paint, can yield an ROI of around 70%.
- Curb Appeal Enhancements: First impressions matter, and enhancing your home's curb appeal can significantly impact its perceived value. Simple improvements like landscaping, installing a welcoming front door, and replacing old siding can make a big difference.
- Energy Efficiency Upgrades: Energy-efficient upgrades not only save you money on utility bills but also appeal to eco-conscious buyers. Replacing old windows and doors, upgrading insulation, and installing energy-efficient appliances can provide a solid ROI.
- Minor Repairs and Maintenance: Addressing minor repairs and maintenance issues, such as fixing leaky faucets, patching cracks, and repairing damaged flooring, demonstrates your pride in homeownership and enhances the overall livability of the space.
- Strategic Lighting: Proper lighting can transform the look and feel of your home. Installing dimmers, adding accent lighting, and replacing outdated fixtures can create a more inviting and modern ambiance.
- Fresh Paint: A fresh coat of paint, both inside and out, can dramatically brighten and rejuvenate your home. Choose colors that complement the style of your home and create a welcoming atmosphere.
- Decluttering and Staging: A well-organized and clutter-free home shows better and makes it easier for potential buyers to envision themselves living there. Declutter regularly and stage your home to showcase its best features.
- Outdoor Living Space: Creating an inviting outdoor living space, such as a patio or deck, extends your living area and adds value to your home.
- Smart Home Features: Installing smart home features, such as smart thermostats, lighting controls, and security systems, appeals to tech-savvy buyers and enhances your home's convenience.
Remember, the specific projects that offer the best ROI will vary depending on the local market, the condition of your home, and the preferences of potential buyers. Consult with local real estate professionals to determine which renovations will yield the highest return in your area.