10 Home Improvements That Will Get You the Best ROI
Posted on: 2021-10-15
ROI, which stands for “return on investment” is a term that measures an investment’s profitability – what you put your money into versus what you get out of it.
This especially applies to your home and understanding ROI can help you determine how improvements can increase or decrease the value of your home.
Different kinds of home improvements have higher or lower ROIs – this all depends on housing market trends as well as your home’s livability and longevity.
Looking at your ROI will help you determine how improving your home will pay off when it’s time to sell or refinance it. Some costs make a home more marketable while others can actually make a house less appealing to buyers.
If you’re interested in increasing the ROI of your home, here are some home improvements you should consider:
Home Improvements to Increase Your Home’s ROI
1. Bathroom Remodel
Bathrooms, as well as kitchens, are huge selling points when it comes to buying a home. The one home improvement that will get you the best ROI is remodeling your bathroom.
If you’re not looking to do a complete overhaul on your home to increase its value, start with the bathroom. Even a minor bathroom remodel that involves giving it an updated look could go a long way.
You can replace the showerhead with a rain shower or install a brand new vanity. Consider updating the lighting as well.
If you want to take your bathroom remodel a step further, you can give the room a complete overhaul. Look at the flooring, tub enclosure, toilet, etc. A complete makeover may be necessary for an outdated bathroom.
2. Kitchen Remodel
Apart from the bathroom, the kitchen is a big selling point as well, and upgrading this space can boost your home’s ROI.
You can complete a minor kitchen remodel by replacing existing appliances, refinishing cabinets, and upgrading the hardware to freshen up the room.
A major kitchen remodel can drastically improve the space, especially if you incorporate an open concept by getting rid of an unnecessary wall. A highly desirable kitchen space is one that is open and functional.
Not sure if you should renovate your kitchen? Check out these reasons why!
3. Deck Addition
If your home doesn’t have one already, and you have the space, you can boost ROI by adding a deck, patio, or porch. Exterior structures add perceived value to your home and increase the usable living space.
With so many deck trends to choose from, you can invest as much or little money as you want. Between the materials and styles available, there’s a deck that can match your budget!
4. Replace Windows
Curb appeal is a big thing when it comes to increasing the ROI and value of your home. A brand new set of windows can improve the look of your home’s exterior.
Also, new windows are more energy-efficient and can save new homeowners money on their energy bills. This is something potential buyers are really keen on.
5. Replace Front Door
Another home improvement you can do to improve your home’s curb appeal is to replace your front door. The front door is one of the first things a buyer sees and your chance to make a good first impression.
If your front door is in good shape, keeps out drafts, and prevents heat loss, consider giving it a makeover with a fresh coat of paint.
6. Basement Remodel
Your basement can be a huge selling feature if it adds liveable space to your home. A basement remodel can definitely get you the best ROI on your home!
If you have an unfinished basement, consider turning it into additional living space such as a rec room or adding another bedroom and bathroom. If you’re not sure where to start, here are some amazing basement reno ideas!
7. Attic Remodel
Just like your basement, your attic has the potential to add living space to your home and increase your ROI.
If it’s possible to convert your attic, consider turning this space into an extra room. Adding rooms to your home is a great way to boost ROI.
Other than seeing your front door when a potential buyer first sees your home, it’s likely they are going to notice the landscaping as well.
Fortunately, upgrading your landscaping can be done without draining your bank account. Simply make sure the lines of your yard are trimmed and clean. You can also invest in some greenery or flower to boost your yard’s appeal.
Perhaps one of the simplest home improvement projects you can undertake that will get you the best ROI is painting. It provides a high return for low investment and minimal effort.
However, it’s important that the paint job is done right. Consider hiring a professional who can properly prep the walls, seal the trims, and repair minor damage.
It’s also important to choose the right colors for your home that will appeal to more people. While you may prepare bolder colors, potential buyers can more easily imagine their own decor ideas when staring at a neutral palette.
10. Home Maintenance
While home maintenance is not necessarily a home improvement project in and of itself, it’s still crucial that you ensure your home is in good shape when you’re planning to sell.
Your kitchen could look amazing or your deck dazzling but if the structure is not sound, you won’t be looking at a high ROI.
Look at your home from the buyer’s perspective – they are going to be paying close attention to structural aspects such as the foundation and the roof. While most are willing to pay to complete their own home improvements, they won’t pay top dollar for a home that is not structurally sound.
Boost Your ROI With Home Improvements
When it comes to your home, increasing your ROI means putting some time, money, and effort into home improvements.
But you don’t have to go it alone!
Our experts at Parabola Developments have been renovating homes all over Edmonton for over 10 years! If you’re ready to get the best ROI when it comes to your home, talk to one of our certified professionals today!