Thinking about doing some home renovations to increase the value of your home? We’ve researched the most profitable home renovations that will provide you the best return on your dollar invested.
Several renovations will actually pay for themselves when it comes to resale value. They might seem like intangibles, but painting, updating fixtures, and putting in a garden can all add up when it comes to a home’s final sale price.
Bigger ticket items can also deliver payback to homeowners, but it’s important to stick to a budget to try to recover these costs when selling.
Below are a few quick fixes that will increase your home's value:
This low-cost improvement will significantly add to the appeal of your home.
Research shows that painting the kitchen and kitchen cabinets will provide the highest return on investment.
A cost of approximately $500-$1,000 can easily be turned into a profit of $5,000 - $10,000 while instantly brightening your home and updating the interior.
Landscaping is considered one of the best investments you can make.
By spending $500 to $2000 on landscaping, the value of your home can increase an estimated $5,000 to $15,000.
Not only will your updated yard appeal to the masses, but it will also be a wonderful place for you to enjoy prior to selling.
Updating Bathroom Fixtures
A simple change of hardware in the bathroom can improve its look from old and dated to new and modern.
Replacing the taps, towel racks, showerheads, etc. can cost around $500 to $750 but will add about $5,000 in value to your home.
A few of the larger fixes you may want to budget for and carefully think over are:
New floors have a massive impact on how your home is perceived, instantly upping the wow factor.
Installing new floors is a large project and will be expensive, however, the return on investment is usually 100-150% depending on the type of flooring you choose.
While hardwood floors will be at the top of the ROI, a beautiful laminate that’s been professionally installed will also provide you with an excellent profit.
Updating the basement is much more than just painting and making it look nice, it often includes a good subflooring product to lift the floor off the concrete, creating an air pocket that will both insulate and protect the floor from moisture and mold issues, additional insulation, updated electrical and internet connections.
This may be one of the more expensive updates, however, the expanded living space will be extremely appealing to all buyers and prove to be a worthy investment at the time of resale.
When updating your home, be sure to research the latest trends and always try to choose bright neutral colors to attract the most buyers.
We also suggest preparing a budget and sticking to it, this will ensure you the most profit on your investment at the time of resale.
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