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Improvement Projects With The Best And Worst ROI
Whether you're selling your home soon or not, it's a good idea to think of home improvement projects as investments. These aren't the average repairs that you have to do in order to continue living in your home, such as replacing the water heater or repairing the furnace. These are the projects that you do to make your home more comfortable or attractive, renovate outdated features, or add features that weren't originally available in your home.
Not all home improvement projects are equal investments, however. Some will help you sell your home faster and may even provide a return on the money you invested. Others will actually lose you money. Here are the best and worst home improvement projects, according to our real estate agents.
- Kitchen
If you look at South Bend homes for sale, you'll see that those with outdated kitchens tend to take a hit on price. Updating your kitchen can therefore help you get more for your home, but be careful! In general, less is more. A minor kitchen remodel will return nearly all of the money you invest and help you sell your home faster, but throwing a lot of money into a major remodel will actually lead to a lower ROI. For the best returns, update what you have to and leave the orchestration of a dream kitchen to the new owners. - Bathroom
Just like with the kitchen, less is more when it comes to bathrooms. Springing for a minor bathroom remodel, such as updating the fixtures and tile, can lead to a return of over 100 percent, for instance. A major bathroom remodel, on the other hand, will return significantly less of your investment, and adding a whole new bathroom will be an even greater loss. - Bedroom
When it comes to bedrooms, improvements that add a bedroom will earn you a better return than an indulgent master suite remodel. Remember, buyers often want more bedrooms, so remodeling the basement to add a couple of bedrooms or turning an attic into a sleeping loft can return nearly all of your investment, plus make your home more attractive to buyers. Remodeling your home to include a deluxe master bedroom suite, on the other hand, is probably worth more to you than it is to them, so only do it if it's for your own enjoyment. - Energy Efficiency
Buyers are more conscious of energy conservation than ever, so updates that make your home more energy efficient can actually earn back more than what you spent. For instance, adding or replacing your attic insulation with new fiberglass insulation can net you a profit, as many buyers like the idea of buying a home that is energy efficient without them having to do anything. Replacing the windows is another good investment that will earn back most of what you've spent. The best thing about these investments is that in the meantime, you'll reap the benefits on your energy bills, as well. - Landscaping
Anything that improves the appearance of your home from the outside will generally see a good return on your investment. If you do the work yourself, landscaping can cost very little and still increase your home's value by as much as 28 percent when you sell. Remember, quite a bit of perceived value is based on outward appearance and first impressions, so improvements that boost your curb appeal will generate the best ROI.
If you're updating your home to sell, the improvement projects you choose will be different. Wondering what you should update before selling? Contact us today to discuss what projects you should prioritize.
Note: a subscription to the Do Not Call list does not apply when requesting information from our company.
