Investing money into fixing up your house is a great idea for homeowners who want to increase the value of their homes. If you have some money to invest, you may be wondering which kinds of updates and remodeling projects will bring the biggest ROI and increase your home's value the most. Read on to learn which updates will get you the most bang for your buck.
Realtors agree that the kitchen is a great area to focus on when you want to increase the value of your home, as an outdated kitchen can really turn buyers off. Both a kitchen upgrade and a complete kitchen renovation can increase your home's value. A complete kitchen renovation can sometimes cost upwards of $50,000, while an upgrade tends to run about $30,000. On these projects, you can expect your return on investment to be at least 50%, with a higher ROI on complete renovations.
A kitchen upgrade usually involves replacing the cabinetry, countertops, flooring, and appliances, while a complete renovation usually focuses on totally redefining the kitchen to improve the placement of essential appliances and make the kitchen more visually appealing. While both of these options tend to be some of the more expensive updates you can make to your home, even investing a little bit into your kitchen can bring big returns. New flooring, a fresh paint job, or updated cabinetry all make a huge difference.
Bathrooms are essential in every home, and either updating an existing bathroom or adding a new full or half bathroom to your house can give a boost to its value. Take a look at current trends to see what kinds of updates are popular in your area. Whirlpool tubs, large showers, and plenty of storage space are all perfect ways to freshen up your bathroom and add value. And accents like faucets, tile, wood, and stone can give your bathroom aesthetic appeal and the modern feel that buyers are looking for without the need to blow your budget.
Adding hardwood floors throughout your home is one of the quicker and easier updates you can make, and it's cost-effective, too. On average, homeowners invest around $5,000 to add hardwood flooring to their homes, and this investment is often repaid by at least 90%. Refinishing existing hardwood costs less and brings close to a 100% ROI. Hardwood is preferred by homebuyers because it's easier to keep clean and has a longer lifespan than both carpet and laminate. Because of this, homeowners are willing to shell out more money
Everyone dreads encountering problems with their air conditioning or heating systems, so totally replacing these systems is a smart move. Homebuyers are more likely to pay up for a house that has installed a brand-new HVAC system because it means they won't have to worry as much about encountering potential issues, at least for the next few years. In addition, a new system is likely energy-efficient, which means it's appealing to people who want to decrease their carbon footprint or are looking to save on their utility bills.
Refinishing a basement or attic are two more expensive projects to take on, but can increase the amount of living space and the square footage of your home. Buyers are more likely to pay a higher price for more square footage, which means renovating an attic or basement is a great choice. You can convert a basement into a living area that buyers can use as a game room, man cave, or hangout spot, and an attic can be converted into another bedroom or a playroom for kids. Converting a basement space usually costs around $40,000, with attic conversions costing around $75,000. Both bring back over 50% of your initial investment on average, with basements bringing in slightly more. These are great renovations, particularly for smaller homes.
Trends in master suites include en suite bathrooms, sitting areas, his and hers closets, and plenty of natural light. Think about what's popular in a master's suite. People are looking for a quiet place to retreat at the end of the day and may want space for a television or couch, or a reading nook. And with more people working from home, some may even be looking for a small office area where they can take care of work in a calm and relaxing space. Adding a great master's suite will bring at least a 40% ROI.
Closet space is one thing that it seems there's never enough of. Walk-in closets in bedrooms are popular and homebuyers will pay a premium for these. But also think about hall closets, kitchen storage like tall cabinets or pantries, and storage space near the laundry facilities. These are all important areas of the home where storage is often lacking. You can also spruce up existing closets by adding built-in shelving units and organizers. This will make closet space more efficient and easier to use.
Adding landscaping, painting your exterior, residing your home, or adding manufactured stone veneer undoubtedly increases your home's curb appeal, meaning that it's more likely to stand out among the crowd for homebuyers. Not only are these updates quite cost-effective, if you're actively trying to sell your home, they could also decrease the time your home spends on the market. This is great news for people who want to sell their home quickly. Improving the outward appearance of your home can do wonders for its value, with a professional paint job leading ROI at over 100%. Exterior updates are where you should focus an investment if you're trying to beautify your home and sell it quickly.
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