Whether you’re looking to sell or not, considering ROI or return on investment with any home updates is always a wise idea. Homeowners put a lot of time, energy, and money into making their homes better and more enjoyable places to live. Therefore, choosing the right projects that will pay off in the end is critical.
In this blog, we explore four of the best ROI home improvements to help you make the most of your hard work. First, we’ll discuss the importance of ROI. Then, we’ll dive into the top four home improvements with the highest ROI. Check back soon for the remaining four renovations in Part Two!
Why is ROI Important When Considering Home Improvements?
Not only is buying a home a huge investment, but choosing what to do with it is equally important. The renovations you do for your home significantly impact how much you will sell it for and whether or not you make any profit. Chances are, you worked pretty hard to buy your current home. The last thing you want to do is lose money when it comes time to sell it.
The biggest culprit for this unfortunate scenario is making the wrong choices regarding home improvements– Either doing too little or too much. If you make close to zero upgrades to the house, you won’t likely sell your home for more than you bought it, depending on the market trends, of course. However, investing too much money into grand renovations may not pay off in the end, causing you to lose money.
Below, you’ll discover four of the eight best ROI home improvements. So, whenever you’re thinking of sprucing things up, refer to this list to make the wisest decisions and the highest ROI.
Four of the Best ROI Home Improvements
1 | Update the Bathrooms.
You’ve likely heard it before– The two rooms that truly sell a home are the kitchen and bathroom. When you think about it, we spend much of our time in these two essential spaces, cooking, bathing, grooming, and more. Potential buyers are always keeping their eye out for a functional, modern, and well-designed bathroom.
If one or more of your home’s bathrooms are lacking, it’s time for a makeover! A bathroom renovation sometimes includes installing a shiny new shower or tub, replacing the floor, and switching out anything outdated, like the sink or mirrors. But a bathroom remodel certainly doesn’t have to be so involved to be one of the best ROI home improvements. Try painting the walls, re-caulking, switching out the hardware, or cleaning it professionally.
2 | Redesign the Kitchen.
Next, we have the kitchen. This room may be slightly more important when selling your home. Buyers search for large, well-organized, modernized, and streamlined kitchens to make cooking meals easier and more enjoyable. Redesigning the kitchen can have an ROI of 90% to nearly 100%! So, it’s well with your time and money to update your outdated home kitchen.
But where do you begin? Here are some ideas to get you inspired:
3 | Apply a Fresh Coat of Paint.
Simply brushing on fresh paint can make a space feel and look brand new! Think about it– The interior walls in each room are essentially the backdrops of everything else, whether it be the expressive artworks hung up or the bedroom furniture. Refresh the paint and see how the space transforms into something new!
You can keep things simple by applying the same paint color to the walls, making them look brighter, cleaner, and fresh. Or you can choose new trendy colors that promote a positive mood and contribute to the function of the space. Either way, you won’t regret adding one of the easiest and best ROI home improvements to your to-do list.
4 | Refresh the Flooring.
Similar to refreshing the wall paint, sprucing up the floors also makes a significant difference in the appearance and feel of a space. But that doesn’t mean you have to spend a pretty penny on replacing the floors. Instead, treat and clean your current flooring to give it life again. For instance, the hardwood in your home can be treated and polished to sparkle like new. Or you can have the worn carpet flooring professionally cleaned and dyed to restore its original color, or choose something new.
CITED: Fortunebuilders.com, Forbes.com, Homeandgardens.com