Homeownership can help grow your wealth by building home equity. Usually, most homeowners prefer to remodel than purchase a new home due to surging home prices and rising inflation. Also, those selling theirs want to maximize the profits. So, you need to find out the best remodeling projects that can significantly increase your home’s ROI. Thankfully, we’ve compiled the top eight ways to improve your home’s ROI.
1. Bring Down a Few Walls
Open floor plans for dining rooms, living rooms, and kitchens appeal to potential buyers and incorporate natural lighting that brightens up your home. Provided the apartment maintains its integral structural support, tearing down a wall opens it up and lures potential buyers to offer an attractive price. However, consult your contractor on whether tearing down a few walls in your home is a smart step for the apartment.
2. Paint! Paint! Paint!
One of the most impactful and easiest ways to prepare your home for sale is by exploring fresh paint ideas. In 2020, the most preferred home improvement project was home painting. So, paint your entire home before listing it. Preferably, a fresh coat of light paint (light rays, think whites, and creams) for living spaces can create a feeling of a warmer room.
3. Install a Beautiful Fence
Fencing adds to a home’s style and value. It defines the space of a yard and accentuates your landscape. According to PNAS, people label a home as “beautiful” if it has curves than if it has straight lines. Also, fences can increase your visual curb appeal and charm. So, choose the right type of fence. For example, a chain-link fence might not be costly initially. However, the resale price is lesser when compared to a vinyl or wood fence because of the aesthetic value. Also, fence your home strategically as this affects your home’s resale value. For example, a privacy fence is ideal for your backyard but not the front yard.
4. Add a Sunroom
Whether you prefer the home addition to gain more space for your growing family or invest in your apartment’s value, a sunroom is the easiest way to enjoy the coastal climate weather and offer your family space for growth.
Averagely, a sunroom increases your home’s ROI by 49% meaning it increases your home resale value by at least half of the additional price. Boost your home’s ROI by adding a four seasons sunroom and increase your home’s curb appeal.
5. Upgrade Bathroom Features
Your bathroom quality is one aspect that makes potential buyers fall for your home. Personalizing your household bathroom is easier. For example, upgrading to a glass shower increases your home’s ROI by 65%.
6. Replace Your Roof
You don’t need to worry about your roofs unless you experience a major storm. However, you should consult a roofing contractor for inspection and replacement to make a kill. Replacing your entire roof attracts more potential buyers and can increase your home’s ROI by at least 104%.
7. Renovate Minor Kitchen Appliances
Typically, we spend more time in the kitchen. That’s why your kitchen state is a concern for a buyer. A major revamp can become impractical and unaffordable, but a targeted and smaller project can increase your home’s ROI. Replace old appliances with high-efficiency ones. Also, a fresh coat of painting and new cabinet hardware can brighten worn-out surfaces.
8. Replace or Refinish Hardwood Floors
Quality carpeting saves you costs on frequent replacements. Also, an old hardwood floor should be replaced before listing your house. Replacing or refinishing hardwood floors increases your home’s ROI. Most homebuyers consider floors, especially when buying an older home with only hardwood flooring.
Create a comfy home by making upgrades that fit your lifestyle and preferences. These improvements can boost your house’s demand and increase your home’s ROI. Simply make any upgrade you wish. But remember the highest home’s ROI improvements should prove more worthwhile and efficient than all others.
