While there are many things in life that we consider our most prized possessions, our home is our most valuable physical possession. Real estate is an excellent investment as it almost always provides a positive return.
Whether you bought your home to enjoy for a few years or as a fixer-upper that you intend to "flip" for a fast profit, there are specific projects you can tackle that will provide the best return on investment and increase your home's resale value.
Statistics show that these projects consistently returned the most for invested dollars. These are the most desired features across all price points and demographics. In some cases, you can expect to receive more than you spend when you sell your home, so even expensive projects will be worthwhile.
Insulation - 100% Return
Adding insulation to your attic will earn a whopping 100% ROI. By Increasing your insulation to an R-30 value, you can't go wrong. This will help with heating bills while you still live there and will be a great selling point when you're ready to sell.
Front Door - Refinish or Replace - 90% to 129% Return
A beautiful front door has consistently ranked among the top most desirable features of a home, so creating a great first impression is critical in achieving the maximum ROI. Simple, inexpensive improvements like paint, stain, new hardware, and magnetic weather stripping will go a long way to improving your home's curb appeal. Spend a little more by replacing the door with a decorative fiberglass or new steel one, and you'll improve both the aesthetics and security of your home.
Garage Door - 90% Return
You can quickly improve the look of your home by cleaning or repainting your garage door, but if it's damaged or inoperable, you'll want to hire a professional garage door specialist to repair or replace it. The work can be dangerous as the spring is under hundreds of pounds of torsion pressure with a potential to cause serious injury. Your contractor will be able to remove and dispose of the existing door, tracks, and main spring and install a new, balanced door. Add a garage door opener while you're at it to increase your home's value even more.
Hardwood Floors - Refinish or Install - 91% to 100% Return
As seen on virtually every home and garden show on TV, natural hardwood flooring is making a big comeback. If you've discovered carpeting hiding a beautiful wood floor, you've hit gold and need to remove the carpet. Even if the hardwood has some wear and tear, refinishing them will provide a spectacular 100% return on investment. If you've got outdated sheet vinyl, you can install hardwood over it and still increase your home's desirability and value.
Kitchen Renovation - Minor - 83% Return
In keeping with affordable options, you'll want to keep kitchen improvements to a minimum. You can paint or replace door panels without pulling out the cabinet boxes. Install new hardware in brushed-nickel, stainless, or decorative glass for a completely new look. Replace your laminate countertop with an updated solid surface option and install a reasonably priced sink and faucet. You can even repaint the room and trim to freshen the room without adding much to the project cost.
Bathroom Remodel - 62% Return
While you won't see as high a return on your investment, an outdated bathroom will turn off potential buyers. You can manage some improvements as a DIY project like painting or adding a new vanity, but you'll want to hire a professional plumber to add a second sink, walk-in shower with body sprays, or bring in a contractor to lay popular ceramic tile flooring and backsplash.
If you're on a tighter budget but still want to capture the highest price when you sell your home, there are several things you can do to create "perceived value."
Consider these simple projects:
- Clean and declutter—clean your home, wash the windows (inside and out), steam clean carpets, wipe down cabinets and doors, remove extra furniture, organize closets, and donate those old clothes you'll never fit into again.
- Paint—apply a fresh coat of paint in neutral or complementary colors to the interior and exterior (including the front door and shutters.)
- Home maintenance—remove stains from countertops, clean grout, replace burned out light bulbs (use LED or compact fluorescents to save on electric bills), caulk around bath fixtures, repair or replace leaky faucets, clean out gutters.
- Yard maintenance —mow the lawn, trim around flowerbeds and sidewalks, trim large shrubs and low branches on trees, rake leaves, remove overgrown landscaping and dead plants.
- Doorbell—make sure it works or better yet, replace it with a new smart video doorbell.
- Driveway—add top sealer to your old asphalt driveway for a clean look.
- Staging—real estate agents have found this to be a great practice to improve presentation. Brighten a room with new light fixtures or lamps, organize and display books and accessories with a new shelf unit, or patch all those drywall blemishes like nail holes and settling cracks. Stand at the doorway and assess each room to see the negatives that stand out, then hire a handyman to help to stage the space quickly.
Puls—Your Best Resource for Improving Your Home's Resale Value
Each of these improvements will help bring out the best features of your home and provide the best return on investment when you're ready to sell. Puls has a team of professionals ready to handle your home improvement/maintenance needs whenever you're ready—from handyman services, to plumbing services, to garage door repair or replacement and peace-of-mind appliance protection plans. With low monthly installments, you would rather protect your appliances than dealing with unexpected costly bills for repair or replacement.
Our goal is to exceed your expectations with high quality workmanship, affordable services, and convenient scheduling. Book an appointment today and enjoy 5% off all home services by entering code ptake5.