This summer you might consider knocking a few home projects off your to-do list. Whether big or small, you’ll want to make sure you’re investing in projects with a high rate of return. If you’re staying in your home or considering selling, it’s wise to be cautious of what your home is worth and how projects can affect your home’s value.
We want our clients and neighbors around the Charlotte area to be well-educated in their home’s equity and value growth, so we’ve come up with a current list of projects with the best ROI. Take this list into consideration next time you’re thinking about your own home improvement and if you’re thinking about selling, we can help match you with the perfect agent for the job.
Enhance Your Curb Appeal
One big way that homeowners can spruce up their home’s exteriors is by improving the landscaping and overall curb appeal. Because it is the first impression for future visitors and potential buyers, it’s a critical component to help your home look summer ready.
If you’re more of a DIY homeowner, start by giving your gardens some extra love by pulling weeds, planting new seeds, and spreading mulch or pinestraw. Another way to improve the look of your home is to regularly pressure wash the siding and any windows, paved patios, decks, and walkways.
If you’re up for hiring a professional, consider creating a walkway or adding solar lighting to a current patio or walkway. Another one of the most promising summer home renovations to earn a return on investment is upgrading your home’s windows. According to Bankrate, new windows can significantly boost the value of your home. For example, a $10,000 replacement may improve your home’s value by nearly $8,500. As an added bonus, ENERGY STAR-rated windows will also help lower your bills. If you are replacing windows with the plan to sell your home, this type of window can help your property gain interest from prospective buyers looking for energy efficiency.
Bankrate also notes garage door replacements as having a positive return on investment. The website’s average cost for the project is $3,907 with an average resale value of $3,663, recouping 93.8 percent of the investment.
Some other valuable outdoor home replacement items are vinyl or fiber-cement siding, entry door, or roofing upgrades. These projects will not only help your resale value but they will better your own quality of life at home this summer while enjoying your beautifully updated outdoor spaces.
Remodel the More Popular Rooms
If you are looking for a bigger indoor project like a full room remodel or renovation, opt for the kitchen or bathroom first. These rooms are common spaces for you, your family, or guests to utilize and always a safe bet for a remodel with a high return on investment.
“You’ll recoup about 72 percent of the cost of a minor kitchen remodel, on average,” says Bankrate. “This is based on a 200-square-foot kitchen with 30 linear feet of countertops and cabinets, where you might be replacing appliances with new, more energy-efficient models; refacing cabinets with shaker-style panels; installing new countertops or a sink; replacing hardware; adding new flooring; and repainting the walls.”
A mid range bathroom remodel is also high on the list of return on investment. Based on updating an existing 5x7-foot bathroom, Bankrate suggests a 69.5 percent return.
If you are considering selling your home after the remodel, keep a universal buyer perspective in mind when choosing finishes and upgrades. You’ll want your home to appeal to a broad range of home buyers which means you should avoid overly trendy features and utilize more traditional and evergreen upgrades that appeal to the masses.
Additions to the Home and its Value
When planning a more serious renovation, some homeowners might consider adding brand new features. The most profitable of these additions is the addition of a wood deck. Remodeling’s cost vs. value comparison states that owners could add a 16x20-foot deck and recoup 78.3 percent of the cost spent. Installing pressure-treated or weather-proof deck boards also makes this a better long term investment.
Summer is a great time to add a wood deck, as you’ll be able to quickly reap the rewards for this investment. Once the deck is built, any owner can make it their own by adding their preference of furniture, lighting, plants, and other details that match their style and personality.
Helen Adams Realty wants our friends and neighbors to always be interested in ways to boost their home’s values, especially if you’re thinking about selling. Whether now is the time for you to sell or just renovate, you’ll find peace of mind knowing that the projects you choose to tackle will pay off at the end of the day. Use this list as a guide next time you’re thinking about a home improvement project and if you need help finding a vendor for the project in your area of town, give one of our agents a call.