It’s a strong seller’s market! Bidding wars are becoming much more common, and both buyers and sellers alike are investing in home remodeling projects. For sellers, upgrading their home promises a huge return on investment. Meanwhile, some buyers are purchasing fixer-uppers and decorating them to their desires.
The home remodeling trend isn’t going anywhere anytime soon, either.
To get the most out of your efforts, here are some of the best home remodeling projects for your ROI:
Minor Bathroom Remodels
Bathrooms and kitchens are the most popular rooms to remodel - and also generate the best ROI. Between the two, bathrooms projects generate just a little more.
When we say minor remodels, we mean minor. Don’t worry about gutting the entire room - just update what’s already in it. Update the lighting to make it brighter, or change out your showerhead or vanity. A little bit work goes a long way.
Minor Kitchen Remodels
If you’re looking to sell your home, upgrading your fridge or dishwasher makes your property that much more desirable. People tend to spend a lot of time in the kitchen, and it seems to be the epicenter of most parties as well. By updating your appliances, your cabinets, and applying a fresh coat of paint, your new kitchen could add thousands or even tens of thousands to your asking price!
Your landscape will be the first thing that potential buyers see in person when checking out your home. Not only can a well-kept yard boost your home’s value, but good landscaping maintenance will help your trees and shrubs live longer, healthier lives.
Yard work is costly, labor intensive, and time-consuming, so we recommend hiring a professional. The National Association of Landscape Professionals reveals that 74% of US adults believe they know how to care for their lawns, but 69% also admit that their lawn/landscape could use improvement. If you don’t know what you’re doing, you can be causing more harm than good, and damaging your ROI.
Replace Your Garage Door
As we mentioned above, upgrading your home’s exterior is a great investment. One aspect of this that may surprise you in the value of a new garage door. When we think about home remodeling projects, we don’t necessarily think about our garage. On average, a new garage door can increase your home’s value by around $3,500. It’s considered one of the best home improvements you can make.
In our first-time home buyer guide we talk about the superficiality associated with paint. It’s never something that should make or break a home-buying decision. However, it often does play a huge factor in the value of your home. Be sure to paint your rooms in neutral colors before putting your home on the market. This will prevent potential distractions as also make your home look newer.
Zillow has some interesting insights about paint colors that can increase or decrease the value of your home. They discovered that a black front door typically increases the sale price of a US home by 2.9% and that pink taupe is the best color for a living room, increase the home price by 1.3%. Meanwhile, choosing colors like barn red or brick for your kitchen can decrease the price of a home by more than $2,000.
Finishing Your Basement
Finishing your basement adds more heated square footage, which drives up the value of your home. While finishing your basement isn’t cheap (it costs about $18,400 on average), it’s definitely worth it. For example, homes ranging from $250,000-$400,000 in Georgia can add $15,000-$20,000 in value with an unfinished basement. If the basement is finished, that same home value can increase by $40,000-$50,000!
Refinish or Install Hardwood Floors
Refinishing your hardwood floors recovers 100% of the cost at resale, which new wood flooring recoups 106% of costs. We strongly recommend making the switch from carpet to hardwood if you have pets. Even if you don’t, if your carpet isn’t in the best condition, potential buyers will take notice.
Replace Your Roof
On average, replacing your roof recovers 107% of its cost when you sell. It’s another project that can be costly, but worth it in the end.
Major Bathroom Remodel
While not as popular as its minor counterpart, a major bathroom remodel is a great investment. Think of it this way: no one wants to buy a home and move into a used bathroom. Think about everything you currently have in your bathroom - from your tiled floors to your plumbing. If it’s not adding to your bathroom’s aesthetic, it could be taking away from it.
If your home has multiple bathrooms and you only have the budget to remodel one of them, update your master bathroom. Odds are this will be the one that the buyer uses most often. It’ll be where they brush their teeth in the morning and relax in the tub at night. If your master bathroom can make a homebuyer feel at home, they’ll usually pay extra for it.
Major Kitchen Remodel
One of the most common complaints people have about a home is kitchen space. Give yourself more counter space and your guests more room to congregate. Get those nicer, energy-efficient appliances and, If you can, knock out that unnecessary wall separating your kitchen from your living or dining room. Approach your major kitchen with the same mindset you’d approach your major bathroom remodel. If it’s not adding to your aesthetic, it’s taking away from it.
Replace Your Windows
Not only do new window look nicer, but they’re also more energy efficient and will save you or your new homeowner on their energy bills. Also, you can never appreciate how much cleaner new windows look until you have them. Both of these reasons are why window replacement rounds out this list.
Whether you're buying or selling, whether you have a one-bedroom condo or a small mansion, home remodeling can drastic boost the value of your home. If you’re not sure where you should start, give us a call! We’d be happy to help.