Home improvements are upgrades that are performed in order to add more value to your property, but also to enhance your life quality. However, not all of them will do the job equally well. There’s an important factor to consider before you make a final decision to do any work and it’s name is ROI +, which is a shorter name for Return on Investment. Whether you’re planning to sell your property shortly or not, you should always try to increase ROI by boosting household quality.
If one day you decide to sell your property, you’d certainly like to sell it at the highest possible price. The value is determined by numerous factors, but one of them is related to the largest return on investment in home improvements. Yet, if you have no intentions of selling your house in the future and you just love the result, then overpriced upgrades can be worth it.
Before making any changes, it’s good to take some time and think about what kind of improvement you would love to make. Transforming a bathroom into a spa might be quite appealing and comfy, but is it worth it? Luxury won’t necessarily pay for itself when it comes to property selling. On the other hand, making some minor positive changes is highly likely to increase a home’s value. Replacing the gutter, entry door, or fixing a leaky roof will definitely pay off, despite not sounding all that fancy.
The main question here is – how can homeowners be sure that the boosts they are planning to make are worth the investment? Let’s try to provide you with an answer to that question – make sure you check our ideas below.
Entry door replacement
The first impression of your house is the front door, which is why you definitely don’t want the shabby-looking one that doesn’t match with the architecture of the property.
The cost of the door replacement depends on the type of material. Those made of high-quality steel are pricier, but they do prevent leaks and boost home insulation more than any other type. Decorative accessories such as transom windows and sidelights could be more costly than the replacement of the ordinary-looking door. Decoration costs more, but it’ll give a completely new look to the whole surrounding and create a wow-effect at the first glance of your house.
The cost of the average door replacement could be just under $1,420 but it may vary, depending on the material. What we know is that the approximate return would be around $1,290 and an ROI would be 90.8%. The major upgrades that also add the most value to your property and the highest ROI are upgrades done in the two most important areas in your house – the kitchen and the bathroom. These are the inner places that actually sell houses.
There are two types of room remodeling, minor and major.
Minor bathroom remodel
Instead of starting projects in every room and not finishing them, it’s better to begin with a single, but important one – a minor bathroom remodel. As soon as you replace the showerhead with a rain shower, the whole area will get a whole new look that buyers will appreciate. You should also try to replace the vanity as it will give the impression of a brand new bathroom. Also, if you decide to replace the lighting it would probably make the whole place much brighter and give it a final touch.
The average cost of this project is around $10,500, while the average return would be $10,700 (ROI 102%)
Major bathroom remodel
Now it’s time to take a step further from a previously discussed minor bathroom remodel. This means that everything inside should be replaced – or at least anything that isn’t working effectively or that looks old. You should start with replacing the shower pan, flooring and lighting, as well as plumbing.
It means that everything that isn’t adding to the overall attractiveness of the space needs to go. Therefore, the first step to take is to make sure that the area is in a clean state. You shouldn’t forget to replace the master bath because that’s the amenity that stands out. This whole project costs around $26,000 and the average return is $24,300 – this makes an ROI go to 93.2%.
Minor kitchen remodel
If you want to make your kitchen more appealing, it can be done without demolishing the entire room. Instead of it, you should start with minor upgrades that can make a big difference. If you want to give it an instant glow, first start with refinishing the existing cabinets. A fresh coat of paint could make the whole place look new. That, combined with replacing existing appliances with new ones, can completely transform a kitchen. The average amount of cash you need to set aside is around $15,000 with the average return of $14,600 and an ROI of 98.5%.
Major kitchen remodel
This project isn’t like a major bathroom remodel where we first determine if everything works well before we start replacing amenities. This project requires total replacement where everything should be taken out and redone. Modern designs require an open concept. It means that you should get rid of a wall to open the space. Buyers like kitchens with a lot of space where they can cook and host many people. This requires around $43,900 with the average return of $39,900 and an ROI of 91%.
Attic bedroom conversion
Another luxury that not all owners have the privilege of having is a convertible attic. You should consider turning the attic into an extra sleeping area. One of the best ways to increase the value of your property is definitely to increase the number of rooms, so, if you already have an attic, you should consider this possibility as well. It would cost you around $39,200, while the return would be $36,700 with an ROI of 93.5%.
Manufactured stone veneer
Any project that makes your property’s curb more appealing will add more shine to your household. Installing a manufactured stone veneer is pretty cost-effective and, if you decide to install engineered stone siding as well, then you’ll get the imitation of the pricier, more natural options. They are often heavier and place more stress on the foundation and frame of your home. On the other hand, engineered stone siding is a lighter and less expensive alternative. The average cost of siding replacement is about $8,221, but a manufactured stone veneer can be installed for less than that, with a return of $7,986 and an ROI of 97,1%.
And finally, the aesthetics of both the front and backyard may be the first thing that buyers see – so landscaping needs to look fresh and attractive. The best landscape designs are simple, with trimmed and clean lines. If you can’t think about all the changes you could apply there, you can always hire a professional, as well as a maintenance worker, and make your yard so appealing that no buyers will be able to resist it. The cost of such a venture would be $5,000 and the same amount of money as the return, which gives an ROI of 100%. Totally worth it, right?