Thinking of ways to maximize your home’s earning potential?
Well you’re not the only one.
A house is often seen as an investment. The goal is to buy a property you can make money off of if you ever have to sell it.
One way for you to influence how much money you make off of your home is by doing renovations every 5 or 10 years. Or at least before you decide to sell.
But not so fast!
Some renovations are worth doing. But you will lose money on others.
We stumbled across a neat report that shows the ROI you can get from certain home renovations. And we thought it was a great idea to let you know which renovations give you the best return.
Why not make more money off of your home?
Here are the best renovations that provide the most value in return:
The Garage Door
It’s the first thing that buyers see and the last thing they think about during a showing.
The garage door is the entryway to your home because of its size and location. Replacing the portal can cost anywhere from $200 to $4,000. The return on such investment is ninety-one percent.
Changing fixtures and switching to efficient energy wattage can add value to your home. When hanging lights, it’s important to be conscious of their location.
Make use of track lights in the bathroom and kitchen where space is sometimes limited. Use flush mounts in the hallway to create the appearance of more capacity.
Remember that buyers prefer airiness over clutter and lighting is the best way to get the look.
Paying an extra $1,300 for new insulation could add $1,600 to your home’s value. Data shows that repairs to the attic give a return of more than one hundred percent.
Adding a wooden deck is the perfect addition if you have the time and space. You can hire a professional or complete the backyard upgrade on your own if you are the handy type.
Installation costs range in the low thousands and add at least $4,000 to the property’s value. You can essentially take your asking price from $126,000 to $130,000 by adding a bit of wood to the patio.
Open Floor Plan
Some buyers aren’t looking for more rooms. In fact, many believe that clutter comes as the result of too many crooks and turns. Knocking out a wall to make the place airier may be the thing that makes your home sell.
It costs around $3,000 to create more space, but the return on such investment is truly rewarding. You can make your open floor plan more appealing by adding the right type of lighting to the environment. Buyers will swarm at the idea of having endless possibilities with more space.
First impressions are lasting ones. Make your entrance appealing and get buyers interested in your property.
Finding a door that follows the unspoken theme of your house is the best way to get customers intrigued. They will notice the time and effort you put into finding the right door. And they’ll probably comment on it. They may even make an offer if other portions of the house are just as beautiful as the entryway.
Front doors are replaceable for as little as $500 and as much as $3,000. The good thing is that you can add the amount you paid for the remodel to your asking price.
It’s hard to sell a home for its full value when it has shabby vinyl siding. Replacing the plastic exterior costs around $10,000, but the return is somewhere near eighty percent.
There is a certain amount of majesty attached to hardwood floors. Homeowners have the option of either covering them up with carpet or letting bare floors serve as a fashion statement.
Choosing to swap carpet for hardwood floors will cost around $8 per square foot depending on the material’s quality. But the investment pays off.
Buyers prefer homes with hardwood floors over carpeted property. They may even offer to pay more in a bidding war if the flooring is in the dining room and living area.
Hardwood floor upgrades lend returns of more than one hundred percent. You can add the costs to your asking price.
Color means a lot these days. Adding a few coats of paint to your home could increase its value by more than $1,000.
Cream colors that are gentle on the eyes are especially appealing to buyers. You can use these shades to drive home a modern theme in the bathroom or kitchen.
Painting is probably the cheapest way to add value to a home. You can buy products that don’t cost much, and you can do the labor yourself.
Minor Kitchen Renovation
Overhauling the entire area may not be an option, but upgrading appliances can help.
Trading old machines for energy efficient models gives your home a modern appeal. Another option is refacing cabinets, which costs anywhere from $1,000 to $10,000. The upgrade is the easiest way to increase your home’s value by at least $3,200.
The kitchen is where inspectors and buyers spend the most time. It’s in your best interest for the space to look impeccable as a poorly renovated kitchen can cost you a sale.
Have YOU had any success with home renovations in the past?
Well, what worked for you?
Tell us about it in the comment section!