If you want to increase the value of your home, it’s important to do some key renovations. But not all renovation projects are created equal. Some are worth the pretty penny spent, but many can be a waste of time and money, with the return not being quite as high as expected.
When thinking of what renovations to make to your home, consider the following improvements that could boost the value of your property.
Flooring (Average ROI: 70%-80%)
While carpeting may have been popular at one point, now it could seriously deter a potential buyer from putting an offer in. Hardwood floors may be a large expense, but they’re the way to go for any flooring renovation projects. If you have the time and money, this is an investment to think about. But if hardwood is too much out of your price range, consider laminate wood flooring, which gives you a similar look at the fraction of the cost.
Exterior (Average ROI: 76%-97%)
When potential buyers pull up to your property and notice overgrown grass, poor landscaping, and a neglected walkway, that doesn’t give them the best first impression. The opportunity that curb appeal presents for your home is substantial. This includes everything from your front door to your roof to your garage door, which, let’s face it, could always use a fresh coat of paint.
DIY tip: Put out seasonal doormats, decorate your front door, and power wash the walkway.
Kitchen (Average ROI: 79%-83%)
There’s a reason many consider the kitchen to be the heart of the home—it’s the room where the most time is spent. People walk in and immediately look to the kitchen to make a quick judgment. If your microwave, stove, dishwasher, countertop, or any other commonly used appliance is over ten years old, it may be time to start thinking of updating.
Making improvements to your home can be quite the commitment, but it’s important if you want to Improve your home’s value on the market.