We all know that making improvements to your home can increase its value and add to its price at resale. However, knowing which types of improvements get the best return is important. This article will discuss the seven home improvements that will get you the most bang for your buck.
1. The Kitchen Remodel. When selling your home, the kitchen is a critical room. This is the best place to put your home improvement budget. An outdated kitchen with 15-year-old appliances could be a non-starter for many prospective buyers. HGTV says that you can anticipate recouping anywhere from 60% to 120% of your investment on a kitchen remodel. But the remodel should be within limits because you don’t want your kitchen to be head and shoulders above the rest of the house or the neighborhood. Your renovation projects should enhance your home—not price it out of the local market. A kitchen remodel should consider replacing old appliances with new, more energy-efficient models, refacing or replacing cabinets, installing new countertops, updating the hardware, installing a new sink and faucet, as well as updating the flooring and repainting.
2. The Bathroom Situation. Second only to the kitchen is the bathroom situation. And it’s a situation if your three- or four-bedroom home has only one loo. You can recoup the majority of your investment by adding a second bathroom. HGTV estimates that you can recoup 80%-130% of whatever you spend adding a bathroom… and if you have the space, a full or three-quarter bath is preferable. If you’re updating an existing bath, focus on a new sink, toilet, and fixtures. You should also consider updating the lighting and tile. One more improvement you can make to your bathrooms is reconfiguring your standard bathroom into an accessible one with wider doorways for wheelchairs, adding a walk-in shower, lowering light switches, and installing support bars.
3. Garage Door Replacement. A spanking new garage door can really make a statement and increase your home’s curb appeal. Research shows that recoupment is near 100% nationwide, and Remodeling Magazine says that a garage door replacement in the Tampa area is 95.1%,—making it a great project.
4. Siding and Window Replacements. Siding and windows that are old or damaged can have a dramatic negative impact on your home’s curb appeal and a potential buyer’s first impression. And as far as new windows, buyers are looking for homes with high energy efficiency ratings. Plus, because of our weather, windows in Florida must be impact-resistant.
5. Deck Addition. HGTV says that homeowners recoup 65%-90% of their investment by adding a deck. That’s good news because this is another home improvement that can be enjoyed year-round in Florida. Locally, you’ll recoup about 78% of your investment in a wood deck.
6. Repurposing a Room. Another valuable home improvement is to “reinvent” an existing space in your home. This might look like making a bedroom out of unused attic space or adding a small apartment in or over your garage—which may appeal to a larger family looking at buying your home.
7. Adding Energy-Efficient Insulation. In Florida, we know that climate control is a must. You can cut those costs by installing energy-efficient insulation that keeps you from heating or cooling the outdoors. Fiberglass, cellulose, and rigid foam board are frequently used, with blown cellulose and loose-fill fiberglass being the preferred methods in Florida.
Sprucing up your home for resale—or to enjoy before you put your home on the market—is a great idea. Use these tips and consider the areas of your home that a home improvement project will bring you the greatest return on your investment (ROI).
And just in case you’re wondering, renovating your backyard patio is seen as one of the least valuable home improvement projects, with a return of just over 50%.
Consult with a knowledgeable realtor in your community to learn what improvements will be of the greatest value and the highest return for your home. A realtor will analyze your market and see what has the greatest potential to make your property stand out.
Contact a Smith & Associates Real Estate Realtor, here.