Top Home Improvement Ideas to Maximize ROI
Looking to invest some money in home improvement projects? You may be doing it to make your home more comfortable, give it a face-lift or simply add a stylish feature to make your dreams come true. Sounds great if you are living in the house but what if you decide you sell your house in future? Before you hit the refresh buttons, you must consider that not all home improvement initiatives add considerable value to your home in terms of ROI. In fact, some bells and whistles can actually discourage some potential buyers and surprisingly, more often than not minor improvements have shown to yield major returns.
So, what are the top home improvement ideas that, while making your house more comfortable and efficient to live in, will strengthen its market value? Let’s take a look.
1. Updating or repairing basic infrastructure
Awesome kitchen but the roof leaks? Beautiful landscape but problems with plumbing, air conditioning and heating units? For most buyers, cosmetic enhancements will not hold any weight if they know they will have to spend a major chunk on the upkeep of the basic systems. Maintenance and repairs can really chew a lot of money and with a limited budget most buyers are afraid of that. If they know basic infrastructure is smooth and there are no foundation problems, they are more likely to buy a house. So, it is important that you make all the important upgrades or repairs to the home’s major functional systems first.
2. Kitchen updates
Investing in kitchen remodelling can really bring in great dividends. However, not to go overboard is the key. Re-painting it in fresh colors, giving it a minor face-lift and replacing old, withered appliances with new, energy efficient models generally does the trick. But make sure that you don’t make your kitchen stand out from the rest of the house or even the neigborhood for that matter. Ideally, the size, style and enhancements in your kitchen should blend in with your house interior and not look out of the place.
3. Bath
Do you have a single bathroom in your house? It is better to spend your money on adding an extra bathroom than on remodelling the only one you have. It can really help you recoup a major part of your spending. To find the space for this additional bathroom, try to assess if you have any underutilized room or space in your home, for example an unused closet or areas under the stairs.
4. Add more spaces
Adding more space to your home is a great strategy to make your house attractive fir resale purposes. While expensive, this home improvement project can definitely make your home have an edge and maximize your returns on investment. People always appreciate extra, versatile spaces that can be used in a myriad ways, for example as a storing space, as a room for aging family member, as a home office, as a game room or simply as a recreational space. How can you create more spaces in your house?
• Convert the attic to a bedroom.
• Convert a part of the garage into a versatile space.
• Build a room over the garage.
• Convert basement into a room or a living space.
5. Improve curb appeal
Investing your money in improving your curb appeal will probably give you more bang for your bucks than everything else you are planning to do. Make your entrance clean and attractive. It gives the first impression of your house and also indicate if the house is well-cared for from the inside. Quick tips?
• Repair and repaint the fences.
• Plant trees and flowering shrubs for a fresh, vibrant look.
• Give your house a fresh lick of paint.
• Invest in siding replacement.
6. Invest in outdoor spaces
Without a doubt, outdoor living spaces have become more desirable. If you implement innovative ways to utilize existing outdoor spaces, it is going to add a punch to your patios and backyards. Transforming your outdoor spaces into functional as well as happy, social zones to lounge with family and friends will appeal to buyers too. Wondering where to start? Here are some quick, cost-effective and practical tips to invest wisely:
• Plant vibrant plants.
• Create beautiful, edible and sustainable landscape and add lighting for mesmerizing effects.
• Add a functional kitchen for fun, quick cooking sessions. Adding appliances and fire features will add more appeal.
• Add a deck.
• Create storing space.
For more tips on how to transform your outdoor living spaces, read “Top Outdoor Living Trends for 2015.”
7. Make your home energy efficient
Homes that have been modified with energy efficiency features fetch low utility bills and are generally easier to maintain, hence more appealing to buyers. Here are a few tips to make your home energy efficient:
• Make your home insulated. Replace your old, leaky windows with energy efficient models or use weather-stripping.
• Replace traditional incandescent lightbulbs with energy efficient ones. Options such as compact fluorescent lamps (CFLs), halogen incandescent and light emitting diode (LED) utilize less energy than conventional bulbs and are great options.
• Replace old gadgets and appliances with energy efficient models. Appliances that are Energy Star rated are not only better for go-green initiatives but help save lots of money on utility bills, a fact many potential buyers appreciate.
• Install a programmable thermostat.
Need more tips? Read “How to Make Your Home Energy Efficient?”
If you are planning to undertake home improvement projects to bring in substantial dividends, it is important to know that your ROI will mostly depend on the existing market value of your house, your neigborhood, the quality and efficacy of the improvements and also on how soon you are selling after making these improvements.