When it comes to your home, there is always room for improvement! Even when you have found the perfect property that you always dreamt of, you always want to make some changes here and there.
Most real estate providers would say, why spend so much money on home improvement now and then? We say, why not? We believe that home improvements can be the right investment if done in the right way, and at the right time. To ensure these factors are in place, you would need to do some research on what home improvements work best for your home, and which ones will get you the highest returns.
No home improvement project will indeed give you full (100%) returns on your investment. However, the least you can do is invest in those which will increase the appeal and the value of your home. Remember that you are taking on these improvement projects not only for the home where you going to live for quite some time but also the home that you might want to sell a few years down the line.
Here are the 4 main factors that determine the ROI for the home improvement project that you have implemented at your property -
- Real Estate Trends and Current Market
- Type of Project
Before you decide to invest in any project, analyze and pay attention to each of these factors. Neglecting even one of them can lead to losses or backfire on your investment.
When it comes to home improvement projects, they are not too hard to find. They can easily be found all across the internet. What is hard to find are projects that will get you the best rate of returns in the future. To achieve this, you can have a look at some of the projects that we have collected and decide if any of these suit your requirements and preferences.
Windows are one of the few replacements that will make the home look better not just from the inside, but also from the outside. If you have not already given it a try, replace your windows with energy-efficient ones. This will help your future prospective home buyers save a lot of money, and who does not appreciate that!
Also Read: Fastest Ways Increase Home Value
Minor Bathroom Remodel
You will be surprised to know that it is the kitchen and the bathroom that primarily help in selling homes and getting a high value of the return. Consider upgrading all bathrooms in the house, instead of remodeling every bedroom. Focus on the lighting, and reflect on the kind of vibe that it gives out - a homely vibe is the most preferred. Make sure you replace and revamp the vanity. Otherwise, outsiders would feel like they are in someone else's space and that might not be a good idea when the aim is to get high returns.
Major Bathroom Remodel
If the minor bathroom remodel suggested above does not suit the needs of your bathroom, you can give this a try. This is known as a major remodel because you are starting from scratch. You can do a complete transformation for the best results. The appeal of the bathroom is very important, and so is the technical plumbing aspect. Analyze what needs repairing, and what needs to be refurnished. Focus more on the master bathroom.
The curb appeal of your home is very important. It is the curb that will give a fresh and appealing look to the overall structure of the home. Updating the landscaping will help you make a good first impression. However, do not do anything extra and keep it simple. When you are choosing a simple remodeling design for landscaping, also keep in mind that it should not look like it still needs a lot of work to be done. This might affect the overall value of returns.
Entry Door Replacement
The entry door is without a doubt the most impactful. Most homeowners indeed decide on buying or not buying a house based on first impressions. Replacing the main door will increase curb appeal and will also help in making a good impression within the first few minutes itself.
Also Read: Main Entrance Door Design
You do not need to remodel the entire kitchen to increase your returns on investment. First and foremost, replace all the old and rusty appliances with new affordable ones. If the cabinets and cupboards are in a good condition, try refinishing them instead of getting new ones. You can also transform the kitchen by experimenting with color palettes and painting the walls and furniture.
When you take up the task of remodeling, renovating, or improving your home - make a mindset where you expect an average of at least 70% rates of returns on investment. If you keep too many expectations, you might end up being disappointed. But if you go with no expectations at all, you might end up settling for less.
Before you get the work started, also pay some attention to the ongoing trends in your locality and city. Do not just stick to the interior or home design trends. Broaden your horizon. Think of any current trends that may directly or indirectly influence the real estate market. For instance, people today are getting more and more eco-conscious. They prefer furniture and decor that is eco-friendly, affordable, and bought from ancient, small shops. Similarly, research on recent trends in your neighborhood and accordingly decide which home improvement project you want to take up.
Also Read: Small Modular Kitchen
As we mentioned before, an investor or real estate agent will tell you that there are a lot of options and industries where you can invest and get a guaranteed high rate of returns. However, we think that at one point in your life, your home would need a makeover. When this time comes, look back on this blog, glance at it - and believe in us!