Considering an upgrade for your home? You’re making a smart decision. Home renovations can dramatically increase your home’s value and make the years you spend there more pleasant. However, not all home upgrades are created equal. Choose the upgrades for your situation that will pay off the most. The following five home upgrades will give you the biggest return on investment (ROI).
Improve Energy Efficiency
While it won’t necessarily do anything for the looks of your home, improving your home’s energy efficiency will give you more bang for your buck. Even by just adding more attic insulation, a homeowner can recoup more than 100 percent of the cost by saving on heating and cooling costs while making the home more attractive to potential buyers. Since more energy efficient homes are now on the market, you will be better able to compete. In addition to upgrading the HVAC, don’t forget about replacing older windows and water heaters.
Minor Kitchen Remodel
If you can only renovate one room in your home make it the kitchen. The kitchen is a focal point in your home and an upgrade can pay off handsomely. Don’t think a kitchen upgrade has to break the bank. Expensive new appliances aren’t necessary. Focus on cabinets and countertops instead. If cabinets are in good condition, they can be refinished or painted instead of replaced. You can make an impressive kitchen by merely adding new knobs and an attractive backsplash.
Upgrade the Bathrooms
After kitchens, bathrooms are the second most important selling point for your home. Only a minor bathroom upgrade can result in a 100 percent ROI. Regrouting tile is a minor project that makes a major difference in your bathroom’s appearance; so, can removing and replacing caulking around the tub and shower. Replace old toilets for a more modern look. Simply replacing mirrors and fixtures can go a long way in improving the look of your bathroom. While replacing a standard tub with a tile shower can be expensive, you will still have an ROI of over 80 percent.
Garage Addition
Garages are versatile in both design and function. It’s a place to protect vehicles from the elements, provide extra storage, and even a workshop. If your home has no existing garage, it could scare off many potential buyers. Fortunately, you have the option of adding one at a lower cost than having one built one. Prefab car garages come in two halves and can be erected on site. Prefab garages come in a variety of sizes and styles. Choose from vinyl siding or painted wood exteriors.
Fix the Flooring
New carpet or flooring is a great way to add to the value of your home. New flooring makes a home look fresh, clean, and well-maintained. Hardwood floors are a premium feature for potential homebuyers, especially those with kids and pets. They can add around 2.5 percent to the sale price of a home. This can be a costly upgrade since popular woods can run as much as $10 per square foot without the cost of installation. Save money and create impressive flooring at the same time by focusing on the kitchen and family living area for your hardwood flooring. Replace bedroom flooring with less expensive carpeting.
