Home Improvement Projects with Increased ROI Potential
When thinking about a home improvement project, return on investment (ROI), is one of the most important things to consider before renovating. As a homeowner, it’s easy to get caught up in wanting to make glamorous changes, like a major bathroom or kitchen remodel. But deciding to move forward with a huge project like that can be daunting and expensive, with limited return on investment.
Extravagant changes might be satisfying in the short term, but practical improvements can make your home more attractive to buyers. There are several sensible, high ROI projects to focus on around the home that don’t require as much time or money as a remodel. As a buyer, asking when the last time these projects were completed or updated can help you to make an informed decision down the road.
Focus on These Simple Projects
Garage Door Replacement – Considering the garage is the most used point of entry into a home, this is one of the best improvements you can make. Replacing outdated garage doors has the highest ROI of any home improvement project.
A garage door update immediately increases the curb appeal of your home. Something as simple as a four-section garage door with new heavy-duty steel tracks can make a home look fresh and modern while staying in budget. When buying or selling, making sure the garage door has been updated should be at the top of your list.
New Front Door – Giving the front of the house a facelift is always a good idea! Increasing curb appeal by replacing an old front door with a new steel door, is a great way to boost the appearance of your home. Dents and chipped paint will be a thing of the past. Not to mention how much peace of mind a steel door can give a homeowner with numerous security benefits.
Insulate the Attic – If sustainability is a priority when buying or selling, this is the project for you. Filling your attic with fiberglass insulation helps your home stay cool during those hot Orange County days, or keeps you warm during chilly nights.
Fiberglass is a much more sustainable option than timber, aluminum or steel. It can also help your home become more energy efficient long term. Note to future buyers-- don’t forget to ask what materials are insulating the attic during your next walk through.
Siding Replacement – For those that are looking for a low maintenance improvement, replacing the siding of a home not only increases the outer beauty of a home, but is a very attractive renovation for buyers. Buyers don’t want to have to spend money when they purchase a home. With a simple improvement like updated siding, you can feel confident in the value of your home when selling.
Wood Deck Addition – For Southern California residents with a backyard, the addition of a wood deck with pressure treated wood posts, balusters and railings can really help during resale. Within this list a wooden deck addition is the most expensive project. But with the right design, a wood deck addition has an ROI of over 80%. Not to mention how much fun it is to enjoy a meal or a glass of wine with friends and family on the deck when all is said and done.
Get to Work!
If you’re looking to buy, keep these improvements in mind when viewing new listings. And luckily you won’t have to do any work. But the same cannot be said for homeowners. These projects will take some work, but I can help you prioritize your home improvement projects and help you get the most value for your home. Regardless of whether you’re buying or selling a home in the coming months, I can help. Contact me today to get started.