When it comes to home improvement, most homeowners dream of updated kitchens with fancy granite countertops. New bathrooms may also be top-of-mind when it comes to a remodeling project. While updating your kitchen and bathroom seem like great ideas, there are a few things to consider before tackling these home improvement projects. After all, while kitchen and bathroom updates may look nice, they’re not always the best investment to make if you’re planning to sell your home. Below, review a few home improvement projects with high ROI so you know where to spend your money versus when to keep that money in your pocket!
- Kitchen and bathroom remodel: The kitchen and bathroom are pretty high on the priority list when it comes to home remodel. The truth is that if you plan on staying in your home for a while and you enjoy using your kitchen and bathroom (two places many homeowners spend much of their time), then by all means invest the money in a remodel! If, however, you’re updating features of your home simply to place it on the market, it may be wiser to invest your money in other areas.
- Appliances: When was the last time your furnace was replaced? How about your hot water heater or your air conditioning unit? These are some big-ticket items that can be extremely costly to replace, but they have a high return on investment if you’re planning on selling your home. Many buyers can get past out-of-date cabinetry. What they can’t get past in knowing they’re going to invest thousands in a new home, only to have to invest thousands more to replace outdated necessities.
- Roof: When was the last time your roof was replaced? Shy of a big storm that forces us to consider replacing the shingles or fixing a leak that just won’t go away, many of us don’t pay attention to our roofs. However, know that by updating your roof within about 3-5 years of selling your home you’re likely to see a fairly high return on investment for this expense.
- Curb appeal: How many times have you looked at the outside of a home and decided that you didn’t need to look any further? As gorgeous as your home may be on the inside, if the outside doesn’t reflect the same amount of work you’ll be hard pressed to find a buyer. Invest in updated paint, some landscaping, and new windows and doors to increase the appeal of your home to others. You might also consider installing a fence–a hot item among many home buyers.
- More space: If you have enough square footage to add additional space to your home, do it! Turning a two-bedroom one-bath home into a three-bedroom one-bath home will get you a much higher return on investment. The same goes for adding a bathroom or finishing your basement.
When we start on a home remodel project we often have grand ideas about how we’d like the home to look. However, if you’re selling your home the remodel projects should really come down to what will benefit your future buyers–not necessarily what you would like to see happen.