Blog > 6 Home Renovations That Will Get You an ROI at the Closing Table
6 Home Renovations That Will Get You an ROI at the Closing Table
Renovating your home can be overwhelming, especially deciding what projects to start with and which ones are even worth investing in. Home renovations can be a great way to increase the value of your property, but not all renovations are created equal. If you're looking to get the most bang for your buck, here are 6 home renovations that will get you a return on investment at the closing table:
Kitchen Remodel: A kitchen remodel can add significant value to your home, especially if you update appliances, replace outdated cabinets, and install new countertops. If this seems like it will be way too expensive to take on this sort of full remodel, start off small with a few budget friendly ways to improve your space such as, replacing your backsplash, resurfacing your cabinets, updating your hardware, fresh coat of paint, some new bar stools or dining furniture, changing the light fixtures, updating the countertop or changing your floor. Even these smaller changes can make a world of difference!
Bathroom remodel: Much like the kitchen, a bathroom remodel can also add significant value to your home. Things like separate soaker tubs, larger showers and double sinks are a great way to make this space a tranquil area you'll love to spend time in. Again, there are some great budget friendly ideas you can do to make it a beautiful space without breaking the bank or diving into a complete overhaul. Things that can be done are very similar to the kitchen such as new vanity, new faucets, updating hardware on existing vanity, some vanities can be repainted, fresh coat of paint, changing the floor, update the light fixtures, retiling existing showers or simply adding a new decor theme will make this space much more inviting.
Energy-efficient upgrades: Replacing old windows are a great way to add value to your home and installing energy-efficient windows, doors, and appliances can save money on utilities and make your home more eco-friendly. Replacing windows has several additional bonus factors as well such as enhanced security and safety, reducing dust and allergens, noise reduction, curb appeal and easier maintenance. Many companies offer bulk discounts or even financing options. There are even a few different Government grants you can take advantage of for these types of retrofits.
Exterior upgrades: Upgrading your home's exterior with new siding, a fresh coat of paint, or a new roof can make it more attractive to potential buyers. A new roof is a great way to add value to your home and protect it from the elements. Most buyers notice the roof before anything else as this can be a huge deterring factor in the decision making process if they anticipate having a large expense right away or will leverage the roof condition during negotiations. You won't make major ROI off a roof however it's definitely something that can be used as leverage and can sometimes even make or break a deal.
Landscaping: A well-maintained lawn and attractive landscaping can make a big difference in your home's curb appeal. If people drive by your home and are not impressed, they won't want to go inside. You want to make your home feel welcoming and inviting. People are known to judge how a house is kept simply based on how a yard is kept; if you don't take care of what everyone sees, how likely are you to take care of things nobody sees? Simply putting down grass seed on your existing lawn can make an older tired lawn rejuvenated. Stay on top of weeds so they don't overtake the yard and adding a bit of colour to your garden areas or adding some planters to your porch area a great touch.
Laundry area: Doing simple laundry area updates or renovations can bring a dark and dingy space to life. Improved efficiency and convenience are great for ROI for this space. By optimizing your layout and storage, this can reduce how much time is spent on doing these boring chores and increase the overall productivity. Adding a folding station/table that can go above your washer and dryer is a simple way to increase efficiency. Decor and paint are great budget friendly ways to update this space. You can easily add some shelving above your appliances and add some baskets to make the space more enjoyable.
By investing in these home renovations, you can increase the value of your property and potentially receive a higher return on investment when it comes time to sell. Hopefully you got some inspiration from some of these ideas! Stay motivated and create a "To-Do" list to help you with your home renovations. Taking things one step at a time is key to not breaking the bank or getting overwhelmed and leaving things half done.
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