You may be dreaming of a new in-ground swimming pool or stainless-steel kitchen counters, but will these investments give you the right ROI when it’s time to sell? Below are some of the top home improvements that, according to Remodeling magazine, will also improve your chances of getting the most for your home at the closing table.
First Impressions. A new steel front door speaks volumes about home security and energy efficiency. You can choose from a wide price range and many colors. Not ready to replace? Paint the existing front door and repair any cracks or marring of the casing to up your curb appeal. 96.6% ROI. [A fiberglass front door will net you about 70.8% ROI.]
Take It to the Top. Turning an attic into an additional bedroom is a popular trend and a great investment. Maximize your living space without a major adjustment to your home’s structure. This also gives you the opportunity to beef up your insulation and improve your home’s energy efficiency — a hugely desirable feature for Millennial buyers. 84.3% ROI.
Get Decked Out. A wooden deck addition to your home brings an 87.4% ROI, according to Remodeling magazine. Choosing a composite instead still nets you about 74.3% return. Outdoor entertaining is on the upswing, and an open deck in general costs far less than an enclosed addition.
Go Low. As with an attic remodel, redoing a basement improves the value of your home without altering its footprint. Refinish the room and add a wet bar and bathroom for maximum enjoyment and return on your investment. 77.6% ROI.
Consider the Ups and Downs. How many people think about replacing their garage door when they’re making home improvements? Apparently more of us should. It’s another bump to your curb appeal, and you have a vast array of choices, from uninsulated steel to insulated panels with windows. Your choice may depend on whether your garage is only for storing cars or if you have a workshop or laundry facilities there too. 83.7% ROI.
Cook Up Some Change. Of course, an updated kitchen is always one of the best investments you can make when it comes to home improvements. We’re talking a minor remodel, here: new cabinet fronts and hardware, new midpriced sink and faucet, and if you’re really in the mood, replacing the stove with a more energy-efficient model. A major upgrade probably isn’t worth it: a minor remodel brings in about an 82.7% ROI, while spending over $50,000 on a major upgrade will probably only net you 74.2% ROI.
Need more advice? I’m happy to recommend a local contractor who is an expert on the home trends in our area. And feel free to contact me anytime regarding a home-improvement loan. Looking to Buy or Sell, we have that covered for you as well. Your home is the most important investment in your financial portfolio; let’s discuss how to make this investment work for you.