When you ask people what’s the most significant financial investment they’ve made in their lifetime? You will probably hear most of them saying that it’s their house. And that is true!
So if you have one, you must take care of it to keep it in the best shape possible. Thus, keep an eye out for any repairs or improvements your house needs to increase your property’s value. A report by CNBC revealed that around 95% of homeowners intend to undertake significant home improvement projects in the following five years. Are you one of them? Chances are you have started going through a list of ideas that you could try.
However, when it comes to home improvement projects, there is a long list of ideas you can opt for. However, not all home improvement projects guarantee a favorable return on investment. So, if you are looking for projects with potential payoffs, you must research thoroughly and pick the right ones. And when the time comes to put your property on the market, you will be glad you did diligent research.
To help you with your goal, let’s look at some of the home improvement projects that yield substantial increases in home value:
1- Replace The Roof
There is no denying that your home’s roof is the first line of defense against harsh weather. Simply put, the more solid your home’s foundation is, the more secure shelter it can provide for the people living inside. On the contrary, if it isn’t in good working condition, it will cause leakage and also impact energy efficiency.
So consider going for the roof replacement project first and save your house from any structural issues. While it may seem like a significant investment initially, it’s also a smart move from a financial standpoint. The new roof will give you peace of mind and increase your home’s appeal and overall market value.
2- Revamp Your Bathroom
It is no secret that there exist two rooms in a house that can make or break your deal when you are selling your home. These include a bathroom and kitchen. Even though home improvement projects in these areas may be quite expensive, don’t worry. These projects will also get you just as much value for your money.
If you can’t afford a full bathroom demolition, don’t fret. A few transformations here and there can give you much-needed comfort and long-term return. So replace the showerhead, vanity, tub, faucet, or toilet. While you are at it, don’t forget to upgrade the lighting to make your bathroom space brighter.
3- Remodel Kitchen
Along with the bathroom, the kitchen is the most vital room of your house that potential buyers will scrutinize. After all, the kitchen is usually the hub of any home. So it makes sense that you pay special attention to this space.
If your kitchen has a sound foundation, there is no need to go for a complete makeover. Instead, making a few upgrades can have a big impact. For example, you can install new sinks/faucets and countertops. Or perhaps, you can add new light fixtures to this space. Try replacing the outdated appliance with new ones. Lastly, see if your cabinet needs any upgrading.
4- Pay Attention To Your Floor
The type and condition of flooring can significantly impact the value of your home and its appeal. Therefore, to draw in prospective buyers, choosing the right flooring style is wise.
Even though carpeting has its place, nothing adds more charm to your space than a brand-new hardwood floor. Moreover, if your carpet has become outdated or stained, changing your flooring to hardwood is smart.
5- Install Energy-Efficient Appliances
Have you ever wondered how energy-efficient your home is? The truth is investing in energy-efficient appliances is no longer just a practice to save the planet. It is an excellent way to allure potential buyers and is also good for your wallet. The best thing about these appliances is they cut down on your energy bills, thus offering you a solid ROI.
Although investing in energy-efficient appliances may seem like a significant upfront investment, the lasting value it adds is undeniably remarkable. Common energy-efficient appliances that you can opt for include LED light bulbs, thermostats, dishwashers, etc.
6- Add a new coat of paint
Picture this: you have put your house on sale, and a potential buyer visits the place. However, as they step inside, they notice chipped paint on your walls. Do you think they would buy it? Probably not. So, boost your home’s value with a simple solution – repaint.
Adding a new lick of paint to your walls, door, and windows will give them a new life. The best part about this home improvement project? It is relatively cheap and easier to tackle. Don’t forget that neutral colors are universally appealing and never really lose their charm to prospective purchasers.
7- Focus on landscapes
No wonder you are busy perfecting your indoor oasis, but let’s not forget the magic your home’s exterior holds. Substantially boost your home’s worth and make it even more beautiful by paying attention to landscape improvement projects. After all, a neatly maintained and well-designed landscape can impress potential buyers.
So, start by adding native plants, shrubs, or flowers. Ensure you have a lush lawn by protecting it against weeds, fertilizing when necessary, mowing grass weekly, and much more. While you are at it, don’t forget to install new light fixtures to illuminate your lawn. It will also give you a sense of security.
Let’s face it, your house is a valuable asset, and it will only increase with time. Therefore, investing money and time to maintain and improve it makes sense. It is even more crucial to do this where there are potential safety threats or malfunctioning parts. It is best to protect your initial investment and ensure your living space is secure and comfortable.
However, since not all home improvement projects give a high ROI, you should do your homework and have a strategy before starting any project.