Whether you’re selling your house, improving a newly-purchased home or just looking to upgrade, some projects offer you more bang for your hard-earned money. Money spent on kitchens and bathrooms often offer the best return on your investment. However, there are several other locations where homeowners can generate a very good return on their investment.
Kitchens Close the Deal
Kitchens are the focal point of most homes. From entertaining to preparing everyday meals, people spend a lot of time in their kitchens. If you have kitchen with energy inefficient appliances and an outdated appearance, upgrading your kitchen makes a great deal of sense. Even minor kitchen remodels can net an 83 % return on your investment—according to Realtor.com. Living in a higher end neighborhood combined with a more extensive kitchen remodel can push that return above 100%.
Bathrooms Help Too!
In addition to improving your kitchen, an update to your bathroom—in particular, your master bathroom if you have one—offers another very good return on your investment. Several sources have pinned this return on your investment from 70–75 %. Current trends in bathroom renovations include glass showers, granite countertops, custom cabinetry and new fixtures.
If those items are above your budget, then consider adding a new vanity—available at many home improvement centers—or upgrade your tub. It makes a significant difference.
GETTING PEOPLE in the DOOR!!
If you’re selling your home and you’re trying to generate potential buyers—you need curb appeal!! Often times, potential buyers determine their interest in your home BEFORE they visit it!! How? Curb appeal! Homes with barren yards and damaged driveways drive away potential buyers before they ever see your new kitchen or updated master bathroom.
Homes with peeling paint or decaying cladding turn off potential home buyers. If your home suffers from one of these conditions, you might consider fixing this before you list your home.
New cladding offers a number of significant benefits regardless of whether you’re selling your home or staying put. For people selling their home, new cladding gives your house an instant curb appear upgrade. For people staying put, new exterior cladding materials improve your curb appeal as well as improving your energy efficiency—saving you money.
The return on this investment varies greatly, depending on the initial condition of the exterior. Since the point of this upgrade is to entice buyers (or to create a more inviting home for friends/family), the return on this investment often can’t be measured in terms of money.
Other home upgrades
Adding new exterior cladding is just one way to improve your home’s curb appeal. Planting a flower bed, keeping the yard trimmed and neat and upgrading your mailbox all make your home more inviting to potential buyers as well as your friends and family.
If you have carpet in your home that’s more than ten years old, consider replacing it. Nobody likes to see dingy, worn or threadbare carpet. It generates a more moderate return on your investment, relative to kitchens, bathrooms and curb appeal, however.
If you want to increase the value of your home for selling or just improve it for your own satisfaction, upgrading your kitchen, bathroom and curb appeal offer excellent returns on the investment of your hard-earned money.