A Key Question that I’m asked repeatedly is, “What Home Improvements provide the best return on my investment?” This should truly be a key consideration when you are thinking about Home Improvement Projects.
My experience has found there are 4 Key Rules to follow when it comes to Home Improvements.
Rule #1: It is crucial to keep your home well-maintained and “current”.
You need to keep your home in good repair and up to date. I’ve seen many sad situations where over the years only minimal repairs have been made, and little to no updates. When the time comes that the Owner wants or needs to sell their home, they are stuck with numerous repairs just to make the home “sellable”, and without current “updates” the market value can be much less than the Owner expects.
Rule #2: Personal Home Improvements have a “personal ROI” but do not normally increase your home’s financial value.
If you plan to remain in your home for several years, a swimming pool or home theater, etc. may give you and your family hours of enjoyment, quality time together, and make many good memories. If that is your main goal, then investment can be very personally rewarding. Just keep in mind that “personally rewarding to you” does not necessarily mean more financial value when you sell your home. Someone else may see a pool as a danger for small children or too much work, or a Home Theater as a waste of valuable space. These types of improvements have Personal ROI vs Financial ROI.
Rule #3: To achieve the best long-term Financial ROI for Home Improvements focus on areas that have perceived value to the majority of Home Owners & Potential Buyers.
Home Improvements that maintain their value over time are the improvements or upgrades that have perceived value by the majority of Home Owners and potential Buyers. Remodeled or upgraded Kitchens, Baths, and Hardwood Flooring are examples of improvements that can bring not only personal enjoyment but will increase your home’s value.
Rule #4: For Immediate increased “sale ability” ROI focus on Flooring, Lighting & Fixtures, Baths, and Kitchens
Immediate Financial Value – If you are planning to sell your home soon, and want to make improvements to immediately help increase the value and sale ability, focus on these 4 areas:
- Remove outdated carpets and replace with hardwood flooring
- Buyers specifically look for updated flooring when they evaluate a potential home
- Lighting Fixtures & Hardware
- Replace all Gold Lighting Fixtures with Brushed Nickel. Light Fixtures are inexpensive and fairly easy to replace.
- Replace outdated cabinet hardware
- Make sure entry door Hardware is up to date and in good condition.
- If fixtures & hardware are not replaced, it can “date” a property, making it appear ill-maintained
- Upgrades can include: new tile & grout, new faucets, and/or a new coat of paint
- Bathrooms are considered the 2nd most important rooms in a house
- This is the most valuable room in your home, but you don’t need to spend a fortune to make it look spectacular
- A deluxe faucet, cabinet hardware, upgraded appliances, new lighting, or adding a backsplash can jazz up its appearance & functionality
In summary, to achieve maximum ROI think through what your short and long-term Objectives are. Follow the Rules above and you should be in good shape.
As an experienced Realtor, I have a team of quality, trust-worthy, and proven Affiliates that I can recommend for assisting you.
- Home Remodeling Experts
- Quality Handy-men
- Professional Home Decorators and Stagers
- Repair Specialists for most every situation
Contact me any time to discuss your Home Improvement Objective or Repair needs. I’m here to help!