5 Home Improvement Projects That Have The Biggest Return On Investment
Saturday Apr 01st, 2023
They say that kitchens and baths sell homes; those are also two of the most expensive areas for home improvement. However, if you make the right decisions regarding materials and designs, you can make your home much more appealing to buyers and, most of all, a nicer place to live in.
The National Association of Realtors has done a study confirming that kitchens and baths are still at the top of the list for home improvements buyers are looking for. The study ranked home improvements by the percentage of return on the remodelling cost based on the home's resale value after the improvement.
Below are the five home improvements that can provide you with the highest ROI.
1. Complete Kitchen Renovation
The look of a kitchen is the fastest way for buyers to know how up-to-date the owners have kept the home. Realty Pros have found that the kitchen and its design have always been a deal breaker for buyers and that at the top of their lists are stainless steel appliances and granite countertops.
2. Kitchen Upgrades
A less expensive alternative to a complete kitchen renovation would be upgrading its current design. Replace dated appliances, refinish cabinets, and change/add backsplash, so the kitchen has a more modern appeal for potential buyers.
At Realty Pros, we recommend that if a complete kitchen renovation is not feasible, kitchen upgrades should suffice, satisfy the buyer's needs, and complete the deal. Not only does this help with the resale value of your home, but this also makes it a much more enjoyable place to live.
3. Bathroom Renovation
This is another place where buyers can tell the home's age, which will make buyers hesitate due to the cost and work involved in remodelling an outdated bathroom. At Realty Pros, we have found that although this isn't a deal breaker for buyers, they are definitely considering the condition of the bathrooms when looking for their dream home.
4. New Flooring
New flooring is one of the cheapest home improvements of the five, and it will also get you one of the highest returns. At Realty Pros, we always recommend new flooring as it is one of the first things buyers see upon entry into the home and a good first impression matters.
5. New Bathroom
This remodelling decision is driven by function but is also a quick way to differentiate your home from others on the market. An additional bathroom is sometimes the one thing buyers are looking for in the search for their dream home.
At Realty Pros, we have found that homes with a finished basement and an additional bathroom are one of the more sought-after home improvements.
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