Many times when we talk with homeowners looking to begin a home improvement project, they discuss the possibility of selling their house at some time in the future. This is an important aspect that our team understands plays into decisions made by homeowners. Some home improvements are meant to increase your home's value for you and your family. Likewise, others are investments into the future sale of your home to increase it's value for others. More often than not, homeowners require a plan that both increases the value for their family for the next number of years they'll spend in it, while increasing the value down the road for others looking at purchasing it.
Let's dive in to some of our projects with the highest ROI (return on investment) for both you and potential buyers down the road!
Increased Living Space
Adding to the square footage of your home can be a wonderful way to increase its value for future buyers and for you to enjoy as long as you stay.
The addition of outdoor living spaces in included and at the top of the ROI list. Wooden and composite deck additions can produce an average of 78%-83% ROI for sellers. The amount of time you enjoy it before selling just adds to your personal return! Most sources for home improvements intended for selling will recommend at a 16x20 as the standard starting place, but depending on the size of your house and yard, you may decide to go bigger. Safety features such as railings help keep the ROI high.
Two story additions are another high ROI item coming in at an average of 90.6%. We’re big fans of two story decks and screen rooms because it’s an interesting design feature that sets your home apart while being a more cost effective way to achieve square footage and an outdoor living space.
Reduced Maintenance Concerns If your home is at least 10-15 years old, buyers have an increased awareness of potential maintenance and associated costs that may be needed in the next few years.
Roofing is a big concern with an even bigger reason to consider handling it now. According to HomeLight new roofing can produce up to a 105% ROI. Low estimates of its ROI by other sources are still in the 80% range with the added disclaimer that it has helped many homes sell faster.
Siding does a lot to create curb appeal your home. It's also something that needs maintenance and repairs at certain life-stages of your home. Couple the already high estimate of 84% ROI with the increased energy efficiency of many of our siding styles, and the ROI has a lot of room for growth.
Energy Efficiency
Speaking of energy efficiency, that’s a huge area for potential ROI for selling and for you with a decrease in your utility costs.
Window replacement with energy efficient vinyl windows can be expected to result in an ROI of up to 92%. They can also add to your home’s curb appeal as well and can compliment new siding or a new roof quite well. Our easy to clean and maintain windows are another way to get more for your money in reduced maintenance for your home.
Kitchen
According to HGTV, the most popular thing for realtors to suggest for home improvement projects to help selling value of a home is a mid-range kitchen remodel.
Mid-range kitchen remodels usually consist of upgrading to new stainless steel energy efficient appliances, modern fixtures, flooring, and counter tops. With an estimated ROI of up to 95.8%, it's no wonder these are one of the first choices for anyone looking to make improvements for themselves and future buyers. No need to go for any kind of commercial kitchen equipment; that actually results in a much lower ROI. Bathroom
Similar to kitchens, mid-range bathroom remodels can provide a high return at 85%.
Making some modern upgrades to bathroom flooring, counter tops, and fixtures can go a long way to the value of your home. Ensuring you have water-saving features in different aspects of your bathroom can help save on utilities as well.
We hope you find this helpful in considering any possible home improvement projects. All estimates for ROI are based on costs and quality of professional design and instillation. Give us a call today to talk to one of our team members about what your home can benefit most from!