When you are investing in real estate, whether it be residential or commercial, the primary goal is to be profitable. Return on investment (ROI) is the measure of how much profit you make as a percentage of that investment’s cost. To calculate your ROI, you have to include the purchase price, any monthly expenses and fees, improvement costs, and taxes.
The key is knowing where to put your money, and it pays to focus on projects that will add value. ROI home improvements keep universal design principles in mind in order to create value for people of all capabilities. Let’s discuss which projects will leave you with the happiest homeowners and get you the most bang for your buck.
Minor Bathroom Updates
One of the greatest ROI home improvements you can tackle is remodeling your bathroom. Considering the average human spends over 182 hours in the bathroom per year, it should be a comfortable space. Some common updates for improving the look of a bathroom include replacing the vanity, installing brighter lighting, and getting a new showerhead. Integrating an open section beneath the countertop and a curbless shower are also extremely beneficial additions because they emphasize accessibility, yet anyone can appreciate them.
Minor Kitchen Upgrades
It has been found that a minor kitchen remodeling project recovers more of an investment cost than a major one. This is because those minor upgrades can make all the difference, without the need for demolishing the room. For example, while you could completely replace the cabinets, there is also the option to add a fresh coat of paint and gloss to the existing ones. Changing out the appliances, like the refrigerator or the dishwasher, with newer versions also brings the room into the modern day with eco-friendly options.
New Set of Windows
Residential windows are projected to last for anywhere between 15 to 30 years. That being said, if you have been living in your house for a couple of decades without getting them replaced, it would be a good thing to look into. There could be bending or discoloration from the build-up of moisture, or even a draft coming in that is causing your energy bill to be higher than it should. New windows can save you a lot of money with their energy efficiency, and make the house look better inside and out.
Enhance the Landscaping
New landscaping can freshen up the space in simple ways, such as trimming the grass and using plants that are visible all year long. However, landscaping goes beyond greenery. From the fences to the paths to the ponds, your yards need an aesthetic appeal. After all, the front yard, in particular, is one of the first things that buyers see. Curb appeal is highly important to ROI home improvements because, if the exterior appearance of your house doesn’t stand up to your neighbors’, it will not sell as easily.
Front Door Replacement
Aside from the front yard, the entry door is the first interaction a buyer will have with your house. People decide within minutes whether a house is of interest to them, so make a good first impression. Remodeling magazine found that the average ROI for replacing your front door is 74.9%, meaning you could add a significant amount of value back into your home through this fairly quick change. A new door also gives you the chance for customization, so you can choose to leave it as natural wood or paint it in eye-catching color.
Addition of a Patio, Porch, or Deck
Today’s homeowners are partial to outdoor living spaces. If you have the room to build an exterior structure, the addition could be a big selling point. Including enhancements, like benches or fire pits, helps promote the enjoyment that a buyer can get out of the house. You can make the area beautiful and cozy by including raised garden beds and attractive furniture. Constructing a deck only costs about half of what it does to build a new room within your house, yet it makes the same amount of space for homeowners and their guests to gather.
Pushing for a higher price isn’t a challenge when you have made worthy investments that people both need and want. Let us know how we at Bat City Builders can help you get started with your ROI home improvements.
Photos, in order of appearance, by:
- Ksenia Chernaya on Pexels
- Charles Deluvio on Unsplash
- Lisa on Pexels