Whether you’re planning on selling your home or simply attempting a few upgrades to improve your property, it’s important to know what the potential ROI is before you get started. It can be difficult to decipher if a helpful update on your home will end up being a money pit on your wallet, doing some research beforehand can help curb these curiosities and potential pitfalls. The following list has been curated to assist you with determining your (potentially) greatest ROI – especially if you’re ready to sell.
*The list begins with the projects that on an average yield the highest return and end with the lowest, which on average is still about 90% return on investment!
1. Small Bathroom Renovation
Small bathroom renovations are good choices for ROI. However, small tweaks to the bathroom are best. Any huge overhauls will leave a huge dent on your wallet that may not be worth it. Minor adjustments like shower head changes and switching out vanities and lighting are safe bets.
2. Landscaping
Landscaping in front of your home is the first impression your home will give to potential buyers. Something as simple as a trim lawn can add to the curb appeal of your home.
3. Small Kitchen Renovation
Entire kitchen overhauls are not always necessary. Sometimes, a fresh coat of paint over existing cabinets and switching out appliances are enough to make your kitchen look brand new. Hardware is also a good and often inexpensive way to boost the appeal of your kitchen.
4. Entry Door Replacement
A beautiful entry door is sometimes the first thing that potential buyers notice. A lot of buyers are able to decide if they want to buy a home in the first few minutes of seeing it. Investing in a door will help make a good first impression of your property.
5. Deck/Patio/Porch Remodel
If homeowners have the space to make an addition of a deck, patio or porch to their property they should take advantage. Usable outdoor spaces like these are now almost a necessity.
5. Replacement Windows
New windows can sometimes be very energy efficient and something that buyers look for. Also, new windows will help the appearance of a home to look brand new from the outside in.
No matter what you decide to do with your home, it’s important to ensure the upgrades you’re making to the property are the right and ideally most lucrative upgrades that promise a bigger return on your most important investment: your home.
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