How to Get the Best ROI on Your Home Remodel?
As spring rolls around and the real estate market begins to heat up, many homeowners choose to remodel or upgrade their homes. Whether you’re looking to sell your house or simply upgrade certain features, you probably want to spend money on renovations that will give you the best return on investment (ROI).
If you’re looking for home improvement or remodeling projects to give you the most bang for your buck, check out these tips for getting the best ROI:
Consider Project Values And Returns
Think about the potential return for the investment you put into a remodeling project or home update. They can make your home look and feel nicer, in addition to boosting its resale value in the future.
If you are looking to live in your home for a while, you may care more about comfort and function. For those looking to immediately sell, you’ll want to consider the best updates to increase your home’s value before it hits the market.
Check out this list of the top 10 remodeling projects with the best ROI in 2019:
- Garage door replacement
- Manufactured stone veneer
- Minor kitchen remodel
- Deck addition (wood & composite)
- Home siding replacement
- Entry door replacement (steel & fiberglass)
- Window replacement (vinyl & wood)
- Roof replacement (metal & shingles)
- Bathroom remodel
- Major kitchen remodel
A simple kitchen or bathroom update can really transform the look and feel of your home, in addition to increasing its overall value. A new tile backsplash, updated cabinet hardware, and a modern countertop or double vanity can vastly improve the aesthetic of your kitchen or bathroom and are affordable updates with high ROI.
Research Your Real Estate Market
Look at what similar homes in your area have sold for and what features they boast that your home may not have or be up to date on. Local open house events, online real estate comparison websites, and local realtors and remodeling companies can give you an idea of what home features are being remodeled and what buyers are looking for in a home.
Don’t be afraid to talk to your neighbors and ask about their remodeling projects or what drew them to the neighborhood and their specific house. Getting the best return on your investment can be very specific to where you live, especially in cities where specific features are in demand. While kitchen and bathroom updates are in-demand for most homes, there are also location-specific remodeling projects that can add value to your home.
For example, in a warmer climate, there may be a higher demand for a porch or outdoor space. In a moderate or cooler climate, there could be more homes with heated floors or fireplaces. Design and renovation companies in your area can give you an idea of what is hot right now and what is sure to spark interest for years to come.
Remodel For The Future
Take new features and home trends into account to plan you’re remodeling for the future. Consider smart devices, doorbell cameras and other home security features, and other item updates that could help your home sell or gain value as time passes. High-quality cabinets and storage systems are examples of updates that can go a long way in increasing your home’s current and future appeal. Small updates that make a home feel new, such as hardware replacement or integrated technology, can also increase the resale value.
Check out new home construction to get an idea of the latest features being integrated into modern homes, determine which have a good ROI, and how they could be turned into a remodeling project for your home. Talk to a real estate professional to see what features are most popular among younger home buyers to see what the future home buying market may have in store–especially in homes in your location.
There may be new regulations or features that homes in your state or region are being integrated into new construction that could boost your home’s value and appeal to future buyers, such as–
- Energy-efficient “smart” thermostats
- “Smart” lighting
- Easy close or electronic cabinets
- Integrated home security systems
- Solar panels
- Renewable/sustainable materials
- Remote-controlled “smart” appliances
Make Replacements and Repairs
When looking to get the most value for your remodel, consider investing in small but worthwhile updates and repairs, such as–
- Replacing older appliances
- Upgrading to energy-saving lighting
- Replacing outlet and light switch covers
- Installing new countertops
These small but effective feature updates recoup costs better than many full-scale remodels and are easier on your budget, especially if you are looking to place your home on the market soon. For kitchens, installing a new backsplash is a cost-efficient way to make add visual appeal and integration various colors and styles in the room. Replacing old appliances can spark interest in potential home buyers, and makes your entire house feel newer as a result.
However, if you plan on staying in your home long-term, you may want to consider hiring professionals to handle a large-scale renovation so you can enjoy the new and improved space for years to come. If there are several repair issues and updates that need to be done, a remodeling or home improvement company can repair that problem or install new features quickly and efficiently.
Tackle DIY Projects
Consider taking on smaller projects such as painting, installations, or landscaping yourself or with family and friends. You will be surprised what some DIY efforts can teach you about your home and the work that goes into making it beautiful.
Many times, you can repair or replace small parts such as hardware or hinges yourself by watching a quick video online or reading up on a home improvement website. Consider the many DIY home repairs that can make your home look and function great. From replacing a valve or filter yourself to landscaping and painting, there are so many small projects that you can learn how to master with a bit of research and determination. By taking on small projects, you’ll learn more about your home and realize what updates are the best lift to the professionals.
Be sure to purchase quality materials from reputable remodeling companies if you decide to handle the smaller projects yourself. Remodeling projects and changes will only add value to your home if the materials and results are high-quality and make a positive difference in the property’s appearance or function.
Hire A Professional
For larger or more extensive jobs, hire a professional remodeling company to take care of your home improvement project. From custom kitchen and bathroom remodels to creating an open concept floorplan, some jobs are best left to the professionals.
Don’t try to tackle any electrical, carpentry, or plumbing yourself–hire the pros. Your large or complex home project is guaranteed to look incredible and last longer if completed by a reputable and licensed remodeling contractor or home improvement specialist.
Overall home maintenance will add value as nothing else can. Ensuring that your home is up to code, feels safe and inviting, and is livable are the most important aspects for upping its appeal. Electrical, plumbing, mechanical, and HVAC inspections and regular maintenance provide future buyers with a sense of ease that the home has been taken care of and is in move-in-ready condition.
Home remodeling can add tremendous value to your home, but some aspects are better left to a remodeling company. Carpentry and electrical work is notoriously tricky and can cost much more than the initial repair or renovation if handled incorrectly. Sometimes hiring a specialized company can cost less than attempting to do the work yourself, especially if there is a risk of costly mistakes such as dealing with structural, plumbing, or electrical work.
Maybe you need to get a loan from a bank, local credit union, or online lenders before kitchen remodeling or home improvement. Here you can see home improvement loan options you can choose.