Making improvements to your home will not only enhance your living environment, it will increase your home’s value as well if done correctly. Not all areas of your home are created equal. It’s important to prioritize the areas of your home with the highest ROI to make sure you are investing into the right areas of your home. Home updates can get costly, so make sure to budget beforehand and always leave extra room for incidentals.
Kitchen Renovation
One of the most popular and rewarding home updates is a kitchen renovation. When you upgrade your kitchen, you can expect to recoup up to 85% of your investment. The key is to keep your kitchen renovation costs reasonable and in step with the style and value of your home. Simple upgrades like painting the cabinets and adding new hardware, replacing old appliances and updating countertops and backsplash all have a huge impact on the appearance and value of your kitchen.
Bathroom Remodel
Another popular home update that can net a significant ROI is a bathroom remodel. Upgrades to the bathroom can recoup up to 70% of the investment you make. Updating your bathroom can range from a simple update like replacing outdated fixtures and lighting to a complete overhaul with a new tub/shower, new flooring, cabinetry, and countertops. The master bathroom should be the top priority if it is outdated.
Curb Appeal
Improving your home’s curb appeal with simple updates can increase your home’s value up to 17%. If you are making updates to prepare your home to sell, curb appeal is really important. The first thing a buyer sees when searching for a new home is the front of the house. While it might not sound like much, the cost of updating a home’s exterior can be relatively low. Some of the best ways to boost curb appeal include painting your front door and window trim, adding new light fixtures, planting flowers and shrubs, and staining decks and fences.
Energy-Efficient Windows
One commonly overlooked aspect when updating your home is its energy efficiency. Upgrading to energy-efficient windows can save you money on your energy bills while also increasing the value of your home. Potential buyers that look for energy-efficient features may be willing to spend more on a home that has them vs a home that does not.
Updated Flooring
Lastly, upgrading to your flooring to LVP or hardwood can add significant value to your home. Hardwood floors are especially popular among buyers and can increase the value of your home by up to 5%. There are so many options out there for different types of LVP flooring that can be more cost effective and require less maintenance than traditional hardwood. The last thing a buyer wants to do when purchasing a new home is rip out old carpet. If you can get ahead of this home update, you will be able to net more money when it comes time to sell.
Need a contractor?
With so many options when it comes to home updates, it’s important to choose wisely. We’ve curated a list of verified vendors for all types of home maintenance and renovation projects. By selecting updates that have a high ROI, you’ll not only enjoy your home more but also protect your investment. A kitchen renovation, bathroom remodel, curb appeal, energy-efficient windows, and hardwood floors are all home updates with proven ROI that will help you get the most value out of your home. So, start planning your next home update today!
