Return on Investment
Some home projects pay off more than others. Here are some ideas to show where you get the highest ROI, and some projects you may want to avoid when considering a return.
Do- Paint
With ROI values for Interior paint at 105% and exterior at 80%, paint is a quick, easy, and relatively cheap way to get high returns. Stick with light neutral colors to capture the widest audience. I recommend hiring a professional for the best results.
Don’t- Avoid Major Construction
Major construction additions may be the right choice for a homeowner in need of more space and utility, but they have lower monetary returns. A Primary Suite Addition will have an ROI of about 45%, while a Foyer reconstruction will net about 60%.
Do- Replace Doors/Windows
These usually see great returns, especially in cooler climates (hello!). Garage doors see a return of 95%, Windows are at 70%, and Front Doors are around 80%. Trendy colors and materials on your front & garage doors are another way to make your house *pop* and stand out without a full replacement.
Do and Don’t in the Kitchen
The chef’s kitchen is a dream of almost every home owner, however a complete remodel could go as low as 55% because moving mechanical systems, plumbing and electricity are expensive.
Here are some budget friendly ways to add value to your kitchen. Including an accent color on the cabinets, changing hardware, and leaving the current cabinets and replacing the countertops are great options. You can also add backsplash and/or replace lighting and the faucet to complete your refresh.
Bathrooms
Avoid the “gut job”. Replace lighting, hardware, and or vanity. Paint and flooring are cheaper additions as well. If your budget allows for new tile/tub that will help keep returns higher.
Don’t- Install Major Landscaping
Today’s buyers are looking for low maintenance exteriors and yards. Zen gardens, large water features and outdoor kitchens are all on the “no” list. These can turn off many buyers because of the work associated with upkeep, or the cost of having them maintained.
Do- Focus on Curb Appeal
The first picture buyers usually see is the front of a house. Keep the grass cut frequently prior to selling and make sure bushes and trees are trimmed in advance. Power washing the walkways and driveway can also make your concrete look much newer.
These are all based on estimates. Even if the return isn’t the highest, sometimes it makes sense to complete a project or add something to your home that you know you will use and enjoy because you love it, and that’s ok too!
