Your home is likely the largest investment you’ll make in your lifetime, so of course you want to make the most of it. That’s why it’s important to choose wisely when selecting home improvement projects. Although all of these projects can improve the way you live in your home, some have a much greater return on investment than others. Whether you’re planning to tackle a remodel as a weekend DIY project, or hiring a professional to do the work for you, we want to help you make the best decision for your home. Let’s take a look at some home improvements that are predicted to have the best return this year.
1. Upgraded Garage Door – It may not be the the first project that comes to mind when you think “home improvement” but it should be on the top of the list when you think “return on investment”. Upgrading your home’s garage door can significantly improve your home’s curb appeal, which can translate to your home selling faster and for more money. The average garage door replacement recoups over 98% of the cost when you sell your home.
2. Front Door Replacement – Replacing your existing front door with a new steel entry door can both improve your homes curb appeal and help you save on energy costs. Just like upgrading your garage door this improvement in curb appeal can add to your home’s curb appeal and lead to it selling quicker and for a greater profit. This easy update usually returns over 90% of your investment.
3. New Siding – Updating your faded or damaged siding can also do wonders to boost your curb appeal, choosing vinyl siding with a fade resistant finish will provide you with a beautiful home for the years you choose to live there and appeal to buyers when you’re ready to sell. Be sure to choose a neutral color pallet that can attract a large number of buyers to recoup the largest portion of your investment, about 83% according to the Cost vs Value Report. If you need help selecting a color a local realtor can advise on what buyers in the area are looking for.
4. Landscaping Upgrades – A beautiful yard draws in buyers when you are ready to sell and creates a relaxing retreat during the time you own your home. The welcoming oasis of a well landscaped yard increases interest in your listed house, leading to a faster and more competitive sale. In addition to the usual trees and flowers, another landscaping upgrade which is increasing in popularity is outdoor living spaces. A 2017 survey conducted by The American Institute of Architects, has shown a 38 percent increase in demand for outdoor living spaces. Adding one to your home could set your listing apart from the competition.
5. Increasing Livable Square Footage – When comparing homes for purchase many buyers look at the cost per square foot. The current list price in Ohio as of Mar 31, 2018 is $99 per square foot. Therefore with every square foot of livable square footage you add you could conservatively expect the value of your home to increase a similar value.
Whether you’re looking to make improvements in your home in order to sell quickly and for top dollar, or just want to be sure you’re getting the most out of your investment when you decide to sell selecting one of these improvements is a great way to get the job done.
If you’re curious as to what your home may be worth one of our agents is glad to help with a no obligation home valuation.