Property owners should always be concerned with the value of their home, whether they are hoping to sell in the near future or they are looking for long-term investment growth. One of the best ways to boost the value of a property in competitive markets like Glenora is to complete home improvement projects that offer a good return on investment.
These are 5 home improvement projects that offer the best ROI for residential homeowners or property investors:
Kitchen and Bathroom Renovations
These are tried-and-true home improvements, and nearly everyone knows that they will add value to a property. However, it's become a home improvement cliche because it works. Many buyers today are looking for a home that offers state-of-the-art appliances, granite counter tops and modern cabinets, and they don't want to do the work themselves after they move in. By investing in tasteful, neutral kitchen and bathroom upgrades, a property owner can enjoy an investment return of up to 80 percent or higher.
Property owners who plan to list in the near future and know that the roof is reaching the end of its expected lifespan should bump this project up to the top of their home improvement lists. Buyers have been known to walk away from deals if the roof is in bad shape. Listing a property with a new roof improves not only the value but also the marketability of a home. A new roof could offer an ROI of more than 105 percent.
This home improvement project sometimes comes as a surprise to property owners who are more focused on ROI than the ability to sell a home as quickly as possible. While landscaping improvements obviously increase the curb appeal of a home, they also can improve the overall property value. Flowering plants and mature trees are worthwhile landscaping additions, according to Houselogic, and the ROI can be as high as 105 percent.
This is a hidden home improvement project, because the benefits cannot be immediately seen from the exterior or interior of the home. However, home buyers today are often just as concerned with the sustainability of their property as they are its general appearance. Attic insulation not only adds to the value of a property, but it also makes the home more efficient. The new homeowner will be pleased that their energy bills will be lower, while the property owner will enjoy the significant return on their investment. In many cases, additional attic insulation can offer an ROI between 95 and 117 percent.
Years ago, basements were considered to be extra storage space and a place to shelter in the event of severe weather. Today, many homeowners consider their basements to be an extension of their living space. Adding drywall and a ceiling to a basement can make it more functional, while carpet, appliances and plumbing can transform it into a comfortable place to hang out. The ROI on this project is about 70 percent.
Home improvement projects are a rewarding venture for many property owners. For those who are intending to live in their home for a bit longer, they can enjoy the upgrades while their property value continues to rise. For those who are looking to list their property on the market, they will enjoy a significant ROI that will allow them to reap the benefits of their original investment.
To find out more information about which home improvement projects would be right for your property, contact an experienced real estate agent now.
By Justin Havre