Best Return on Investment Renovations
When people start planning home renovations they often make the mistake of pouring money into areas that will not necessarily benefit their bottom line. This happens fairly often and leaves homeowners frustrated. These are mistakes that you need to avoid when doing home improvement projects. Here is a list of investment renovations that will give you the best possible return on your investment.
1. Paint
Paint gives the home a new and clean feeling for buyers walking in for the first time. Choose colors that are soft and neutral. Avoid bold colors unless they are tastefully placed on accent walls to compliment permanent features such as flooring or lighting. Also, avoid painting all of the walls pure white. A stark white can be harsh on the eyes and come off too “sterile”. A soft or muslin white with neutral earth tones is hard to beat.
2. Curb Appeal
When a buyer pulls up to your home, their very first impression is what they see from the curb. Spend a little extra money in making the front of your home beautiful and presentable. Be sure your grass is full and healthy. Remove weeds, dead bushes, and trees. Consider hiring a landscaper to professionally upgrade your front lawn and provide low-maintenance vegetation for the future homeowners. Also, consider upgrading your porch, update the garage light fixtures and repaint shutters if you have them.
3. Lighting
A quick way to make a beautiful home feel dingy is to have outdated lighting. Updating your lighting with more energy efficient fixtures and bulbs will substantially increase your home’s appeal. Avoid lights that project a yellow tint and opt for bulbs that give off natural light and ambiance. This instantly brightens your home and avoids color distortion coming off the walls you just painted.
4. Bathrooms and Kitchens
These two areas can be extremely beneficial for your bottom line if you have the money in your budget to update them. However, do not put a major amount of work into them if it’s not necessary. Simply installing new faucets, handles, knobs, and lighting will make a huge difference. You can upgrade your counters, cabinets, backsplashes, and appliances if your home is severely outdated, but you will likely not see a full return on the money you put into updating these features. Update these areas, but be conservative about it.
5. Floors
This renovation can become a bit pricey but is absolutely worth it in the end. Damaged and stained carpets, tile, and wood flooring give your home a greatly diminished appeal to buyers. Invest your money into new carpets or wood floors and you will see a substantial return. Much like with a fresh coat of paint, beautiful floors represent a clean and cared for home.
6. Safety Improvements
Different safety improvements that should also be addressed involve plumbing, electrical, insulation, and roofing. If these areas are outdated or compromised, it will definitely come up during your home inspection. If you stall hoping to glide past the closing without dealing with it, you could possibly lose that sale. Consider hiring a home inspector before you list your home to inspect these areas and inform you of any potential hazards.
7. Front Door
Finally, a simple yet important improvement to your home… a new front door. Many future homeowners dream of placing their “Welcome” mat on the doorsteps of the place they call home. If they look up and see a door that is dirty or just plain boring, it can be a bit lackluster. Invest in a complimentary and unique front door to impress buyers and make your home feel special out of all the other homes they have visited.
For another list of the best and worst renovation projects for your investment returns, take a look here. There are a few projects that did not quite make our list, but might be something you should consider.
