Home improvement projects can be a fun challenge for many homeowners. It teaches them new skills and interesting facts about their home while creating an even deeper connection with their property. But to really get the most out of each new upgrade, homeowners should learn which ones will make all that time and effort worth their while. See how to spend as little as possible to reap the greatest rewards.
What Buyers Want
When it comes to buying a home, many buyers are more and more often coming to value practicality above glamour or luxury. They want excellent protection from the elements, working plumbing, and safe electrical components. Insulation has the best ROI for home improvement projects, typically returning more than 100% of the cost of the installation. Replacing the siding, roof, or windows will also yield somewhere between 70 – 90% when it comes to the resale price.
A new coat of paint on a home may be worth 165% of the cost of the supplies, which can make it a valuable investment. When it comes to amenities, the trends are also very pragmatic. Rather than seeking out marble bathtubs or stone fireplaces, buyers are looking for storage space, privacy, and convenience. An upstairs laundry room, fence around the property, or a new carport may increase the demand for the home.
The Two Big Rooms
It's the kitchen and bathroom that give homeowners their best chance to flex their creativity and design. With so many permanent fixtures, these are the elements that catch a buyer's eye when they're touring the home. The best way to approach either of these two rooms is usually to aim for mini-makeovers rather than full remodels. A small remodel for the kitchen may return about 80% of the cost, while a major renovation will only get back about 60% on average. The exception to this rule is if the room is so outdated that it really can't live without a full restoration. So homeowners should focus on refinishing their cabinets and changing the hardware rather than replacing them entirely.
When it comes to the bathroom, a small remodel will yield about 70% in a Bel-Aire home. So, update the lighting and replace the faucet, but don't buy Royal Doulton toilets for it. The best way to decide how much to spend is to keep the home's appraisal value in mind. Even the fanciest upgrades will only push you closer to the higher end of the neighbourhood's price range.
Tips to Consider
No matter when a homeowner is planning to sell, they should keep in mind the changes that may happen between the date of completion and the date it sells. A lot can change in even a few years, so it's important to keep that sense of perspective. Choose projects that will benefit the current residents for the time being, but don't rely on the improvements to spark a bidding war that ends in your favor. If a homeowner's at a loss of where to start, then the best place is usually to begin with the energy efficiency of the home.
Updating the windows or buying new appliances can cut a homeowner's heating and cooling bills by half or more. This will also be a huge benefit for future prospective home buyers. Research a variety of contractors and designers before settling, and seek out professional advice before committing to any project.
Improving a home isn't just something that homeowners should be doing when they realize they want to sell soon. It's a process they should be keeping up with for the entire time they own the home. The projects with the highest returns are those that show homeowners putting the integrity of the home and grounds above all else. The more love and attention a property gets over the years, the more likely it is to attract the right kinds of buyers.