Best Home Renovations To Increase Your Return On Investment
If you plan on renovating your home before you sell, you will likely not receive full reimbursement for your time renovating. However, you may have a harder time selling if your home is outdated.
While most people assume that kitchen and bathroom renovations will offer the best bang for the buck, it is not the case. Investopedia noted the following return on investment figures:
This is interesting because people cannot see this! But it makes sense because it makes your home more energy efficient and will reduce the heating/cooling bills.
Replacing Your Front Door- Expected Recoup- Approx 90%
New Vinyl Siding- Return on investment: 80-85%
This speaks entirely to the curbside appeal of a house. The front door may not be very visible from afar but a home’s siding is the first thing you see. Siding can look old because it is worn down, or simply a colour that is totally out of date (like my own personal yellow vinyl siding…). You may want to undertake this project a year or so before you want to move, so you can enjoy it – as you do not get a full return on investment – and so that the neighbors see and your house starts generating some buzz in the neighborhood before you move. It is not uncommon for future buyers to drive through desired neighborhoods often and if your beautiful house comes on the market – it will get snatched up quickly!
Upgrade Garage Door- Return Investment: 80%
Along with the door and vinyl siding – upgrading your garage door upgrades the expectations a buyer has of the house before the see the interior. In addition, new garage doors may offer more safety features, and if insulated, and if there is a doorway to your home, will be more energy efficient to your home overall, reducing your utility bill.
Install Hardwood Floors- Return on Investment- 78-91%
Be aware that engineered hardwood does not do as well as the real thing in terms of return on investment. Hardwood is a lovely feature on the main level of a home as well as in bedrooms – especially since carpet can look and smell old, and for people with allergies and asthma, be something that seriously affects breathing. While someone may simply rip out the carpets, many buyers are turned off by the idea of renovations and if they enter your home and cannot breathe properly, they will not stay to make an offer.