Whether you’re staying in your home for the foreseeable future or you’re planning on listing next month, adding value to your home through home improvement and remodeling projects just makes sense. An increased home value gives you an advantage whether you’re selling your home, refinancing, or getting rid of private mortgage insurance (PMI). In this article, we’ll review the three home improvement projects that can help you sell your home faster, for more money.
Ask U.S. homeowners what the most important room in their home is, and they’re likely to tell you it’s the kitchen. The kitchen is the center of modern American home life, and that’s part of the reason why buyers love remodeled, upgraded kitchens. The average kitchen remodel has an ROI of 80.5%, making it one of the highest-ROI home remodeling projects out there. For any kitchen remodel, new countertops and cabinets are essential. Invest in high-quality materials, as you’ll want your new kitchen to last.
While your new countertops and cabinets will no doubt take up a sizeable portion of your remodeling budget, don’t forget about the finishing touches, such as knobs and pulls, lighting—pendant lighting over a kitchen island and under-cabinet lighting work really well in most kitchens—and a tile backsplash.
If you’re on a mission to add value to your home, your next stop should be your master bathroom. Prospective buyers really value upgraded master baths that prioritize functionality and straightforward design. On average, master bathroom remodeling projects carry a 70.1% ROI, making them one of the most cost-effective home remodeling projects out there. To boost your ROI even higher, make sure you make improvements to the shower and bathroom vanities: these are the elements people generally notice first and appreciate most.
A significant factor in your ROI is how much you invest into the renovation. In the bathroom, limit your upfront costs by avoiding major layout changes. Any time plumbing or electrical outlets need to be moved—with the assistance of a professional—you’ll often balloon your costs.
If your home has an older furnace, heat pump, or air conditioning system, you might be able to give your home’s value a significant boost by replacing it with a new, energy-efficient model. It makes sense: no buyer wants to purchase a home with a broken-down HVAC system because that means they’ll have to cover the cost of replacing it. By handling this upfront, you can make your home much easier to sell and much more attractive to prospective buyers. On the whole, air conditioning repair and replacement in Albuquerque have a 50% ROI, although the exact return depends on the type of system being replaced.
Invest in other projects
There are many other high-ROI projects that may be a good fit for your home. For example, if your garage door needs to be replaced, do this before listing: a new garage door has an average ROI of 97.5%. Similarly, replacing the siding on your home could get you two-thirds of your investment back while also improving its curb appeal.
For even more value-boosting projects and a full breakdown of what each can do for your home’s overall value, check out this infographic from Wagner in Albuquerque, New Mexico.