Top 5 Home Improvement Projects to Boost ROI
So you’re looking to remodel and update your home but you want to get the most out of it when you’re ready to sell (who isn’t?). There are a million and one home improvement projects you could tackle to improve your home from landscaping to refinishing hardwood floors, but are these projects actually going to increase your property value or cause a lot of stress and frustration? We’ve compiled a list of the top 5 home improvement projects to upgrade your space and improve your long term return on investment, or ROI.
5. Convert your Attic into a Bedroom.
The number of bedrooms in a house can be a huge selling point – significantly more so than an attic. Make sure to include a decent closet in the bedroom and avoid additional built-in bedroom features. Keeping the space functional for multi-purpose will be a bigger selling point. Remember that the positioning of attics relative to the rest of the house creates a finicky temperature environment. Consider adding insulation (bonus: lower utility bills) and maybe even a fan. And make sure your current HVAC system can accommodate an additional room!
Resale ROI: 93.5% average (up to 105% in the West)*
4. People DO judge a book by its cover – Houses are no exception.
One of the most cost efficient and noticeable improvements you can make to your home is to replace the vinyl siding. Weather worn siding can quickly give an otherwise beautiful home the appearance of poor upkeep. Maybe your house doesn’t need entirely new siding but a simple coat of fresh paint instead. In addition to giving your home a fresh look, this is an opportunity to update colors. Consider removing details like awnings and adding details like vintage columns to give your house modern personality.
Resale ROI: 95.5% average (up to 103.6%, depending on the type of siding)*
3. Give your Kitchen a make-over.
Notice we said make-over and not remodel. Give your kitchen a cosmetic spruce. Think countertops, flooring, fixtures and sinks. Delving any deeper can and will drop your ROI in a hurry. Of course, if your home absolutely needs deeper work, don’t ignore it or you’ll have bigger problems later. But there’s no reason to replace things that function just fine or rearrange your kitchen for fun. Instead try sanding down old wood cabinets and giving them a coat of fresh paint in a fun color. Add recessed lighting to make the space nice and bright. Consider the price of your home and use materials in-line with that pricing – meaning, if your home is more expensive, go for stone countertops instead of a cheap laminate.
Resale ROI: 98.5% average*
2. The grass is always greener.
Good landscaping is like a finely manicured hairdo. Adding design and color to your yard can accentuate the beauty of your home. If you don’t have grass, that’s a definite start. We view grass as a lively, healthy element in our environment and we want that same liveliness to brighten our home. From there you can either design your own landscaping layout or employ the help of a local greenhouse. Landscaping doesn’t mean intensive maintenance. Find a landscape that looks nice and works for you. You’ll be happy you did!
Resale ROI: 100% average*
1. Rub-a-dub-dub, replace that old tub.
…and tile, toilet, sink and vanity. Everyone likes to feel clean and fresh when they’re getting clean and fresh, so give your bathroom a revitalized look. Replace old, grimy shower doors or replace them with a shower curtain to give the illusion of increased space. Replace any fixtures, wall coverings, or decorative details that date the room and give the bathroom a modern feel. Try to avoid getting into plumbing and other deeper issues – much like the kitchen – unless you absolutely have to.
Resale ROI: 102% average*
*Resale ROI was calculated based on the average cost to perform the updates listed compared to the value increase of the home. For example, if a home improvement project cost $500 and resulted in an increase in home value of $505, your return on investment would be 101%. While some of the projects listed fall below 100% ROI, they improve the sellability of your house for a faster turnaround. They’re deemed to have the highest ROI, compared to other common home improvement projects that can easily become frivolous money pits.
And there you have it. Looking to upgrade your home AND your ROI? Follow these top 5 home improvement projects and you’ll do just that. Get the tools you need for your next project at Time Rentals. We’ve got everything you’ll need from landscaping equipment to paint sprayers to carpet cleaners. Check out our full inventory or visit us at 311 N. Campbell in Rapid City today.