Top Upgrades with the Best Return on Investment
If you are a homeowner, you likely want to know what upgrades will give you the best return on investment (ROI) when it comes time to sell. While some home renovations can be expensive, there are many affordable upgrades that can increase your home's value and make it more attractive to potential buyers. On average, home renovations provide a 70% ROI! Home renovations are one of the only investments that can improve the quality of life in your living space and increase the value of your home for the future. Here are some of the top home upgrades with the best ROI:
- Kitchen upgrades: The kitchen is often considered the heart of the home, and it's also one of the most important rooms for buyers. Upgrades such as replacing countertops, painting cabinets, and adding new appliances can make a big difference in the value of your home.
- Bathroom renovations: Upgrading your bathroom can also provide a significant ROI. Consider updating the fixtures, replacing the toilet, adding new tile, or installing a new vanity to give your bathroom a fresh look.
- Curb appeal improvements: The first impression of your home is essential, and upgrading your home's exterior can make a big difference in its value. Consider adding new landscaping, a fresh coat of paint, or new exterior lighting to enhance your home's curb appeal.
- Energy-efficient upgrades: Many outdated parts of your home could be causing your energy bills to rise. Old windows, cracked siding, and appliances that aren’t energy efficient can all contribute to these problems. Energy-efficient upgrades such as replacing old windows, adding insulation, or upgrading your HVAC system can not only save you money on utility bills but also increase the value of your home.
- Flooring upgrades: Upgrading your flooring is another cost-effective way to increase the value of your home. Consider installing hardwood floors, updating old carpet, or adding tile to give your home a fresh and modern look. Experts suggest that the average ROI for installing hardwood floors is about 70 percent to 80 percent, and wood floors can boost the sales price of your home as much as 2.5 percent.
- Smart home upgrades: Smart home technology is becoming increasingly popular among buyers. Consider adding smart thermostats, security systems, or home automation features to your home to increase its appeal and value.
- Additional living space: Adding additional living space such as a finished basement, attic, or garage can provide a significant ROI. This additional space can be used as a guest room, home office, or entertainment area which are all highly coveted spaces for buyers. A finished basement will double your usable square footage, as well as, significantly increase the value of your home.
- Updated Fixtures: New faucets, drawer knobs, and pulls in a matching style give a room a modern, cohesive look — an inexpensive upgrade that can have a big impact on buyers because everything feels fresh and new.