Home Improvements That Offer the Best ROI

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Time and again, homeowners put a fair amount of time and money into improving their homes. They do it for a multitude of reasons; some to increase the value of the property, others to enhance their lifestyle in the home and yet others to bring it up to par with other homes in the neighborhood. But one thing holds true across the board – there should be some level of ROI associated with each renovation or improvement.

So as you sit down to decide what renovations to embark upon and the level of resources you’d like to expend on the project, consider the following few areas where there is the most potential for a strong return on your investment.

Kitchens and Bathrooms

Always a hotspot in a home, these two areas almost always garner special attention by buyers. So whether you are doing improvements to your space to prepare it for sale or just to increase your enjoyment in the home – it’s a good investment in the long run. If listing your home in the near future seems likely, try to use neutral materials that would accommodate most buyers’ tastes. It may be useful to consult with a Realtor® in advance of any renovations to find out exactly what type of ROI you might expect on the remodel project.

Increased Living Space

A very popular renovation project involves enhancing the existing floor plan to accommodate additional living spaces. Whether you choose to increase bedroom or closet sizes, widen hallways, finish a basement or even convert wasted space into a usable area, these upgrades translate into high financial returns.

Additional Outdoor Living Areas

More and more homeowners are turning to their outdoor space as viable living areas and this feature is becoming increasingly desirable in the housing market. To enhance the outdoor areas of your home and make them more usable is always a good move because not only does it perk up the home’s curb appeal but also it sets yours apart from others when buyers are scouring the marketplace.

Energy Efficient Upgrades

In today’s green age, an increasing number of homes are being converted to high-energy efficiency. This includes the installation of high-efficiency major appliances, low-E windows, doors or other such fittings and also premium quality insulation. Updating old mechanical systems are also a great way to renovate into the 21^st century. The financial returns are significant – not only from the standpoint of day-to-day savings on energy costs but also through utility company rebates and tax credits.

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The important factors to consider when deciding just how much you want to improve your home all lead to whether or not you plan to sell soon or live in the home for a longer period of time. It’s a good idea to conduct a cost-benefit analysis to see which are your priorities and how they fit into the bigger scheme of your plans of homeownership.

If all else fails and you want to spruce up your home just before listing it and want to do it without spending too much, the ultimate quick fix is a fast coat of paint and some new flooring. Fresh fixtures will also do the trick.

For more information on how you can maximize your return on investment with home improvement projects – contact us today!