Best and Worst Home Improvements for Your Money
There’s a thin line between the best and worst home improvements for your money when it comes to remodeling projects. If you’re looking to sell your house soon, you have to be careful with this. Choosing which home improvements to make can determine whether you will make a profit or not. So, to figure out which home improvements come with a high ROI, you’ll have to study the current market and its trends. Additionally, you have to decide whether some improvements are really necessary or just tempting. Drawing a line between these goes a long way.
Best home improvements for your money
We’re here to talk about the best and worst home improvements for your money, so let’s start with the ones that will help you profit. There are so many things you can do to improve your home for sale, and all of them are tempting. However, not all of them are smart investments. So, let’s see which home improvements come with a high ROI.
Replace garage door
A garage door replacement might be the last thing on your list of home improvements. If this is the case, you need to change your priorities. Not only do garage doors serve a functional purpose, but they can also add a modern look to your exterior. Additionally, this is one of the first things potential buyers will see when visiting your home. So, make sure you catch their attention with a new and functional garage door.
Most modern doors are constructed of steel, foam-insulated, have seals, and are covered by a lifetime warranty. The average price of a garage door replacement is $3,695, and the return on investment is an unbelievable 94.5%. Since garages often serve as storage, the professionals from Four Winds KSA suggest investing in quality garage doors to maintain the temperature and humidity.
Caption: Investing in a new garage door will go a long way with prospective buyers.
Consider adding manufactured stone veneers
Don’t worry if you don’t know what this is; many people don’t. A manufactured stone veneer is an artificial fabric that mimics the appearance of natural stone. That’s why it’s referred to as “fake stone”. It’s created from cement and aggregates and painted to appeal to potential buyers.
Stone veneers can be used in a variety of ways to give your home’s exterior a much-needed makeover. For example, replace a continuous band of your present vinyl siding with a manufactured stone veneer around the front. You can also continue this pattern along the entry archway.
Unfortunately, this home improvement is not cheap. It will cost you about $9,357, but there is a bright side! The expected (and proven) recoup is 95.6%.
Minor kitchen reno
The kitchen is one room in your home that should definitely be on your home improvement list. If done right, the kitchen can bring you the biggest profit when you decide to sell. However, you have to be careful here. Everybody has different design preferences. You don’t want to do something that will screen contemporary, boho, or traditional – find a golden middle.
So, what can you do to refresh your kitchen and not go overboard with the renovation? The main focus should be the counters and countertops, for sure. If they’re outdated or scratched, you’ll need to change them. This doesn’t mean buying new ones but simply giving them a fresh coat of paint. Choose a neutral color that goes with any style. Furthermore, a new backsplash can go a long way with potential buyers. Last but not least, updating your appliances is always a good idea. Oh, and don’t forget to repaint the walls.
Yes, kitchen remodels, whether they are major or minor, aren’t cheap. A minor kitchen reno will cost you about $23,000. However, this home improvement comes with an amazing ROI of 77.6%. Therefore, it’s definitely worth investing in. After all, the kitchen is often the selling point.
Oh, and don’t forget to protect all your belongings while doing a kitchen renovation. We suggest that you store your belongings during remodeling, aka put them away for safety reasons. This way, you won’t have to worry about any damages or disasters.
Caption: One of the home improvement projects with the highest ROI is definitely kitchen renovation.
Worst home improvements for your money
We covered the best home improvements for your money. Now let’s see what some of the worst ones are. Of course, real estate trends are constantly changing, and you need to have them in mind when making this kind of decision.
Major bathroom remodel
Bathroom remodels are one of the most popular home improvements of all time. However, you have to be careful with this kind of project. If you do it right, this can lead you to the highest ROI. However, if you cross the line, it’s only going to be a substantial financial burden.
Unfortunately, it’s so easy to go overboard with bathroom remodeling. A shower upgrade can turn into a completely new tub with jets. Additionally, a perfectly fine toilet easily gets replaced with a dual-action toilet. Regardless of how beautiful these improvements may be, the final product won’t lead you to a profit. That’s why you have to dial it down and only make necessary improvements.
Caption: Besides the kitchen, the bathroom is also a home improvement that can lead you to profit if done right.
Building a master suite addition
Master suite addition of any kind is a costly project that won’t have the result you’re hoping for. This kind of home improvement may be good if you want to create a sanctuary for yourself and your loved one. However, this isn’t something prospective buyers want. Even a simple upgrade will cost you at least $10,000, let alone building a master suite from scratch. You’ll probably end up with $100,000 less in your bank account. Unfortunately, the ROI is pretty low on this project. More often than not, you’ll lose more than 40% of your investment. So, think smart, not big!
Installing a backyard patio
Building a nice big backyard patio may seem very appealing. However, the market statistics disagree. Even though backyard entertainment space sounds like a great idea, it has a resale value of only 47.6%% of its cost.
When selling your home, you have to think smartly and carefully. Especially if you want to make a few home improvements before putting your house on the market. This article talked about the best and worst home improvements for your money. As you can see, many projects may seem like a good idea in the first place, but as it turns out, they won’t lead you to profit. That’s why you have to educate yourself about the current real estate market trends and get familiar with the statistics.
By Mary Aspen Richardson