Updating your home is best done for the Sellers enjoyment promoting pride of ownership. Improvements to a house that provide the highest Rate of Return, (ROI), are listed below. These improvements will always help by putting your house above the competing listings in your area.
Here is a list of remodeling projects that will make a difference, when damaged or updates are needed.
- Flooring has the largest return on investment, (ROI). Hardwoods, laminates, carpet and tile make a huge impact for a Buyers first impression.
- An insulation upgrade proving the home’s energy efficiency can be huge. By providing recent utility bills that are compared to the same time last year, will pay off.
- Adding usable living space and improving the livability of one’s property is an excellent way to not only attract more potential buyers, but a great way to increase the value of your home without adding a bathroom or kitchen. A basement conversion may seem like a large project, but in terms of return on initial investment, the National Association of Realtors estimated an 86% ROI, making it a top option for those looking to remodel or increase property value.
- Storage is an often sought-after feature for homebuyers, and having ample usable storage will make a property stand out. Well done renovations in a closet, like fresh paint, adding shelving, drawers and rods, impact overall usability and appeal.
- A property’s roof is one of the most important parts of its structure, and buyers look highly on new roofing. Buyers may go to the “next home” when a roof needs repair. Always get a professional roofer so that a warranty is transferable to the new Buyers. Consult with the roofer on applying a new layer of roofing material over the existing one layer (also known as an overlay). Beware of the Mortgagees and Insurer conditions on grade shingle and number of layers.
- The garage door is one of the first things that noticeable when damaged. property. An old, worn out garage door that doesn’t work right, is negative when making offers. A new garage door is a quick project that can be done for a relatively small investment, when compared to other projects. A new door will look nice, attract buyers, and will have a great return on investment.
This is not an inclusive list of updates, repairs, or remodeling ideas , but help with the first impression of a home going on the real estate market.