This house needs work! How many times have you said that? How many times have you looked around and wondered where your renovation dollars would be best spent?
The answer to that question may well surprise you. If you’re considering selling your home or you’re simply looking at the best ideas for renovation that will give you a solid ROI on your home maintenance or modernization, it may amaze you to know that some of the smallest updates can give back big dividends.
Before you consider making huge home improvements like tearing out that wall or making the room larger, take a look at these top ways to get a good return on your investment of renovation money.
- New garage doors can give you a vast ROI on your investment of about a thousand dollars or a little more. Installing a new set of garage doors may raise the price of your home as much as 5K.
- New windows–Your windows may be leaking heat or cool air to the outside world. Setting in a few new energy efficient windows, even if you can only do one room, will give you a nice return on your investment. It may raise the value of your home as much as two or three thousand dollars.
- Painting your home can raise the value as much as five thousand dollars. The colors that you paint your home make a big difference in how much it will raise the value. For example, pale yellow or cream colored homes typically sell faster and may sell for a slightly higher price.
- Add a spare bathroom. Even if it is only a half bath or a shower stall and a small bathroom, a second bathroom will raise the price of your home and give you a return on your investment that may be twice what you spent. If you can’t afford a new bathroom then spend a little and update your current bathroom. You could consider some low cost but sleek looking items such as a wall based towel warmer or other amenities and the return on the investment will be at least twice what you spent.
- As of 2011, the kitchen went back to being the most important room in the home. It was more valuable to home buyers than the living room and the way that the kitchen looked and was laid out was very important. A facelift to your kitchen, stainless steel sink, a coat of paint or new facings in the cabinets can net you a very positive return on your investment.
Every investment in your home is a positive one, but some will give you a far greater return on your investment. The largest outlay isn’t necessarily the best outlay when it comes to home renovation, so choosing carefully based on what will give you the biggest draw to the home buyer and the best return on your investment of money is in order.