4 Home Improvements that Maximize Your Home's Resale Value
With so many home improvement options available today, you may be wondering where the safest place is to spend your home upgrade dollars. In order to receive the strongest return on investment with your home renovation project, we have comprised a list of our top four “safe bet” home improvement investments.
(Editor's note: Since every real estate market is different and every home is unique, please check with your local real estate professionals to ensure these solutions will work for your home.)
A Great Kitchen Can Sell
My wife often refers to the kitchen as the room as where “the magic happens.” A great kitchen is the focal point of the home, and with such a vast variety of kitchen remodel options available — from a simple cabinet refacing, to a DIY Ikea kitchen, to a complete outsourced kitchen specialist remodel — the return on investment can be quite impressive.
Efficiency and Reliability
The math is simple. When it comes to investments, choose upgrades that not only contribute to notable ROI on resale but also provide almost immediate savings. For example, with improvements like installing a new Energy Star-rated furnace, you can see payback in as little as 5 years through notable gas and electricity cost reductions.
Painting -- The Quickest Facelift for Your House
One of the simplest and most cost-effective ways to improve your home’s value is to freshen it up with a new coat of paint. The safest choice for resale value improvement, according to Dr. Svenja Gudell, Zillow’s Chief Economist, is something light.
“Paint walls in fresh, natural-looking colors, particularly in shades of blue and pale gray, not only make a home feel larger but also are neutral enough to help future buyers envision themselves living in the space,” she recommends.
So pick your colors wisely and then get ready to cash in on your improvement.
Update Your Flooring
Upgrading that old retro floor can provide a significant boost to your home's value. When choosing new flooring, it's important to consider that different designs provide better ROIs. According to The Best Flooring for Flipping Houses, modern homes go for a combination of beautiful and durable. This look can be attained with hardwood or porcelain. If you're not looking to spend a lot of cash on your floors, you can still receive a healthy ROI by installing laminate flooring.
Many home upgrades will provide you a respectable ROI. Unfortunately, time and budget constraints don't always allow us to pursue all of the home projects on our list. By at least completing the big four mentioned here, you can expect to get the biggest bang for your buck. Stick with these tips and enjoy the extra cash they put in your pocket.