In order to maximise the value of your home you should consider investing in a few renovations or replacements. Whether you are looking at selling your home or simply undertaking some fix-up projects to make your home more pleasant to live in, it is worth considering which home improvements will see the greatest return on your investment if you decide to sell in the future.
Not all renovations are created equal, you may have found a gorgeous set of Spanish tiles but having them installed may not necessarily give you a good return on investment, especially if your hot water system is on the brink. To help you to consider what home improvements will add the greatest value to your home, we’ve compiled the following list based on advice from seasoned real estate experts.
Back to basics
The home improvement that is most likely to give you a return on your investment is basic maintenance. A study conducted by Remodelling Magazine for example found that replacing the cladding on a property generally recouped 92.8% of its cost.
First impressions do mean a lot to us, which perhaps explains the importance of a home with an exterior that looks sturdy and built to last. Buyers will judge a book by its cover, so you should keep that in mind when deciding where to start on your list of home upgrades.
The kitchen is the heart of the home
These days’ people tend to congregate in the kitchen. The next home improvement that is therefore more likely to give you return at resale time is a kitchen remodel. According to the same Remodelling Magazine study, minor kitchen remodels should recoup around 92.9% of the cost.
Sturdy systems
Buyers want assurance that your home’s plumbing, heating, and electrical systems are in working order and won’t need to be replaced or repaired in the near future. These systems are often the first things that prospective buyers ask about in home inspections, so make sure yours make the grade.
A roof over your head
It’s been shown that replacing a roof will generally give a return of 80% or more at resale. Although replacing the roof may be a big task, it is one of the basics that buyers want to ensure is done well. Even first time buyers know that a leaky roof is a maintenance job that will be a massive headache to fix, and will run a mile away from any sign of a leaky roof.
Update your windows
Having quality windows also adds to the overall appearance of your property as a functional, ordered place to live. Windows protect your home from the outside world, which is why having a new fly screen and secure latches will make your home seem all the more desirable. Adding secure flyscreens to your windows will allow some fresh air while keeping your home secure. The good news is, giving your windows a little fix up is also relatively easy done. Simply caulking around doors and windows can save you a significant amount of money, as will replacing old fly screens.
Face value
One thing that really speaks to potential homebuyers is a consistent aesthetic throughout the home. If your home has seen a few renovations over the years ensure that each renovation does not reflect a different decade of style. Think about getting a fresh coat of paint on the walls or having consistent flooring laid throughout to create the impression of a recently refurbished space.
Privacy Screening
Our home is our sanctuary and privacy plays an important role in helping us really unwind when we get home.
If you have neighbours or pedestrians who are able to peer into your home, this can be a red flag for prospective buyers. Investing in some aluminium slatted privacy screens is an instant modern way to add privacy and street appeal without having to wait for the garden hedge screen to grow.
Safe houses
A security door will be one of those aspects of your property that creates the first impression, and you want potential buyers to feel as though their new home will be a safe place. Investing in a high quality security door will allow you to enjoy a breeze wafting through the home while keeping intruders out at the same time. They’re also a relatively inexpensive upgrade that leaves a lasting impact.
Going green
Research estimates that energy savings add twenty times the annual savings to the value of your property. Anything that will save money is a desirable trait in a home, including energy bills. If possible, a green upgrade to solar panels will make your home appear all the more attractive when potential buyers ask about utilities.
Bathroom blitz
Everyone likes a little bit of a sanctuary in their bathroom, so never underestimate the importance of this essential room. A half bath may add up to 10.5% to a home’s value, while a full bath can tack on an additional 20%. This can be an expensive room to renovate, but if you don’t have the money for a full revamp you can renew the essentials with great results. Try simple and easy installations like a new vanity, pedestal sink, or easy to apply vinyl tiles.
