Have some extra cash on hand? You should strongly consider taking this opportunity to invest back into your home and add to its long-term value. Even if you aren’t thinking about moving right now, a higher home value can be beneficial and help you get rid of private mortgage insurance or get a more competitive refinancing offer. In this article, we’ll review three of the best home projects for a high return-on-investment (ROI), as well as what you can do to maximize the value you get out of each of them.
If your kitchen looks like it belongs in a 90s sitcom, it might be time to think about an upgrade. On average, kitchen remodels are generally one of the best home remodeling projects to tackle: not only do they have a high ROI (80.5%), but they also improve the curb appeal of your home, making it far more attractive to prospective buyers or renters in the years ahead. Plus, you get to enjoy the space in the present, too!
A new kitchen remodel should include new cabinets and countertops—they’re the statement pieces of the project. Focus on high-quality materials and installation in this space: a kitchen remodel completed with shoddy materials and less-than-attentive installation just isn’t going to retain its value over the long haul.
While a kitchen remodel can involve a sizable upfront investment on your part, you can expect to recoup much of that cost later. To add even more value without breaking the bank, don’t forget to add finishing touches to your kitchen such as hanging pendant lights, adding a tile backsplash, and repainting the walls with a complementary color. These small changes can have an outsized impact on your kitchen’s value.
As any real estate professional can tell you, remodeled master bathrooms are really popular—and prospective buyers are willing to pay for them. The focal point of any master bathroom should be the shower. It’s essential to nearly everyone’s daily routine. You’ll also want to upgrade the sink, bathroom vanity, and flooring. Aging, faded linoleum isn’t going to cut it—you’ll want to put in some great-looking tile or waterproof vinyl.
On average, bathroom remodels have an ROI of 70.1%. To squeeze the most out of your investment, try to avoid major layout changes that might require extensive plumbing or electrical rework. After all, the basic floorplan of your bathroom is probably fine: it’s everything inside of it that should be upgraded.
If you’re planning on doing anything with plumbing, electrical, or ventilation, make sure you bring in a licensed and insured professional to assist you. Many remodeling nightmares start with an out-of-their-depth homeowner making a simple mistake that requires rework or, worse yet, puts themselves or their home in danger. There’s just no substitute for professional expertise. Find and interview companies and contractors before the start of your project so that you know exactly who to call.
If you’re thinking about selling your home in the next few years, you should know that a failing furnace or air conditioner is probably going to be a major roadblock to a successful and profitable sale. After all, put yourself in their shoes: no new homeowner wants to inherit the headache and replacement cost of a broken HVAC system. Whether you deal with the cold winters of the Midwest or the boiling summers of the Sun Belt, indoor comfort is important.
How do you know if your AC unit or furnace is on its last legs? If the system is more than a decade old and is having performance, efficiency, or other issues, consider it within the potential danger zone. A major breakdown or the need to replace a significant component could be the end of the system.
If you suspect that your air conditioner or furnace might need to be replaced in the near future, we recommend you call a certified, trustworthy HVAC company in your area and have them out for seasonal maintenance. A fall heating tune-up or spring cooling inspection allows an experienced technician to review your system and give you an update on its overall state.
In many communities throughout the country, home values are quickly rising and real estate markets are heating up as demand increases. There’s no time like the present to invest back into your home with strategic, high-value upgrades that will make it more competitive on the market and net you a better return on your investment.
Of course, your kitchen, bathrooms, and HVAC systems are just the starting point. For a full overview of high-ROI projects—including several other upgrades worth looking into—be sure to take a look at this new infographic:
This article is a guest blog By Jessica Sanders at Reimer HVAC. Take a look at a previous guest post about making a home maintenance checklist.
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