When you give some thought to doing home renovation and other “touch-up” projects, it’s beneficial to consider both your own immediate needs and desires and also the improvements that will give added appeal to your house when the time comes to list it for sale. Here are some of the best ROI (“return on investment”) renovations you can make to your property:
1. Major Kitchen Remodels (75-85% ROI) .
Buyers want to envision themselves in a gorgeous newly renovated kitchen where they can actually see themselves preparing meals for their friends and family, where the kids nestle into a cozy banquette doing their homework, or where guests mingle around that gorgeous island.
A major kitchen remodel may need to include a new floor plan to improve on a poorly designed work triangle. Replacing cabinetry, appliances, lighting, flooring, finishes and fixtures and perhaps adding new French doors and windows are ways to grab a buyer’s attention. Kitchens and baths tend to be the costliest rooms to renovate, so this can be a particularly appealing selling point.
2. Family Room Additions (75% ROI)
The family room is the second most popular space in the home after the kitchen; most homes already have one, but if yours doesn’t, you can consider transforming an existing room (den, dining room, sewing room) into one. If space and your wallet permit, you can also consider putting an addition on your property. If you have a family room already, you might want to consider brightening it with renovations as French doors, floor to ceiling windows, or even a skylight. Perhaps it’s even possible to add a deck just outside the French doors? And speaking of decks…
3. Deck Addition (72-95% ROI)
Deck additions are quite possibly the best investments these days. They naturally transition the interior to the exterior, expanding your living space. The design can be as simple or elaborate as the home it’s attached to: Multi-leveled or single, built-in seating or casual seating areas, hot tubs, and outdoor kitchens. Decks are more popular than pools and relatively easy to build. Design it to complement the character of your home’s exterior architecture; it should be proportionate to the size of your yard. Be sure to incorporate energy efficient solar or LED lighting.
4. Main Floor Master Bedroom Addition (73% ROI)
Adding a 400 sq.ft. master bedroom suite and spa-like bath provides a private retreat and appeals to many home buyers. The trend is toward first-floor master bedrooms; empty nesters and others who no longer want to tackle stairs prefer to have their bedroom and bath retreat on the main floor level of the home. Immediate access to a gorgeous deck or patio outdoors also adds to the return.
P.S. Creating Home Office Space
There is a marked trend towards creating home offices, space that enables people not just to conduct “office work” at home, but also a sanctuary of sorts, a place free of distraction to pay bills or even to operate their own home-based business. Oftentimes, the least-used room in a house—the den, the spare room—can easily be transformed into a pleasant and productive workspace with a minimum of effort. Increasingly, buyers are drawn towards property that offers this option.
So while investing the time, effort and finances necessary to complete a few home improvement projects, do these with an eye towards what will add appeal to your house, not just for you and your family, but for potential buyers when the time comes for you to move to your next dream home.