The Truth about ROI
If you only get one thing from reading this blog, let it be this: many home improvement projects do not increase the value of your home. There are few projects that you can invest in and get a positive ROI. Home improvement projects with resale value in mine should be focused on MAINTAINING the value of your home and keeping it competitive in the market, where new homes are churned out every day!
Before you work on additions and renovations, we suggest you hire experts to give you a good, independent look at the infrastructure of your home. Stuff like the HVAC system, plumbing, wiring, foundation, insulation, should take priority over upgrades. Smart home buyers will appreciate a brand new HVAC or plumbing system over an aesthetic upgrade.
Improving the appearance of your home’s exterior can field a great ROI. Today’s home buyer combs through thousands of homes via Zillow and other online services – and if your home doesn’t look good from the outside, chances are you won’t even get a click or a second look.
Here are the most popular, high ROI, home exterior improvement projects:
- Replacement front doors return about 92% of their cost.
- Decks (especially wood), though considerably larger projects, return over 82% of their cost.
- Replacement vinyl windows, with how much more efficient they are, and the curb appeal they provide, offer a 74% ROI
- Replacing the aged siding on your home with modern materials such as HardiePlank is another easy way to improve your curb appeal – with a 76% ROI
- See below for the full breakdown!
Each one of these will help you to love your home more while you live there, and all help you sell it faster when it’s time to move!
Sweat the Small Stuff
If you’re looking to sell, a combination of small projects and elbow grease can make a huge difference.
- Rake leaves (especially before taking pictures)
- Add fresh mulch or gravel where needed
- Get your deck and patio power washed
- Clean the gutters
- Steam-clean the carpets
- Trim the hedges and edge the flowerbeds
These projects will cost you your time, but shouldn’t break the bank. A well manicured home and lot can be the difference in getting offers under your asking price, or watching a bidding war on your home. Just be sure when painting or hardscaping that you keep to neutral tones/colors.
Get in Touch to Increase your ROI!
You can handle a lot of this stuff yourself, especially the smaller jobs. However, for the bigger projects… we’d love to be your partner! We can help you get the most ROI out of all of your upcoming projects. To get in touch, contact us online, message us on Facebook, or just give us a call at 804-266-1717. We look forward to hearing from you!