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First impressions matter. Creating a space that will attract buyers and increase property value can be important. Upgrades and renovations to noticeable aspects of a home can improve its likeability and can mean a more significant financial return.
ROI stands for ‘return on investment’. It’s used to measure the performance of an investment by dividing its profits by the initial cost. For example, if you invested $2000 into an asset and later sold this asset for $2500, your profit would be $500. This is an ROI of 25%.
Making quality improvements to important aspects to the home can help you reap worthy benefits. Here are some home improvements that can help you to get the best returns.
The exterior of a house is how you begin to make a good first impression on anyone, especially a prospective buyer. Kerb appeal plays on the attractiveness of your home and can be even more important when trying to sell and make substantial returns.
You can catch the eye of a potential home buyer by keeping the exterior of your home green. Potted plants can take eyes away from any harsh lines and also implies that the home is organic and environmentally friendly.
Think about the effects different colours can have on human emotion. Colours in the blue and green spectrum can incite relaxing feelings of being on the beach. It might be worth painting your door a shade of orange or brown, which is often interpreted as being inviting and welcoming.
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For many people, kitchens are the ‘heart of the home’. When someone can see themselves settling down it’s easy to get attached. An smart way to make solid returns on a home, is by improving kitchen features.
This could be done by repainting the walls and cupboards a lighter colour to make the area seem more spacious, swapping older tiles for newer ones, adding a stainless steel gas stove is popular, or opting for a well-designed countertop or kitchen island.
Kitchens can sell houses so presenting a clean, modern kitchen space to a buyer can make a huge impact on your financial return.
Remodelling a bathroom can cost anywhere between $5,000 and $15,000. Deciding what you can afford to renovate and what you want to renovate helps to create a new and inviting space.
Consider switching to a rain shower. These give a sense of luxury and are often associated with expensive villas and holidaying. Potted plants can also help to break the sometimes clinical feel of a bathroom. Opt for plants like orchids, that can survive in little sunlight and moist environments.
Building a recessed wall in your shower not only saves space and tidies up clutter, but is a stylish renovation that can boost the worth of your bathroom. Opting for darker coloured walls and tiles, can set your bathroom apart from standard white washed ones. Colours like burgundy, navy and dark grey can help to modernise spaces around sinks and bathtubs. Accent lighting may help to compliment these colours. You might also install larger mirrors that can help to give the illusion that a space is bigger than it actually is.
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Home security systems and alarm monitoring are investments that can get you a healthy return. This is because you not only ensure the safety of yourself and your family, but can also make the property desirable to buyers who also prioritise theirs.
Security equipment can range between $250 and $1000. This depends on the extensiveness of the system you choose. As a home buyer, having this peace of mind can greatly contribute to decisions made in choosing a property. Protecting your assets can help you receive considerable returns in the long run.
Nothing can put off buyers more than a property with a damaged roof. To a buyer, a damaged roof means more $$$, living in rented accomodation while the roof is being a repaired and a lot of wasted time and hassle.
Installing a new roof, or repairing a damange one can increase the chances of boosting your home’s resale value. New roofing can be a great investment, largely because of the benefits it has on not only appearance, but also on efficiency. Installing solar panels can help reduce cooling and energy costs.
While installing a new roof can cost you between $10,000 and $30,000 depending on the size of your property, the return on investment can be high. New roofs promise structural security, while keeping the exterior of your home appealing.
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Electric garage doors are becoming increasingly popular and are something potential home owners may look out for. Replacing an older garage door with an electric one can work wonders with home resale values.
They not only provide ease and accessibility, but because of their energy efficiency and newer technology, they are also safe. A new garage door is relatively inexpensive to install, so your return on investment remains high.
These are just some of the things you can work on improving, replacing or installing in your home which can drive up your return on investment. If you’re looking to increase your property’s resale value it’s worth renovating both big and small to attract any prospective buyers and to create a home that’s inviting and comfortable.
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The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.
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