February 17th, 2020
Spring Home Renovations with the Best Return on Investment
As the warm springtime weather approaches, it’s a great time to start planning home improvement projects that you can check off your list. When planning for home projects, it’s important to consider the possible return on investment. Whether you are planning to sell your house soon or not, there are certain improvements that will help your home’s value in the long run.
Spring is not only a great time to put your house on the market, but it’s also the perfect time to get outside and work on projects that you’ve been putting off during the colder months. According to CNBC, nine out of the top 10 leading investments for a home are outside. The site references specific exterior projects like garage door replacements, window replacements, new decking, and a new front door. Curb appeal scores big points with possible buyers as they look at your home’s exterior online or while driving by.
HomeAdvisor recently published a report on the top ten home improvements when considering ROI. The report references the average cost for the project compared to the average cost recouped. Things like improving attic insulation, adding stone veneer, and minor kitchen remodels all scored big with average cost recouped at 80% or higher. Consider this list when planning your next project.
Kitchen and bathroom remodels consistently score big on ROI and tend to be the more popular projects that homeowners work on. Be cautious, though, as these projects tend to be more personal from an aesthetics standpoint, says CNBC, which can sometimes hurt your resale value. The best approach is to stick with what’s on trend nationally, rather than personally, if you have plans to sell your home after the upgrade.
If a home resale is in your future plans, be sure to do your homework and research the local market before taking on your own permanent project. Get an understanding of what local buyers in your market are looking for specifically and how your home compares. How old is the roof? Is there a deck or patio? What are your neighbors updating? How much are similar houses in the neighborhood selling for? This will give you a good idea of what people like in your area, whether it’s a kitchen remodel, brick patio or updated bathrooms. When in doubt, reach out to your trusted Helen Adams Realty agent for their opinion. Our agents have a pulse on what’s hot in the market right now as well as a list of local vendors to help homeowners check things off their list of home projects.
There are several online resources to learn about the best ROI for your area specifically. The 2019 Remodeling Cost vs. Value Report can be broken down by regional data, so that you can be intentional about what projects to tackle. BankRate also compares major home improvement projects by average cost, resale value, cost recouped, and summary of what the projects entail.
As the housing market gets busy this spring and the weather starts to warm up, you may consider working on your home. Regardless of if you’re looking to sell, you’ll likely want to spend money on renovations that’ll get you the best return on investment at some point in the future and keep you home in tip-top shape. Every homeowner tackles home renovations sooner or later, so be sure that you are getting the best resale value once you are ready to put your home on the market.