Best Home Projects for ROI
If you’re like me, with spring just around the corner, you’re starting to think of home projects. We all know that the home project list can be a mile long, so it’s hard to choose which projects to start! This year, think about the projects that are really important. What systems need maintenance? What areas are neglected or outdated? After doing some research, these are the best home projects for ROI, or return on investment. In other words, these are some ideas for where to put your money in to get the most money out of these projects!
This year our big projects are replacing both our front & back door & putting a patio in! On top of that, we have out little projects like our vegetable garden, our front gardens & maintenance. If you’re having a hard time deciding what projects to take on first, where to allocate money to, or how much to put into each project, I’m here to help!
Kitchen/ Bathroom Remodel
Kitchens are the heart of most homes. Bathrooms are used daily. So it’s no surprise that these are on the top of the list! According to Renofi.com, doing a full kitchen remodel, could get you almost 100% ROI. This means that the money you’ll spend remodeling your kitchen will come back to you when you decide to sell your home. The benefit of remodeling your kitchen, although a lengthy & often displacing process, is that you are able to enjoy it while living there too! Refreshing your cabinets & hardware, replacing your countertops, & updating your appliances are all finishes that you’ll use everyday.
Bathrooms are very functional, but also a place of relaxation for some. Making your bathroom, whether a powder bath or master bathroom, feel welcoming is important for value! Switching your tub/ shower to tile, updating fixtures, choosing a cool vanity accent & storage options will make your room feel refreshed.
PRO TIP: It is always a good idea to take notice of the types of kitchens in your area & make sure not to “over-do” your kitchen. You want your new kitchen to fit your home & neighborhood’s style! If modern kitchens aren’t the vibe in the area, don’t style it that way. When it comes time to sell, you want buyers to admire the project, not look at what it’s going to spend to replace it.
Finishing the Basement
Depending on if you have a basement & the type of basement you have, this is another valuable investment. According to Renofi.com, you’ll be able to get around 70% ROI from this project. This includes finishing the floors, adding walls, & painting. You can obviously add in other features like a finished laundry area, home gym, playroom or home office, which will all increase your ROI.
Buyers love the idea of functional space, especially when it’s all done! If you don’t have a basement, or your basement isn’t ideal for finishing, think of other spaces you could finish off! Maybe a large shed, a spare room in your home, or even part of your garage!
One of my favorite DIY projects in the spring! Not only is it a great investment of your time & money, it’s also therapeutic! According to Renofi.com, you can get between 80%-100% ROI on refreshing & maintaining your curb appeal.
“Emma, what goes into curb appeal?”
I’ll tell you! Curb appeal is the first impression you get from pulling up in front of your home. Are the exterior materials, like your roof & siding, in good shape? Is your yard maintained? Do you have any sort of landscaping or gardens? Is there any debris in your yard that’s making it look cluttered?
Next time you’re driving around, when you think , “Huh, that’s a cute house”, look at what the front looks like & why you had that thought.
I like to keep my curb appeal updated by refreshing my window flower boxes every year, adding walkway lighting, pruning & maintaining my gardens, & washing my exterior windows & porch. Those are all fairly cost effective & will give your home a little makeup!
The good thing is, the more expensive projects, like residing, roofing & replacing windows only have to be done every 10+ years. Just know that if these do need to be replaced, don’t wait. When you go to sell your home, those are all issues that buyers will note. Keeping the exterior updated will attract more buyers when selling!
What’s your next project?
Those are the best home projects for ROI that you can tackle this spring. Spring feels like a refresh to me. After hibernating all winter, everything comes alive in spring here in New England; plants, local events, & people. Before summer comes full swing & becomes too hot & humid to be working outside, start your projects!
Try to plan out your projects for the spring, their timeline & your budget. Projects always take longer than expected, so budget for that. Lives get busy, some days you’d just rather go to the beach, & weather can get in the way! Will you do the projects yourself, or hire out? If hiring out, start the conversation early as many contractors are backed up.
If you are planning to sell within the next year or two, touch base with your Realtor now. Have them walk through your home & have them give you project guidance. They know what parts of a home are valuable to buyers in this market. They can guide you where to focus your time & money in order to get the most value out of your home. This way you’re not throwing money at projects that may not be worth anything to buyers.
Can’t wait to see all the before & afters this spring!