There are many ways to maximize your return on investment (ROI) on a home. Try these tips on the houses you are trying to sell to see how much you and the owners can earn once sold. Through these valuable home improvements, you can make a considerable profit.
Tear Down Some Walls
Most people buy a new home because they are looking for a larger living space. Talk to your contractor to determine if knocking down some walls in one of your current homes is the right move for your property. The living room, dining room, and kitchen’s open floor plan will appeal to modern buyers and bring natural light to brighten the home. As long as the house maintains its essential structural support, knocking down the wall will open it and encourage potential buyers to offer more prices.
Replace The Garage Door
People often take garage doors for granted and think of them only if they stick or break. Even if a home’s garage door works perfectly, replacing it will maximize your ROI. A 2019 study found that garage door replacement brought an ROI increase of 97.5%, which was more than most projects. It only takes a few hours to install a replacement and increase the value of a home.
Garage slabs settle for various reasons, including poor drainage, poor compaction of the base material before construction, and because they’re built atop soil that isn’t strong enough to support a heavy structure properly. In most cases, if the sinking garage slab is not connected to the perimeter foundation, it can be re-leveled using polyurethane foam injection, also known as ‘slabjacking.’
Improved Bathroom Features
Although people often request to tour homes with large patios or two-car garages, they also prioritize upgraded bathroom features. A bathroom’s quality is one element that can make people feel like they have left their apartment life behind. Home bathrooms are usually more pleasant and easy to customize. Perfect this factor by upgrading to a glass shower to see a 67.2% ROI increase no matter which bathroom you choose to remodel.
Refinish Or Replace Hardwood Floors
A home with quality carpeting doesn’t need to worry about replacing anything, but if hardwood floors have seen better days, it’s time to think about starting a new project. Refinishing or replacing hardwood floors to make them new recovers 91% of the costs, so everyone gets their money back for their time and effort. Feet are a significant factor to consider in older homes with hardwood floors.
Replace The Roof
Homeowners generally don’t need to worry about their roofs unless they have experienced a significant storm. Still, it’s a good idea to inspect it and consider replacing it for more profit. Replacing the entire roof recovers 105% of the project price and attracts more potential buyers. People will want to invest their money in a house when the job is done; it gives them less work to worry about later.
Install A New HVAC Unit
Wait a week or two on the hottest days of summer or coldest days of winter before your new unit arrives and is installed.
The awkward waiting conditions are miserable enough, but then they add to a new unit’s shocking price. That is why people will consider a home more seriously if they know that the HVAC unit is unique. It’s a great project for homeowners, but 71% of the investment is recovered after the home is sold, so it pays off in the end.
In a nutshell, you can keep the above-discussed tips in mind whenever you want to renovate your home.