This time of the year many people look around the house and see all those projects that need to be done and/or completed. Regardless of where on the list your projects are, there’s always the investment that needs to be considered. What will be my ROI when it comes time to sell?
When considering remodeling, a homeowner always must take into consideration many different aspects before starting the project such as:
- Are you staying for a while or are you getting ready to list? If you’re staying then you can take into consideration your likes, tastes, color schemes, etc. If you’re listing, then you will want to keep things neutral. Many people can’t get past a color scheme to see the potential of a home.
- Do you have several projects on your mind and wondering where to start first? Most will say, if the kitchen is on your list, start there first as a great kitchen will yield 70% ROI. That’s why if a house has a great kitchen, the listing shows many photos of the kitchen.
- Typically, next on the list is the bathroom and usually the master bath. When remodeling the bath, the functionality should be the heart of a bathroom remodel. Make a list of what you wish to gain with the remodel, i.e. more storage, need more lighting, more outlets, etc. Shower or tub or both? If you very seldom take a bubble bath why have a huge garden tub taking up space?
- Then there’s the floors. Sometimes that’s at the top of the list. If it’s the only project you want/need to do, that’s great, but if you have other renovations to do, save the floors for last due to the wear and tear from the other remodeling projects. You don’t want your beautiful new floors scuffed and scared.
- Hire a reliable contractor and have some ideas of what you what your finished project to look like. Start a notebook or Pinterest board with all your ideas so that you can show your contractor what you have in mind, because a picture is worth a 1000 words. Many home improvement stores will also help draw up the plans for some remodels, like a kitchen.
So, what are the top renovations you can do that have the biggest ROI? We searched many different sources and here is our overall list:
- At the top of the list and the one that will give you the biggest ROI and pay for itself is attic insulation at 116.9%
- Stone Veneer. This was a surprise, but in all the research, this one kept coming up and with a 95.6% ROI. This one adds to that curb appeal.
- Garage Door Replacement for a 91.5% ROI
- Entry Door Replacement with a steel door. Again, looking for that curb appeal and safety. 91.1%
- And lastly and most interesting we found that most projects recommended that are lower in cost often make cosmetic improvements and yield a very good ROI.
- For example:
- Minor kitchen remodel. Replacing or adding kitchen hardware.
- Refinishing or painting cabinets can give up to 77% ROI.
- Rather than a total remodel of a bathroom, consider replacing the fixtures and possibly the sink.
- And then there’s the light fixtures that may also be out of date. Replacing outdated light fixtures and ceiling fans are other good investments that add a good esthetic appeal.
Still wondering whether to start on those projects or just sell as is? Contact the Dinsmore Team. We can advise you as to what home improvements make sense for the area and your neighborhood. You can then decide if you want to renovate and Love It or List It.
The Dinsmore Team
RE/MAX Around Atlanta
Cell 770-712-7789/Fax 770-888-7793
Experience, Passion, and Commitment to Excellence!