Let’s face it – no one wants to lose money on their investment, especially when that investment is their home. In a market in which prices are steadily on the rise, up-to-date information about how best to maximize profits from selling a house are more important than ever. To help, we’ve compiled a list of the Top 5 home improvements that answer the age-old question, What renovations will give me the best ROI?
The Forest for the Trees
Curb appeal is understandably critical, so it almost goes without saying that landscaping plays a key role in creating a positive first impression. With an average ROI of 251%, simple landscaping efforts, like weeding, trimming shrubs and planting perennials, can dramatically enhance a home’s exterior look and feel.
Splish Splash, I’m Making Some Cash
Bathrooms, among the most heavily used spaces in the entire home, take the fourth spot on our list. Opulent, lavish bathrooms are in high-demand, and outdated ones simply won’t suffice. A typical bathroom refresh, including vanities, updated lighting and bathtub reglazing, can turn that relic of a lavatory into a modern-day oasis, netting you up to a 256% ROI.
Sweat the Small Stuff
Minor fixes, like paint touch-ups, hardware swaps and deep cleaning, can be incredibly impactful, contributing significantly to a home’s overall appeal—and value. With a relatively high ROI of 297% and considerably low project costs, these combined fixes can make a home look complete, while ensuring potential buyers aren’t put off by a rundown appearance that may require additional investment.
Knock on Wood
With an eye-popping average ROI of 348%, a hardwood floor refinish not only makes a house look clean and inviting, but it’s also a cost-effective way to enhance a home’s total allure and charm. No hardwood floors? No problem! New hardwood flooring comes in itself at a solid ROI of 276%, making it quite the worthy investment to replace that old carpeting.
Considered by many to be the heart of the home, the kitchen takes the #1 spot on this list as the renovation that offers the best ROI. Boasting a downright jaw-dropping average ROI of 377%, a kitchen refresh involves new appliance installation, cabinet painting and marginal cosmetic updates. While the kitchen may indeed be the focal point of a home, it’s also one of the most used rooms, making it a top priority for potential buyers.
When it comes to maximizing your home’s value, the renovations on this list offer both significant ROI and heightened appeal. These top five home improvements have the added bonus of making your home more attractive to would-be buyers while ensuring that you’re making smart investment choices.
For more personalized advice on preparing your home for the market, reach out to the expert team at NMC to talk you through the renovations that would be best for your home.