Home Improvements for the Best ROI

If you are thinking of selling your home, you are probably wondering how much your house is worth, if you should make any improvements, and which improvements will bring you the most bang for your buck. Even though the market is shifting, we are still experiencing a seller’s market along coastal, southern Maine. That being said, as a seller you still want your home to show well and you want to get the most money you can from the sale. 

Doors

Let's start with curb appeal. As a buyer drives up to your home, what do they see? If your garage, entry, and front doors are rotten, rusting, or just not looking very inviting, consider replacing them. According to Sean Jackson in his bankrate.com article, a new garage door will bring you a return on investment, or ROI, of over 90% if you decide to sell. Your new entry door replacement brings an ROI of 65% and a new front door or grand entrance door will bring an ROI of 60% according to Glenda Taylor at bobvila.com.

Siding

What does your siding say about your house? If you have old or dilapidated siding or wood siding, your home is probably looking old and dilapidated! If a good pressure washing isn't going to do the trick, consider replacing it with maintenance-free fiber cement siding or vinyl siding. Your ROI on this investment should be more than 65%.

Windows

Another investment to consider is replacing old, drafty, double-hung windows. If you install more energy-efficient, low-E vinyl or wood windows, you should notice savings on your energy bill and recoup over 65% of your investment when you sell.

Roof

While your roof is not necessarily the first thing a prospective buyer will see when they drive up to your home, you can bet they will be looking to see if it looks in need of repair. “How old is the roof?” is one of the most common questions buyers ask. Keep in mind that some mortgage companies may not approve a mortgage if the roof is in disrepair. So if your roof requires replacing or will be soon, consider new shingles or a metal roof. According to Glenda Taylor, the ROI will be 60% or more.

Kitchen

Inside your home, consider minor kitchen and bath renovations. Both of these renovations will increase the value of your home. While a major kitchen renovation will net less than a 60% return, a minor redo will bring over 70% ROI. A minor kitchen renovation would consist of new cabinet doors and drawers, refacing cabinet bases, new countertops, a sink, and hardware. 

Bathroom

A minor bathroom upgrade would include installing a solid surface vanity top, new fixtures, and new flooring. If your tub is freestanding, consider a new ceramic tile surround. You could see a 60% ROI.

Time

One of the biggest investments you can put into your home if you are thinking of selling is your TIME. Cleaning out your home will help it to look more spacious, so get rid of any clutter and keep only necessities in your closets. Clean top to bottom, inside and out. A clean home and yard are very appealing to buyers. Paint the inside of your home a neutral color. A fresh coat of paint can rejuvenate a home’s interior, and a neutral color helps a buyer envision their own furniture and decor in your space. 

The information for this article was sourced from bankrate.com and bobvila.com.