WHAT UPGRADES INCREASE HOME VALUE?
Are you looking to do some home improvements that will give you the best return on investment, well that’s what we are talking about today so let’s get to it.
HI everyone Kim Devlin with Your Key to St Augustine and RE/MAX Leading Edge where I talk about all things St Augustine and St Johns County FL
So you want to do some improvements to your home…maybe you are preparing to sell in a few years so you want to ensure you are doing updates that will give you the highest return on investment. First let me say that no improvement is going to give you 100% ROI but a few come close so today I’m going to give you 5 of the top home improvements to do and give you the estimated return on investment but make sure you stay until the end because I am going to tell you about one improvement that can increase your sale price by 7%.
BEST ROI HOME IMPROVEMENTS
The first improvement is a Garage Door Replacement. According to a 2021 survey by Remodel Magazine an updated garage door has the highest return on investment with 93.8% Doing this improvement will not only be appealing to homebuyers but you get close to all of the money you spent back while also getting to enjoy a new garage door.
The second improvement is definitely for the south. This improvement is very important to many of the home buyers I am speaking with and that is a screened lanai. This could be screening in a covered patio that already exists or adding on a screened enclosure over the pool area. The majority of homebuyers want this in order to keep their patio bug free or the debris out of the pool and because of this the return on Investment is 84%
The third improvement is a simple one and if you are handy you can do yourself and that is update your lighting fixtures. If you have those fixtures from the 70s hanging over your kitchen table and your bathroom vanities, please go find some new lighting at your local Home Improvement store. It’s affordable and easy and the return on investment is 80%. Trust me, lighting matters.
The fourth improvement is a midrange kitchen remodel, now we all know the kitchen is the heart of a home and every buyer, I mean every buyer looks at the kitchen as a selling point. So what is a midrange remodel? This would be upgrading the countertops, hardware, appliances, and refacing the cabinets. The estimated costs are $25,000 to $27,000 but will give you a 72.2% return on investment.
The fifth improvement is the roof. Now no home seller wants to put a new roof on their home if they plan to sell soon but if your roof is over 12 years old, it’s going to be a red flag to home insurers, so if you know you want to sell your home in a few years, you might as well replace the roof. This will not only be a selling point to home buyers and their insurance companies but also give you a 60% return on investment.
So there you go. Your top 5 Return On Investment Home Improvements, now I did promise to give you a bonus improvement that can increase your sale price by 7% and that is (drum roll please)
Curb Appeal, this can include a new front door, irrigation, planting trees, adding mulch and flowers. Many sellers forget all about this very important improvement but remember the exterior is the first thing your home buyers will see so be sure to make a good first impression before they even get to your front door.
I hope you found this information helpful. For some DIY tips watch this next video or click the link below for some easy Do it yourself ideas.
Thank you so much for tuning in and I will catch you on the next one.