Home Improvements that Bring the Highest Return on InvestmentBy Marlena Cavanaugh
November 20, 2023
Your guide to increasing your home's return on investment and best remodeling practices.
There are certain improvements to any property that can boost the resale value.
ROI is a measure of how much money is earned relative to the amount of money spent on an investment. Owning a home is a big investment and renovating your house can cost a lot but it often increases your overall property value at the time of sale.
Factors that can affect the ROI of a home remodeling project
The factors that can affect the overall return on a home remodeling project often vary by buyer preference, location, and market trends. While making renovations to your house, thinking of the future and what buyers are looking for can increase the property’s value when it comes time to sell. Consider how long you may keep the property and this may guide you better when it comes to prioritizing home improvement projects.
There are many other areas in the home that require careful consideration, but can also add a great amount of value when remodeled:
· Exterior Upgrades (Roof, Siding, Window and Door Replacement)
An added bathroom and bedroom are just a few house additions that have a high ROI. Adding a bedroom can have up to a 56% return. Adding another bedroom to help meet that threshold can change the property value and the attractiveness of your home to buyers.
Remodeling is not an easy task and while it can be expensive, messy, and sometimes frustrating, putting in the effort is definitively worth the overall outcome. Selecting improvements that have the highest return on investment will help you generate the most profit out of your current home and give you an opportunity to purchase a more desired property in the future.
United Country Real Estate will help you through every step when looking to sell your home. Whether you’re remodeling a single room or adding an entire wing to your home, the experts at United Country will help you understand zoning laws and the best practices for selling your property. Learn more about remodeling your home and contact us to discover how we can help you make the most of your real estate experience today!