Best Home Improvements for Resale: Smart Investments for Your Property
Home renovations aren’t just about beautifying your living space; they can also be savvy financial moves, potentially yielding a significant return on investment (ROI) when it’s time to sell your home. In this comprehensive guide, we will explore the best home improvements for resale, delving into the factors that make them financially wise choices without specifying exact costs. These renovations are not only about aesthetics but also about securing a solid financial future.
8 Best Home Improvements for Resale
NYKB, New York’s premier contractors, have put together the following list of the best ROI home improvements in 2023:
Manufactured Stone Veneer
Transforming your home’s exterior with manufactured stone veneer is a visually striking choice. It instantly enhances curb appeal, making your property more attractive to potential buyers. This renovation project’s costs can vary based on factors like the size of your property and design preferences. The appeal of manufactured stone veneer lies in its ability to elevate your home’s appearance, and when you decide to sell, you can expect a favorable ROI.
HVAC Conversion
Upgrading your heating, ventilation, and air conditioning (HVAC) system is not only about comfort but also long-term savings and added value. HVAC conversion costs can depend on the size and specific requirements of your property. A modern and efficient HVAC system increases energy efficiency and appeals to buyers who seek lower utility bills. The ROI on HVAC conversion can be substantial, ensuring your investment pays off when you sell your home.
Entry Door Replacement
Sometimes, small changes can make a significant impact. Replacing your entry door is a cost-effective home value renovation that can transform your home’s first impression. While the actual costs can vary based on the door material and style you choose, the appeal of an updated entryway is universally understood. Potential buyers are often willing to pay a premium for a home with an attractive, secure, and inviting entry door.
Minor Kitchen Remodel for Resale
The kitchen is often considered the heart of the home, making it a prime area for potential resale value. How much does a kitchen remodel increase value in 2023? Well, the extent and costs of a kitchen remodel can vary widely based on factors like the scale of the project and your choice of materials. However, when executed thoughtfully, even a minor kitchen remodel can yield a significant ROI. Modernizing your kitchen space can appeal to buyers and potentially result in a quicker sale at a higher price point.
Siding Replacement
Updating your home’s siding not only revitalizes its appearance but also improves insulation and energy efficiency. Siding replacement costs can vary depending on factors such as the size of your property and the chosen materials. The appeal of enhanced aesthetics combined with reduced energy bills can make this renovation a wise choice for resale value. When buyers see a well-maintained and energy-efficient home, they’re more likely to make competitive offers.
Garage Door Replacement
The garage door may not always be the first thing on your mind, but it can significantly impact your home’s curb appeal. Garage door replacement costs can vary depending on the door style and features you select. If you’re looking to renovate to sell, a modern, functional, and visually appealing garage door can leave a lasting impression on potential buyers, making your property more desirable and increasing its resale value.
Window Replacement
Investing in window replacement can enhance both aesthetics and energy efficiency. The cost of window replacement can fluctuate based on factors like the number of windows and the chosen materials. Modern, energy-efficient windows not only improve your home’s appearance but also appeal to buyers seeking reduced heating and cooling costs. The result? A potentially higher selling price and a return on your investment.
Bathroom Remodel for Resale
A b bathroom remodel is one of the best home upgrades for resale. Although its hard to say how much a bathroom remodel increases home value in 2023, they have long been popular for their potential to increase home value in general. Costs for a bathroom remodel depend on the scope of the project, from minor updates to comprehensive renovations. The appeal of an updated and well-designed bathroom is evident to buyers, making it easier to command a higher selling price. Investing in a bathroom remodel can translate into a strong ROI.
Other Smaller Remodels with a Good ROI
Consider these smaller remodels to further enhance your home’s resale value:
- New Interior Paint Job: A fresh coat of paint can give your home a clean, updated look, appealing to buyers looking for move-in-ready properties.
- Smart Home Technology: Modernizing your home with smart technology can set your property apart and attract tech-savvy buyers willing to pay a premium for these features.
- New Lighting: Upgraded lighting fixtures can improve aesthetics and functionality, creating a more appealing living space for potential buyers.
- Small Bathroom Upgrades: Minor bathroom upgrades, such as fixtures and tilework improvements, can contribute to a more attractive bathroom space that appeals to buyers.
Strategic home improvements can be key to securing a lucrative return on investment when you decide to sell your home. These renovations focus on enhancing both aesthetics and functionality, appealing to the preferences of potential buyers. While we haven’t specified exact costs, it’s crucial to align your renovation budget with your market and property type to maximize your returns.
Remember, your home is not only a place to live but also an investment. Making thoughtful, market-driven renovations can ensure you not only enjoy your space but also secure your financial future.
RENOVATIONS THAT WILL HURT YOUR HOME’S RESALE VALUE
Homeowners, when renovating their homes, often hope the renovation will increase the home’s worth. However, that might not always happen. Prospective buyers may have differing opinions on your home improvement effort.
In general, some home improvement tasks may reduce the value of your house when you decide to sell it. Avoiding these will help you sell your home faster and for higher prices should you place it on the market.
Having said that, feel free to have a renovation done if it appeals to you and you appreciate the improvement. It’s your house; thus, you need to make any improvements that will increase your comfort.
5 of the worst ROI home improvements:
1. SWIMMING POOLS
A swimming pool will increase your home’s value by only 7%. Swimming pools are also expensive to set up and insure, making it challenging to recover the cost.
Many families may also not want a swimming pool as they may not enjoy swimming or desire a larger, more useful courtyard.
Pools also lock out some buyers because they present safety risks to children. Additionally, pools have costly maintenance costs, which discourages prospective buyers. However, if your home is in an upscale neighborhood or a hot climate where a pool is helpful for most of the year, consider incorporating it.
2. PERSONAL CUSTOMIZATIONS
Your potential buyers may not share your taste in unique customizations for your home as much as you do. For instance, a built-in aquarium will be perfect for marine life lovers. However, it might put off people who don’t care about aquariums and would rather have more room. The maintenance and replacement costs may also turn away potential buyers.
Tilework, ceilings, bright paint colors, and other signs of excessive personalization may also lower your home’s worth when it comes to selling.
Bright colors on the walls are a very personal choice in style, and doing so could reduce your home’s resale worth. Walls make up a large part of the interior’s color palette, and selecting colors that most people will not resonate with can turn off buyers.
But, neutral paint colors enable purchasers to picture the home as a clean slate they can design to their taste. Repainting the space with neutral colors before placing it for sale would be a simple fix if you use bold colors.
3. LUXURIOUS BATHROOMS AND KITCHENS
The most common rooms to remodel in a house are the kitchen and bathroom. However, going overboard and adding too much luxury might not provide a satisfactory return on your investments. Only pay attention to the elements which appear outdated or weathered, and choose mid-range rather than high-end appliances and furnishings.
Additionally, attempt to hold off on purchasing expensive lighting fixtures. Refrain from letting the gorgeous ideas in the remodeling publications tempt you from your spending range, making it difficult to recoup the investment.
4. EXCESSIVE CARPETING
Wall-to-wall carpeting may make your house feel cozier, but it might just be one of the worst ROI home improvements. Carpets are prone to rapid wear and damage, and the choice of textures and colors differs for each person.
However, hardwood floors can generate a return on investment of about 75%! You might want to choose a hard surface.
5. COMBINING ROOMS TO CREATE A LARGER SPACE
Merging two small bedrooms might seem like a sensible renovation for small families. But prospective buyers may not find this appealing. Most families prefer that their children have a separate bedroom, so they won’t think much about the size. Therefore, the more bedrooms, the more the house’s value than the rooms’ size.
To make a small room appear larger, consider using interior design tricks rather than knocking down walls.
Remodel Your Home With the Best Home Improvements for Resale
Whether you’re considering renovations that add value or opting for temporary solutions, it’s always wise to seek expert guidance and align your choices with the prevailing market trends. If you have specific questions about your home renovation plans or need advice tailored to your property, don’t hesitate to contact NYKB. Our experts are here to assist you in making informed decisions and navigating the world of smart home improvements that can maximize your home’s resale potential. With over 20 years of experience remodeling homes in New York, we at NYKB have what it takes to dramatically increase your homes investment.
