There are certain types of ‘want’ home improvements such as a deck or hot tub or a basement office. There are also ‘need’ projects including having a new roof installed or upgrading your property’s insulation. There is also a third reason that many of our clients choose to remodel their property– and that’s to boost the value of the home and to get more money back at the time of a sale. These are a few projects that will pay back your ROI.
Nearly any improvement that you do to your house will make it more valuable in the long and short run. For the best long term ROI however, consider these projects:
A New Roof
One thing potential buyers almost always ask is “how old is the roof.” Nobody wants to buy a home only to have to replace the roof within the first few years. This is an instance where you may want to spend a bit more at the time of installation so that you can use the roof as a selling point. For example, concrete tile or metal roofing has a life span of 30-50 years or more, whereas economy asphalt shingles may start to deteriorate after 8 years or even sooner.
One of the biggest goals you’ll have when selling your home is getting people in the door. No matter how immaculate the interior is or how much you’ve invested in a kitchen, master bedroom, finished basement, etc. it’s not going to matter as potential buyers are deterred from old siding. Replacing the vinyl siding with something like a stone veneer has nearly a 95% project investment recoup according to the Cost vs. Value Report. Even just upgrading to a higher end vinyl provides additional curb appeal. Even adding stone veneer with the siding changes the whole look of your home.
Wood Deck Addition
For some buyers, a deck is a must-have feature and if the area is maintained on a regular basis it’s not hard to expect even more of that initial investment being recouped. With proper maintenance, a deck can maintain it’s original luster for upwards of 10 years.
On paper, the bathroom remodel supposedly only recoups about 64% of your investment. With some creativity you can help push that number to 80-85% because bathroom luxuries have evolved so much. Buyers are going to love the appeal of a walk-in steam shower, heated tile floors, and low flow fixtures that will reduce their energy costs to name a few. It’s easier than ever to make a bathroom look high-end…without the high-end prices.