Home Improvement Projects for ROI - 3 Things to Think About
With the recent increase in home values at the Lake of the Ozarks, a lot of people are considering using their home equity to do some home improvements. But they want to choose home improvements that are more likely to have a good return on investment when they decide to sell their home. As realtors at Lake of the Ozarks, Your Favorite Real Estate Team knows what buyers are looking for and the features they consider more valuable. We also know how homes appraise at the lake and can give you a few pointers on your home improvement projects to create the best ROI. If you’d like to hear some ideas for ROI, just keep reading.
1) Needs over Wants
When it comes to home improvements for return on investment, you really want to think about maintenance and any needed repairs. It may be a lot more gratifying to do a kitchen makeover or bathroom update, but if your foundation leaks or the roof needs to be repaired, or the septic system has problems, it is more important to fix those problems than to improve aesthetics. When people purchase a home, they don’t want to be hit with repairs and expenses right off the bat. Most buyers would rather do their own updates, but know that the home they are purchasing is solid and doesn’t have maintenance issues. So even if you can’t see it, you’re better off taking care of basement or crawlspace drainage, fixing those lateral lines, replacing leaky faucets, and taking care of the maintenance issues that could make your home appear as though it hasn’t been taken care of.
2) Curb appeal
Curb appeal is consistently a reliable way to earn a return on your investment. Not only do you get to enjoy it as long as you are in the home, but it makes an impact as soon as a buyer pulls up to the property. You don’t have to go overboard with things like water features, high-maintenance landscaping, or a pool. Those can actually be harder to get a return on investment from. But things like flowerbeds, fresh mulch, and greenery can create an inviting appeal that adds value. Things like stone veneer on the front of your house, a new garage door, a new steel front door, and new siding, can also create value ... anywhere from 70 to 95% ROI. The best thing is, you get to enjoy all of these improvements on a daily basis between now and when you sell your home.2) Low Cost, High Impact
There really are a lot of things you can do to have a big impact that aren’t very costly. Just cleaning and sprucing up can go a long way. Taking care of yard maintenance like weeding, raking, pruning, power washing etc. will make your house look well maintained. Painting your front door with a nice, contrasting color can also make your home look more updated and appealing. Of course, interior painting can change the feel of the whole house. Neutral gray or beige walls are best, with white trim. You might also consider adding some smart home technology like a smart thermostat which could potentially save money on energy bills. New lighting fixtures are another low-cost way to brighten up your home and make it look more modern.
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