Homeowners spending tens of thousands of dollars on large-scale remodeling projects are often unpleasantly surprised when their home is appraised. Many of these updates don’t add much money to the total resale price of the home and, in some cases, may instead be a financial loss. There are several smaller renovation projects that will make a big difference in your home and allow you to recoup a large portion of the costs when selling. Reach out to me anytime for more renovation projects and ideas that will make the biggest difference to potential buyers, but meanwhile, let’s talk about some small renovations you can make that will give you a high return on investment (ROI).
Renovation vs Remodel
One quick note: Although the terms renovation and remodel are used interchangeably, there is a difference. Renovations are changes and upgrades made to rooms, but the rooms still keep their original purpose. Remodels change your space in a big way, such as tearing down walls or adding bathrooms.
1. Minor Bathroom Remodels
A bathroom renovation averages around $10,500 if you stick to just replacing the tub, toilet, sink, vanity, and tile work. This is one renovation that will pay off, however, with a return on investment of 102 percent and an estimated added resale value of $10,700.
You can do a little of the work yourself by removing old wall coverings and adding a coat of paint, adding a bright line of new caulk, and swapping out fixtures. Consider replacing or removing your old, dated shower doors.
If your tub is an eyesore but a new one isn’t in the cards right now, consider reglazing it for a bright-as-new look.
2. Boost Your Curb Appeal
From replacing your garage doors to upping your landscaping game, boosting curb appeal involves a series of minor renovations. It’s estimated that you will recoup 100% of your costs for upgrading your landscaping and home’s exterior, provided you don’t go overboard with your yard renovations.
Go for showy, vibrant flowers in the gardens, with stacked plantings of various heights. Add a backyard oasis, such as fire pits or fountain areas, and lay walkways throughout the yard.
Trim and remove unhealthy trees and branches and top off your hard work with an upgraded landscape lighting system.
3. Minor Kitchen Remodels
To get the most from a kitchen renovation, keep it simple. A new backsplash, a coat of paint, and updated appliances will give you a great ROI without the need to have the kitchen gutted. Consider a new countertop and, if budget allows, upgrade your flooring and lighting.
4. Paint
It’s incredible what a fresh coat of paint can do for your home’s interior and exterior. If you hate painting and you’re just not feeling it, hire a professional. You’ll get clean lines and a smooth finish without lifting a brush, and this small but mighty renovation will pay off in a big way.
5. Go Smart
Upgrading your house into a tech wonderland is a great way to invest in your home without breaking the bank. Buyers enjoy tech that makes life simple, and you can get some major smart home upgrades starting at around $1000.
These smart upgrades can include thermostats, video intercoms and security systems, and even appliances such as refrigerators and washing machines.
Smaller Renovation Ideas with Big ROI
Not all renovations are created equal. You may think that installing a new pool will add a lot of value at resale, but that’s not necessarily true. Tearing out a wall and opening your spaces may seem like a good idea, but if you’re eliminating a bedroom to do it, you’ve just potentially decreased the value of your home.
Thinking about small- to medium-sized renovations to increase your home’s value? Don’t pick up a screwdriver or sign any contract on the dotted line without contacting me first. I speak fluent ROI, and I’m always available to help you understand the best ways to increase your home’s value.
