Even after purchasing your dream home, you may eventually be looking to remodel or upgrade your surroundings. Making smart decisions about these home improvements will increase the value of your home and allow you to recover a significant percentage of your investment.
What projects are most likely to deliver the best return on investment while also providing immediate personal benefits? Let’s take a look.
Opting for a new kitchen
In terms of the cost to you, this is likely one of the most expensive improvements you can make to your home, but on average, it also one with the highest return on investment.
Kitchens may not have a been such a big deal when you bought your home, but in the last several decades home cooked meals have come into style and food television has skyrocketed in popularity. Now, buyers want kitchens that are functional, attractive and able to serve as a gathering place for the whole family.
Remodeling the bathroom
The next most expensive upgrade is a bathroom remodel, but like the kitchen, the return on investment is usually quite high. A bathroom that looks outdated or dingy due to wear and tear is instantly off-putting for buyers. People look for modern, streamlined designs, significant storage space and brightness, in addition to quality fixtures.
Adding a deck or other outdoor space
Not every improvement that offers a sound return on investment is to the interior of the home. In fact, many home buyers will skip homes that look great inside but do not offer the outdoor spaces they want.
Most buyers want outdoor spaces for gathering with friends and family, and in child-friendly neighborhoods, space for kids to play. Decks and patios help to define outdoor spaces and ensure that there is room to gather, grill, and converse. With a quality deck, many homeowners will see a 75 percent return on investment in the first year.
While these particular home improvements are those that are most likely to increase your property value, this increase in value is not guaranteed. It is important the upgrades match the local market and are well executed.
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