Home Upgrades That Will Prove Their ROI
Home renovations are great in theory. They’re a terrific way to update your space while investing in the value of your home. Unfortunately, not every upgrade offers a great return on investment. Many of the most popular updates wind up costing homeowners far more to install than they’re worth. Regardless of whether you see yourself selling in the near future, it’s important to choose renovations that make the most sense financially.
The renovation industry is booming. In 2015 alone, Americans spent more than $326 billion in home upgrades. This makes sense for hot real estate markets. As real estate demand ebbs and flows, however, you’ll want to ensure your renovations are worth the price. Here are a few upgrades with the very best ROI:
Homes are frequently bought and sold based on their bathrooms. House hunters want to easily envision themselves sliding into a deep soaking tub or getting ready at a gorgeous vanity. If you don’t personally love your bathroom as it is now, it may be worth upgrading. A new vanity, sink, and bathtub can do wonders to refresh the space. Floor and shower tile can be fairly affordable to replace, too.
Not everyone can afford a full bathroom remodel. If you’re tight on cash and want the best ROI, consider swapping out builder grade mirrors for more modern, framed options. Add some updated light fixtures and you’ll be on your way to a space that feels modern and fresh. For those with a little extra money to invest and space to spare, a freestanding soaking bathtub is a surefire way to win over buyers. A middle of the road option would be to swap out old faucets and showerheads with more stylish versions in the sink, tub and shower.
Tankless Water Heater Installation
Long hot showers are undeniably appealing. Too often, though, older homes feature outdated and frankly subpar water heater options. If you’re hoping to boost your home’s value, consider installing a new tankless water heater. Also known as instantaneous or on-demand water heaters, these appliances work by having cold water traverse a coiled pipe inside the appliance where a gas or electric element heats the water as it passes through. The result? A constant stream of hot water.
Tankless water heaters will appeal to just about everyone, but they’re especially important to those who care about the environment. While they’ll require more of an upfront investment than other types of water heaters, those of the tankless variety last longer and often result in lower energy costs over the long-term. For homes that use 41 gallons of hot water or less per day, tankless water heaters can be 24 to 34 percent more energy efficient, experts say.
Front Door Replacement
Think you need to shell out big bucks in order to see major returns on your investment? Think again. Some of the simplest upgrades can also bring the best value. Take replacing your front door, for instance. Old exterior doors are a huge source of energy loss. If you’re hoping to improve the look of your home while also upping your energy efficiency, a front door replacement job could be the solution.
This is a project some DIY fans could do themselves. Since replacement doors come pre-hung in weather-stripped frames, it’s easy to tackle this project in an afternoon. While you’ll need some basic experience and familiarity with tools, you don’t need to be a master carpenter to complete this job.
Window replacement projects are consistently ranked as one of the very best for ROI. That’s because they increase curb appeal, energy efficiency, and home value all at once. There are very few home remodeling projects that can offer so much simultaneously. The right windows can reduce a home’s carbon footprint and significantly lower heating and cooling expenses, too.
Advances in window technology offer homeowners a number of other benefits, too. Windows that don’t open or are painted shut can be a real turnoff to prospective buyers, and the improved functionality can add enhanced security features to the home, too. Add on new blinds and shades and you’ll even see a reduction in allergens around your home.
The kitchen is perhaps the most important room in any house. With that in mind, it’s easy to see how kitchen renovations are so frequently correlated with high ROI. The trouble? Kitchen renovations can get expensive fast. If you don’t have the budget for a full reno, start with replacing countertops, updating paint or wallpaper, and replacing cabinets. It’s the fastest and most affordable way to bring an older kitchen up to date. Updating the kitchen faucet with something more attractive and useful can make a big difference, but it requires only a modest investment of a couple hundred dollars for the fixture and an hour or two of your time.
The right upgrades can boost your home’s curb appeal, functionality, and property value – all of which can attract prospective buyers. While kitchen and bath upgrades are some of the most popular options, smaller projects can be just as effective at adding value to a home. There’s virtually no project too small to help customize your house and generate appealing returns. Try some of the options above and see your home improved in no time!
About The Author: Butch Allen is a licensed plumber from Charlotte, North Carolina. Butch is very experienced and has been with Roto-Rooter for more than 30 years.
Photo by Dillon Kydd on Unsplash
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