Return on Investment (ROI) is what the majority of homeowners want when doing home improvements. Return on Investment is a big deal to most because it increases the property’s value drastically while giving the homeowners the opportunity to resell for a higher price or take a second mortgage on the property sooner. The most common way to calculate ROI, the benefit (or return) of an investment is divided by the cost of the investment, and the result is expressed as a percentage or a ratio.
Return on Investment Project #1: A New Deck
We are starting with the biggest projects first and going smaller in this article. Decks are known to boost your property value while providing a solid return on investments. According to many online magazines, the upgrade will have an estimated 75% ROI. Not only does a deck give your home character it makes it more versatile for BBQs, parties, and other events for the kids.
Return on Investment Project #2: The Basement
By fixing up the basement you will add a whole new level of living space to your house and get over 70% return on investment (ROI), much higher than a remodeled or renovated bathroom or kitchen. The basement may also be versatile, it could be used as another room, storage room, or man’s cave, which many homebuyers would love. Make the walls look nice and smooth by installing drywall and a shiny coat of paint.
Return on Investment Project #3: A New Front Door
This might seem like a no-brainer to some but a new door will boost your return on investment (ROI). Front door replacements have a high ROI, with 91.1% for steel doors and 82.3% for fiberglass doors. To take it to another level you might want to paint your door to march your home’s theme.
Return on Investment Project #4: Attic Insulation
Proper insulation will keep you warm in the winter and cool in the summer, you do not want to be cheap with insulation since you will be paying the price in the summer when your home gets extremely hot and you are forced to turn on the A/C for longer periods of time. Installing the proper installation will score you the highest return on investment (ROI) on your home, 116.9% return, that’s an amazing amount for just a few hundred dollars and a day’s work.
Return on Investment Project #5: Plant Trees
Planting trees is not only good for your home’s return on investment (ROI) but it’s also good for the environment. You could plant fruit trees, vegetable trees, or even nice palms. Planting trees is cheap; you could get a bag of seeds at your local hardware store for a few dollars.
A mature tree can add $1,000 to $10,000 to the value of your home, according to the Council of Tree and Landscape Appraisers. Many trees don’t take long to grow; they may also help you and your home by providing shade and keeping you cool in the summer. Real estate agents say “the best low-cost way to boost your home’s worth is to have a great landscape“.
Return on Investment Project #6: Washer and Dryer
By adding a washer and dryer you will increase your return on investment (ROI) fast since it’s one of the first things many homeowners look for when buying a new home. Boosting your ROI doesn’t have to be expensive; it could be low-cost if you do your research. We know that some people are not able to do all of these changes but for the few that can, you will be boosting your property’s value.