Are you selling your home in the next five years? If so making home improvements today will allow you to sell your house for more in the future. There are many home improvements that can be made, but which ones will provide a higher return (ROI) is the question. I am writing this article to steer you in the right direction.
What is ROI?
ROI is Return On Investment. It is defined as a performance measure used to evaluate the efficiency of an investment. It is calculated by dividing the benefit (return) of an investment by the cost of the investment. The result is expressed as a percentage or ratio.
Which home improvements give you the best return?
A home improvement is an investment and should be looked at as such. You should be calculating how much money you can recoup when you sell. The higher the return, the better the investment. Lets look at the top home improvements you as a homeowner can make.
- Wood Deck Addition – This improvement creates immediate entertainment space. On good days it’s a great area to socialize while enjoying the outdoors. The average ROI is 85.4%.
- Siding Replacement – This improvement adds instant curb appeal to your home. The average ROI is 83.2%.
- Kitchen Remodel – Depending on how much you want to spend you can do a minor or major remodeling job. In either case it is a good investment because lets face it, everyone spends time in the kitchen. The average ROI for a minor remodel is 83% and 78.1% for a major remodel.
- Window Replacement – This improvement adds curb appeal and also saves you money on energy costs. The average ROI is 80%.
- Attic Bedroom Remodel – This improvement adds living space to the house. It may not be an option in some homes due to height restrictions in the attic. The average ROI is 76.6%.
- Basement Remodel – This improvement adds living space to the house and is also a great area to socialize in. The average ROI is 75.1%.
Remember that Buyers look for a place they can move right into. Avoid designs that are unusual. What you consider awesome may actually decrease the pool of potential buyers.Make sure to Download my informative FREE report ” How To Sell Your House Fast” by clicking the link below so you will be prepared when you decide to sell your home.