The biggest asset for most Americans is their home. Even though property prices typically increase over time, it is hard to foresee how macroeconomic or individual circumstances may affect the housing market. While many factors outside of your control can affect the value of your property, you can still make adjustments to raise the value of your home. But ensure you learn more about the return on investment before starting a project.
When you sell your property, you must realize that only a handful of home improvements will give you a 100% return on investment. But, while a home improvement or renovation may not always result in a profit, it might counteract a disincentive to purchase.
For instance, a damaged garage door may discourage a potential buyer from purchasing your house. Therefore, fixing it now will reverse the disincentive to buy, take away a potential cost for the next owners, and improve the appearance of your property, which will increase its value. This is especially the case for your Kenosha, Wisconsin home. Typically, Wisconsin homeowners can recoup around 103.5% ROI on a Garage door replacement.
With that in mind, let’s look at a few home improvement projects that add value to your home down below:
1. Finish Your Basement
Finishing unfinished areas inside your home can dramatically increase your home’s value on the open market. This is especially the case when it comes to your Kenosha home. After all, this city experiences an average annual snowfall and rainfall of around 39 and 35 inches. Such inclement weather can lead to water seeping into your basement and causing water damage. And an unfinished, water-damaged basement will put off potential home buyers.
Now, if you’re wondering, “How can I find reputable Kenosha Basement Finishing Contractors near me to help renovate the basement?” As far as finding one in your local area goes, you can go online and Google to shortlist a handful of experts.
Ultimately, don’t overlook the benefits of finishing your basement. It’s a decision that will enhance your quality of living and add value to your property.
2. Improve Your Home’s Energy Efficiency
Home purchasers desire more eco-friendly houses in addition to smarter ones. Homes that use less energy benefit the environment and save money on utility costs. With that in mind, here are a few suggestions to get you started among the numerous eco-friendly home improvements you may undertake on a budget:
- Think about installing solar panels
- Replace single-pane with double-pane windows
- Install new, more efficient appliances
- Install a smart thermostat to increase the energy efficiency of your house
However, before making any upgrades, plan an examination with your local utility provider or a professional energy auditor, especially when installing energy-efficient improvements. They can assist you in identifying energy-wasting areas in your house and the improvements that will save you the most money and add value to it.
3. Replace Your Old Roof
As mentioned above, much of the East North Central states, such as Wisconsin, receives an average rainfall of around 35 inches and snowfall of around 39 inches annually. So, replacing your home’s old, worn-out roof will be a good idea before selling it on the open market, given the battering it takes year-round. After all, nobody wants to purchase a house with a leaking roof since water damage from leaks might result in even more expensive repairs.
In addition to improving exterior appearance, a new roof raises the property’s value. For instance, a new roof project in the East North Central states of the US typically costs $29,961 and increases resale value by $14,920, yielding a return on investment of about 49.8%. That’s almost half the amount, which is an excellent ROI considering the ever-changing homebuyer market.
4. Replace Old Doors and Windows
Your doors and windows are among the first things visitors to your house notice when they pull up. These features improve not only the home’s appearance but also its security and capacity for energy conservation.
That said, there is a chance that your old doors and window don’t meet the same security standards as more recent ones. Similarly, drafty trims can make heating and cooling the house consume more energy.
5. Remodel Your Bathroom and Kitchen
According to numerous real estate agents, the state of your bathroom and kitchen can make or break a potential deal with a homebuyer. Homeowners spend most of their time in these two locations, so it’s a no-brainer that a potential homebuyer will look into them before putting pen to paper.
That being said, a bathroom and kitchen remodel can typically provide a 100% or higher ROI; this number may even be higher depending on the amount of labor you’re willing to do yourself and the appliances and finishes you select.
Whatever the case, a bathroom and kitchen remodel is the best way to raise the value of your house, especially if you have the budget for it.
6. Replace Your Garage Door
Replacing your old, creaking garage door is another inexpensive home improvement project that adds value to your home. In fact, replacing your garage door can cost anywhere between $3,000 and $400, depending on the type of door you go with. However, this investment comes with an ROI.
For instance, if you install a Roll-up garage door, you can expect to pay anywhere between $3,000 and $850 with a potential 80-90% ROI. So, if your garage door needs some TLC, now is the time to replace it, especially if you want to recoup more money when you sell your home!
The Final Words
While there are thousands of home improvement projects that you can undertake, it’s important to choose ones that will pay off in the long run. In other words, ensure you get an accurate ROI projection from an expert in the field before you start any home improvement project.
Furthermore, stick within your financial limit and prioritize ROIs based on practicality and cost-effectiveness. Depending on your situation and budget, you can push a few smaller projects to the back burner for now and save for larger home improvements.