If you’re thinking of making updates to your home, getting ready to sell in a few years and want to make some changes, or recently bought and are looking for changes to make the space your own, there are a few things that should be on your mind, and one of them should be return on investment. People are often shocked to learn that some items you add may never pay off as much as you think. A big shock to people moving to Florida is that a swimming pool will never cover the cost to put it in. So this is an excellent addition if you plan to have the home for many years to come or if the home already has the pool in place! If you want to know the best options for getting your money back, use the list below to see what some of the five best renovations are for your home.
1: Minor Bathroom Remodel
Simple and easy bathroom remodels are a good idea for getting things up to the current style and making a space feel fresh and clean if you’re looking to sell soon. Depending on your options, it will cost roughly $10,500 to replace the tub and shower tiles, flooring, toilet, sink, vanity, and other small features. By making a clean and fresh look to this space, you can expect to get roughly 102% of your investment back at the sale of your home!
The average homeowner will spend about $3,500 for landscaping; just something as simple as replacing your yard with sod will significantly impact the curb appeal and attraction of your home. The sod will cost roughly $0.30 per square foot, making it worth the investment. Adding splashes of color to the front of your home, keeping up with current overgrowth, and adding simple walkway upgrades and features can significantly impact how buyers see your home.
3: Minor Kitchen Remodel
Making slight adjustments to lighten up your kitchen will give it a fresh, clean, and modern feel making it more appealing to potential buyers. Making minor updates to flooring, sanding, and repainting kitchen cabinets offers a cheap alternative to buying all new ones and making the space neutral and a clean slate for new buyers. You may not get all of your investment back into making these changes, but you can expect to get close to breaking even. The average homeowner that did a minor kitchen remodel saw a 98% return on investment.
4: Exterior Improvements
Fresh paint, new siding, and updated entryways are all ways to increase the curb appeal and draw in more buyers with great first impressions. Look into magazines to see what styles buyers are going for and what makes your house stand out. Go modern or add a splash of color with the front door. Giving the home a fresh coat of paint will make the home look clean and cared for. Depending on painting or siding and the different options you select through the improvements, buyers can expect a 95%-100% return on their investment.
5: Replacing the windows
This will help the sale of your home and help you recoup some costs in cooling your home in the Florida heat by saving on your electric bill. Newer windows are more energy-efficient, keeping heat out of the house, and many now are storm grade allowing for peace of mind during hurricane season. The average homeowner can expect about a 90% return on investment for replacing the windows before adding added value from their monthly bills.