When homeowners are getting ready to put their house on the market, they often consider taking on a few improvement projects in order to boost the sales price. However, not all projects will deliver a worthwhile return, so it’s important to look at how much bang for your buck a project will deliver. If you’re looking to sell your home, or just prepare it for a higher return on your investment, here are five home improvement strategies for success.
Give your kitchen a makeover
Investing $30,000 in a kitchen remodel can recover up to $20,000 of its value at resale, according to the Remodeling Impact Report. The report also found that 82 percent of respondents said they have a greater desire to be home since completing the project, with 75 percent citing an increased sense of enjoyment.
If your kitchen needs a refresh, consider upgrading with granite counter tops. For remodels on a budget, give your kitchen a fresh coat of paint or install a new bright backsplash to bring more life to your counter area.
The 2015 State of the Smart Home Report found that 50 percent of consumers say they plan to buy at least one smart home product in the next year. Home monitoring cameras and smart security upgrades top the list, and it’s no wonder why. The report states that a burglary takes place every 14.1 seconds in the U.S., and 56 percent of break-ins are through the front or back doors. Install a security camera system to give buyers and yourself peace of mind, while monitoring the safety of your home during home showings and as foot traffic increases in and out of your home.
Landscape your yard
Spending just a few hundred dollars on landscaping can return thousands on your investment. Adding fresh flowers, taking care of problematic trees and weeding your lawn can add curb appeal. It can also uncover problems before your buyer goes through the inspection process.
The exact return can be hard to pin down. However, some could yield a whopping 1,000 percent, depending on how you are investing your money and if your landscaping plan matches your home’s style.
Upgrade your appliances
Over 60 million refrigerators are over 10 years old and cost consumers $4.17 billion a year in energy costs. Give your appliances an upgrade and reduce your environmental impact at the same time by replacing washers, dryers and dishwashers with energy-efficient models that have the Energy Star stamp of approval.
Replace vinyl siding
Increase your home’s curb appeal and protect its exterior at the same time with a vinyl siding replacement. According to the National Association of Realtors, a vinyl siding replacement returns 72.9 percent of costs. While you’re working on the outside of your home, do a vinyl window replacement as well, and return 73.3 percent of your investment and potentially increase the energy efficiency of your home at the same time.