5 Projects That Innovate and Provide Maximum ROI to your Home
What if we told you that you could remodel a portion of your home and receive a return on your investment?
Becoming a smart homeowner is easier said than done. In addition to the dreadful monthly mortgage, never-ending loan term, constant improvements, limited income because of rising electricity and water bills, the sudden "smart" trait of homeownership begins to seem impossible to fulfill.
This week we're sharing the five most successful ROI (return on investment) projects within your home that will convert you into a smart homeowner.
To receive the maximum ROI on any home improvement project, you must evaluate the project's functionality before the aesthetics. Ask yourself, will an outdoor pizza oven contribute to an increase in property value at the end of the day? Or will a bathroom remodel attract interest in a potential buyer when selling my home?
Take a look at five projects that can bring maximum ROI to your home:
1. Minor Bathroom Remodel
A bathroom can attract a buyer. Before selling, homeowners often remodel to keep up with the competition of newer homes and modern design. Restrooms are a health necessity, new amenities can secure sanitary concerns and provide updated fixtures.
Average Cost: $8,000
Time Frame: 2 Weeks
Enhancing the natural appearance of your front or back yard is attractive for a buyer. A potential buyer will look for a home that can entertain guests on a summer evening, save them from future water expenses, or select a yard with no need for immediate maintenance. Potential buyers with young children prefer large grass areas as well, for kids to enjoy outside. A well-maintained yard saves the future buyer from investing in immediate repairs.
Average Cost: $20,000
Time Frame: 4 Weeks
3. Minor Kitchen Remodel
Innovations such as replacing the countertops, resurfacing kitchen cabinets, replacing the sink, or adding a kitchen island can boost the value and be considered upscale and top price to future potential buyers. A kitchen is one of the most important selling points in a home, it gathers families and tradition is often shared in that much space.
Average Cost: $15,000
Time Frame: 3 Weeks
Instantly maximize your ROI by adding an ADU (accessory dwelling unit) that can generate income by legally renting or through Air BnB services. By adding an ADU or income-generating unit you as well increase your home equity value.
Average Cost: $250 per SQ FT
Time Frame: Permits 3-4 months
Build out: 2.5-3.5 months
5. Solar Panels
Choosing to generate home energy from solar panels is one of the most effective financial products. Solar installation can be paid off within 5-7 years, with a yearly benefit of up to $3,000. Solar reduces your monthly electricity payment and can save you from over $1,000 in utility bills.
Average Cost: $8,000 Minimum
Time Frame: 30-40 Days
Depending on your selected home project, these top five innovations provide short and long term ROI.
We are committed to helping you achieve the highest return on investment meanwhile saving you time, money, and adding value to your home. Let us help you restore the “smart” trait back into your role as a homeowner.