Are you looking to sell your home at some point in the near future? If so, then of course you want to get top dollar for your house when it comes time to put it on the market. The best way to maximize your home’s sale price is to ensure that it’s well maintained and updated for prospective buyers. Specifically, there are a few home renovations you’ll want to consider that are known to give sellers the highest return on investment (ROI).
Installing a New Front Door
Believe it or not, the home improvement with the highest return on investment is that of simply replacing your existing front door. Specifically, this minor improvement can yield as much as a 98% return on investment. When selecting a new front door, be sure to go with something that is made of high quality materials and that has plenty of cosmetic appeal. These days, bold colors on front doors (such as red) are also very appealing to buyers.
Replacing Your Existing Siding
There’s no denying the importance of curb appeal when it comes to adding resale value to your home. Therefore, if your siding is older or hasn’t been well maintained, you might want to consider replacing it with new vinyl siding, which is both very durable and versatile enough to suit just about any home. In fact, it’s possible to yield more than a 70% return on investment when you install new vinyl siding. If you’re not opposed to spending a little more, consider installing fiber cement siding for an even larger return on investment.
Of course, installing new siding can be a pricey project to take on, so you may want to consider taking out a renovation loan of some sort to make it happen.
Remodeling Your Kitchen
Is your kitchen looking a little outdated? Maybe those old laminate counter tops have seen better days, or maybe those outdated white-colored appliances are starting to go. Either way, completing a minor to moderate kitchen remodel can yield an 80% or more return on investment. Some minor kitchen updates that you might want to consider making (as applicable) include installing high-end counter tops (granite and quartz are both great options), new custom cabinetry, new flooring, and even new stainless steel appliances. Adding a nice backsplash is also a great way to increase appeal and function to an otherwise outdated kitchen.
Depending on the scope of your kitchen remodel project, this is another situation where you may want to consider taking out a loan for home renovation. These can be a great means of financing home improvements.
Replacing Your Garage Doors
Another home remodel to consider as part of your FHA renovation loan is that of replacing your existing garage doors, especially if they are on the older side and beginning to look a little beat up. Specifically, you’ll want to look into installing higher end garage doors, such as those made of wood. Be sure that your automatic garage door openers are in good operation as well, as this is something that today’s home buyers will expect out of a new home.
Adding a Wooden Deck
Finally, if you’re looking for a way to put that 203k home renovation loan to use, consider spending part of it on installing a wooden deck. These days, buyers love the idea of having both indoor and outdoor living space, so a wooden deck is a great way to make that happen. Consider adding access points to the deck from various points of the home, such as the master bedroom and dining room or kitchen.
As you can see, there are many ways in which you can add value to your home by making some improvements and renovations before you put it up on the market. Just be sure to explore and understand your renovation mortgage options so that you can finance your home improvement projects in a way that makes sense.