Thinking about making home improvements? Remodeling is often a labor of love. But it's also a great way to add value to your home and increase your return on investment at resale. While some homeowners want to add a deck or Jacuzzi, a few projects will guarantee the biggest returns on your renovation investment.
1. Refinish Your Floors: Average ROI 100 percent
Realtor.com states that ROI results will vary depending on room sizes but average ROI is 100 percent. Why? Refinished floors can immediately influence potential homebuyers.To help with your floor remodeling, decide how much you want to spend. Traditional wood can run 4-10 dollars per square foot. On the other hand, vinyl wood flooring can run one dollar to five dollars per square foot. It handles high traffic well and is ideal for any room in the home.
2. Remodel the Bathroom: Average ROI 102 percent
HGTV states the average bathroom remodeling project is roughly $10,500. That includes replacing the sink, toilet, tub and fixtures. The resale average is about $10,700 for an ROI of 102 percent.
Tips to Maximize Your Bathroom Remodel:
• Instead of replacing your tub, have it reglazed or refitted. Glazing runs about $400 while refitting is about $3,000
• Freshen your walls with paint or add wallpaper
• Install vinyl flooring in a wood finish. It looks exactly like wood but won’t expand with heat from the shower or tub. Vinyl is also easy to clean and cheaper
3. Maximize Your Curb Appeal (Landscaping): Average ROI 100 percent
Homeowners can spend anywhere from $1,500 to $5,000 on landscaping, according to HomeAdvisor.com. With a lush manicured lawn, your property shows better and improves your ROI at resale.
To help with your landscaping project:
• Resod your lawn or apply artificial turf. Resodding will run about 35-cents-per-square-foot. Synthetic turf is more expensive but easier to care for and safer for the environment (less grass to water)
• Surround any mature trees with large stones in a circular pattern. Then add colored mulch. The dash of color is eye-catching and the look is easy to maintain
• Invest in pavers to create a walkway. It’s a welcoming look that maximizes curb appeal
• Section off an area in your front lawn space for a flower bed. It’s scenic and inviting
4. Give Your Dated Kitchen a Makeover: Average ROI 98.5 percent
According to HGTV, kitchen renovations average about $15,000. You’ll recoup just under that at resale. And, with a $15,000 budget, you can create your dream kitchen without breaking the bank.
A few kitchen remodeling ideas:
• Replace the cabinets or sand and paint them and replace the fixtures
• Order a new oven, sink, refrigerator and countertops
• With your flooring, try vinyl tiles in a stone finish. The cost is cheaper than real stone and looks the same
• Add dimmers to your kitchen, a marble backsplash and a kitchen island. Everyone needs more counter space (and you won’t regret it)!
Ready to Increase Your Home’s Value and ROI?
By landscaping and upgrading the kitchen, bath and flooring, you can get more equity in your home. And, even if you’re not ready to resell, you’ll have a gorgeous space you can enjoy for years to come. There really is no place like home!
For help with your upcoming renovation projects, contact Rates.ca. With Rates.ca you can compare prices for a personal line of credit from the top lenders for your home remodeling work. Apply for a home equity line of credit (HELOC) loan today!