Mortgage rates have fallen throughout 2019 and recent home sales data provides a silver lining for the housing market, sales activity picked up in 2019 and we will continue to see a steady rise as we go into 2020 as consumers take advantage of the low mortgage rate available.
With buyers having more options, it is necessary for sellers to boost the appeal of their homes in order to attract the right buyer.
Will all home renovation increase the value of your home, truth be told, the answer is no. Therefore, we have listed the top 5 home improvements that would increase the value of your home and give you up to 70% return on investment.
Little changes can make a whole difference in your kitchen. If your kitchen is cramped, then it’s time to create more space. Every square meter counts. Let’s face it, we all want a kitchen with a room to gather and have discussions with our friends while cooking at the same time. So, create space in your kitchen, pay attention to the detail because every detail count.
With energy efficient appliances, new countertops, new mid-priced sink and faucet, resilient flooring, topping it up with a nice paint job for the walls, you can be sure get up to 80% ROI on your kitchen project.
A great kitchen is a crowd pleaser for buyers, so put the work in and reap the benefit.
To boost the appeal of your house as quickly as possible, a new siding will do a great job. You can choose a mid-grade cedar siding or a vinyl siding. A vinyl siding will generally save you more money and according to This Old House, nearly a third of new homes now come with vinyl siding, it is easier to maintain and does not necessarily require painting.
A new siding, especially with vinyl will give you up to 76% ROI.
You can also top this up with a little stonework. A mid-range stone veneer will give you almost 90% ROI. Replacing the bottom third of your house’ street-facing façade with a 300 square feet of manufactured stone veneer adds significant appeal to you house.
Deck, Doors & Windows
Wood deck additions are now increasing in popularity. The return on investment for a wood deck is about 75%. Consider setting up an open concept, provide plenty of seating space for people to gather. Make the space cozy enough, include a combination of outdoor rugs, throw pillows and plants.
Drafty doors and windows are a burden. Although door replacement may seem like an afterthought, your doors make a statement. Therefore, it is important to ensure you’re your doors, front door and garage door are working properly, replaced if need be and/or painted. They generally add a curb appeal to your home.
To increase the value of your home, consider replacing your roof. When buyers are looking at your house, they are also considering how much they would need to spend after purchase to make the home suitable for them and most likely don’t want to spend extra replacing the roof immediately.
According to NAR replacing a roof can recover 105% of its cost at resale. Asphalt shingles are easily the most popular roofing materials these days as hey are immune to water damage and do not require expensive maintenance. They are also quite affordable.
Light, neutral wall colors make for a good palette for resale. Light colors add freshness and style to the house and generally just helps buyers imagine their belongings in the space.
The lighting in your house also goes a long way, so, let there be light. Mid-range chandeliers are cost effective and will give the interior of your home a great appeal.
With these five home improvements you are well on your way to increasing the value of your home and getting great return on investment.
Below are also some changes that will bring value to your home.