(Newswire.net — November 3, 2016) — If you haven’t heard, the real estate market is booming. It’s higher than it’s been in nearly 10 years, and investors all over the world are seeking a cut in America’s real estate. Right now, one of the more popular ways to make money is to purchase a home, make renovations, and then sell the home for more than you paid.
Since the market is on a steady incline, properties purchased now are predicted to turn a high profit a few years from now. But that will only happen if you invest in the right renovations that are slated to bring the highest return on investment (ROI).
Here are some of the top renovations you can do for your home.
1. Updated Countertops
There’s something about new countertops that can make your entire kitchen look fresh and fabulous, even if your cupboards are a little dated. Granite countertops typically have the best value. They’re less expensive than marble or quartz, but just as durable and usually require less maintenance. By adding a granite countertop to any property and updating the kitchen, you could experience a 100 percent return on your investment – or more!
2. Refinished Bathroom
The bathroom is also a popular area for renovations. When the plumbing is up to code, space is maximized, the cabinets are updated, and the fixtures include water saving features, you can see a full return on investment. You may even see some profit!
3. Energy Efficient Windows
It can cost upwards of $10,000 to add new, energy efficient windows, but the return is at least 80 percent. Not only do these windows raise your property values, but they also reduce utility bills to make it more affordable to live in the home.
4. James Hardie Siding
The siding on your home serves a multi-faceted purpose. It protects you from the weather and outside elements, such as insect infestations and hail storms. Great siding can also boost your curb appeal and increase interest in the house. According to the James Hardie website, it’s the number one siding choice for return on investment, guaranteeing at least 85 percent ROI.
5. Sound Structure
If there’s a problem with the structure of your home, you’ll have a difficult time selling it for the price you want. Repairing structural issues such as the foundation, electrical, plumbing, and flooring are always great investments.
6. Curb Appeal
Anything you can do to bring out the best features of the home’s exterior and landscaping will greatly influence the asking price of the final product. Curb appeal is great for adding value because it’s a change that homebuyers can physically see.
Siding is the most impactful feature when it comes to curb appeal, but things like trees, well-placed concrete, patio or deck areas, unique front doors, outdoor shutters, new paint, and other attractive exterior upgrades can take your home to the next level.
7. Added Square Footage
Anytime you add more space to your home, you automatically grow your home’s resale value. Though you’ll rarely get a full 100 percent return on your investment, you’ll bring back as much as 85 percent, which is ideal for those who need the extra space. Investors can see high returns from added square footage as their real estate prices increase.
Conclusion
Getting a high return on your investment can be challenging, especially if you put too much into the update from the start. When looking for a better return on a project, sometimes it’s best to look past all the bells and whistles. The basics will offer you a low-cost renovation with high returns later on. If you spend too much on the initial update, you could spend more than you’ll ever get back.
There’s also the factor of making sure this is a renovation you want in your home. It’s true that you’re making the renovations for high returns in the end, but you have to live with them in the meantime. Choose something that you love that will attract buyers in the future.
Cost and aesthetics are both very important considerations to make in any renovation. Through careful saving, research, and a wise investment, you can create a highly pleasing home update that will attract more buyers and put more money in your pocket.