5 Home Renovations with the Biggest Investment Returns
Are you thinking of putting your house up for sale?
When you want to get the best value out of your home, one thing you can do is to invest in renovating and repairing the property, especially if what you are staging is old or is showing signs of disrepair. However, before you begin with home improvement, you have to make sure that you do not overcapitalise and go over 5 percent of the property’s purchase price.
In the 2017 data from the Australian Bureau of Statistics, the average national housing price is $679,100. This means that your renovation costs should not exceed $33,955. So to avoid making a huge investment blunder, you should have a well-thought-out and executed renovation with a projected 10 percent increase in the value of your home.
If you’ve been living on the same property for more than five years, you can potentially double the amount of your investment when you spend wisely on its renovation.
Install fibreglass insulation
Spend less on heating and cooling systems throughout different seasons. When you have fibreglass insulation installed, you get to regulate the temperature indoors all throughout the year. Thus making this a worthwhile and cost-effective investment in real estate. By spending at least $1,200 to $2,000 dollars, you get the best price for reducing your utility bill and even recover 107 percent of your installation expenses.
Change the front door
If you want to make a good first impression on your buyers, replacing your front door is a good start for a renovation. Changing dull models into splendid stone veneer and steel doors will increase the kerb appeal of your property, giving the front entrance a warm and appealing feature that real estate professionals and potential buyers may love. Moreover, a new front door promises a 90 percent return on sales value.
Set up new vinyl siding
Since this only returns 80 to 84 percent on resale, changing a new vinyl siding is not really a project you’d want to tackle prior to selling. That is, unless the present siding of your house is an eyesore.
Nevertheless, this is still a much better investment compared to remodelling your kitchen, which only returns 65 percent of the cost. Regarding replacement of siding though, you just have to be sure of your colour selection. For example, if you want to hide dirt and make the exterior look elegant, choose between beige and taupe.
Consider garage door upgrades
For another home improvement project that can increase kerb appeal, upgrade your garage door. Replace the dull steel model with a carriage-style or a stylish wood garage door for added appeal. Delivering up to 80 percent recoup from expenses, you might even find that number higher if the doors have windows.
Switch flooring to hardwood
Upgrade your laminate floors and carpet to hardwood flooring and earn back 78 to 91 percent of your expenditures when reselling your property. However, never forget to put into consideration the place where you reside and the style of your house. Choose engineered wood products with a universal appeal like oak which is a consistent favourite among buyers.
These home improvement projects are considerably far better because they are less labour-intensive and great for earning back expenses, unlike remodelling your kitchen and bath. However, this does not mean that you shouldn’t consider also renovating these areas.
Remember, your goal for improving your property is to boost resale value and see returns on your renovation efforts. So with these 5 home improvement projects, you get more than what you pay for.
Make sure to hire the right people for the job to avoid the risk of costly mistakes and back jobs. Hire A Hubby offers a range of handyman services that guarantee quality renovation work. Contact us today!