Are you looking to increase ROI on your home? As a homeowner, you want to choose modifications that will increase the value of your home. In some cases, home modifications can be futile depending on how much you plan to spend and the maximum value of your home on the current market. Negative equity is a problem many homeowners face and making changes that won’t directly impact your ability to get the best price can be a fine line to walk.
Home Modifications to Increase The Value of Your Home
A New Roof
While many people are concerned with how their homes look on the inside, neglecting the roof can lead to some serious issues. These issues include dampness and less protection from the elements. Your roof is a major component of your home, so ensure it is in good condition at all times to avoid internal problems and damage. Replacing your roofing can add around $12,000 to the resale value of your home and increase insulation by around 60%
Basement
Basements are becoming more and more popular, especially with high-income buyers. Even unfinished basements can add value to your home. The actual price increase depends on the size of your basement and the level of finish and utilities.
For example, if you have electricity and running water, your basement could add more value to your home. Finished basements can add anywhere from $25,000 to $50,000 depending on house prices in your area and the size and finish.
Remove Walls
Never attempt to remove internal walls without checking if they are load-bearing because it can cause serious structural damage. However, open-plan homes are still popular with buyers, so freeing up space by removing internal walls and doors will help. Not only will it give your home a fresh look, but it will also increase the ROI.
Exterior
The curb appeal of your home can make all the difference when it comes to the sale value of your home and the type of buyer it attracts. Adding siding to your home can instantly revive an old and tired exterior and hide any imperfections. Before you do this, make sure you aren’t covering up any structural damage that needs looking at. If you cover structural issues, it will still be an issue even with a new facia on your home. Typically an investment of around $10,000 to install stone cladding to your home can recover up to 96% at resale.
Increase The Value of Your Home
It is important to weigh the value of adding new features to your home, especially if you are selling soon. The resale value is also affected by the level of finish, the quality of products used, and artistry.
Leave a comment and let me know if there is anything you’d add to the list!
