If you are thinking about remodeling, getting ready to sell or just want to know where is the best place to spend your hard earned money in relation to your house, you need to be aware that the majority of home improvements fail to increase the value of your house enough to recover the cost of making the improvement. That being said, there are 10 home improvements you can make that will likely result in double digit returns at a minimum and possibly triple digit returns depending on where you live. The Home Improvement Increase In Value Calculator at HomeGain gives 10 home improvements that that you can make which will greatly increase the sale value of your home.
The actual percentage rate of return will depend where you live, as well as the cost of that home improvement. It’s necessary for you to input the area where you live by zip code to determine which home improvements will result in the greatest value in your area since they are quite different depending on where you live. For example, the top home improvement rate of return for San Francisco is 973% for cleaning and de-cluttering while the top home improvement in Seattle is 619% for lightening and brightening your home.
These are the 10 home improvements that you can make that will increase the value of you home the most in no particular order:
Clean / De-clutter : Remove clutter by storing items in basement, attic or friend’s home. Rent a storage space or sell excess items, if needed. Keep every room very clean during open homes. Do pre-open house cleanliness inspections. Lighten & Brighten: Replace any burnt-out bulbs and use higher wattage bulbs, if possible. Have defective electrical components repaired or replaced. Make sure skylights are clear and keep drapes open during the day. Yard: Store away personal effects from front yard. Hire gardener or landscaper to trim back the overgrowth and maintain yard. Make sure that your lawn has a healthy green appearance. Plumbing & Electrical: Consider repairing or replacing any defective plumbing or electrical items in your home. Make sure you have the right person for the job by getting several estimates. Staging: Buy some fresh flowers, live plants and other decorations to liven up the home. Dispose of old furniture or other large items. Consider renting furniture or hiring a staging consultant. Update Kitchen & Bath: Update kitchen and baths by resurfacing cabinets or painting with neutral color. Replace toilet seats, dated fixtures and drawer/cabinet handles. Freshly caulk and redo grout in counter-tops, sinks, tubs and showers. Paint Interior: Repair any damaged interior walls by patching all chips, holes and cracks; then touch up or repaint interior walls with neutral color. Carpeting: If carpets are only lightly soiled, shampooing and/or spot removal should suffice. If there are rips, fading, heavy wear, smells or deep stains, replace with neutral color. Flooring: Repair and refinish damaged floors, or cover with neutral-colored wall to wall carpet and note damage in your disclosure. Paint Exterior: Repaint or resurface the outside walls of house, as needed. Patch and repair any damaged areas.
As you can see, the rate of return on the investment (ROI) varies greatly depending on the area you live:
|Improvement||San Francisco||New York||Seattle||Miami||Ave. ROI|
|Lighten & Brighten||865% ROI||823% ROI||619% ROI||642% ROI||737% ROI|
|Clean / De-clutter||973% ROI||604% ROI||556% ROI||595% ROI||682% ROI|
|Yard||426% ROI||177% ROI||198% ROI||258% ROI||265% ROI|
|Plumbing & Elecrical||260% ROI||223% ROI||121% ROI||152% ROI||189% ROI|
|Staging||251% ROI||159% ROI||213% ROI||66% ROI||172%. ROI|
|Kitchen & Bath||168% ROI||131% ROI||141% ROI||128% ROI||142% ROI|
|Paint Interior||148% ROI||48% ROI||56% ROI||52% ROI||76% ROI|
|Flooring||101% ROI||48% ROI||34% ROI||39% ROI||56% ROI|
|Carpeting||104% ROI||37% ROI||27% ROI||24% ROI||48% ROI|
|Paint Exterior||76% ROI||31% ROI||22% ROI||32% ROI||40% ROI|
This should give you a good idea of where to invest your money when making improvements to your house. If you aren’t going to be moving in the near future, use a bit of common sense. If the home improvement will wear out or become old by the time you sell, then you’ll have to redo it again. Still, this is good information to know to help you save or make money with your home improvements rather than losing money on them.