Best ROI Home Improvements for Your Home

Best ROI Home Improvements for Your Home

A home's value is a delicate dance of visual appeal, functionality, and market trends. When it comes to maximizing your home's worth and improving your return on investment (ROI), sometimes it's the overlooked upgrades that make the biggest difference. Without the costs and disruptions of major remodeling, homeowners can update their homes to improve their experience and enhance the expected resale price.

Before moving forward with any renovations, it's always helpful to peruse local listings and get a sense of current trends in your neighborhood. With an understanding of local styles and market trends, you will have a better grasp of how to find hidden opportunities within your home. Here are some tips real estate professionals use to improve a home's overall appeal.

Replace your garage door

An old and creaky garage door can dampen curb appeal and suggest a lurking problem with every push of the remote. The national average is about $1,200 for a typical garage door replacement, though spending a little more for homes in high-end neighborhoods often makes sense. A French or carriage door can be worth the additional dollars for many homeowners. Garage door replacements are a great way to find the best ROI on your home improvement. One 2023 home renovation report ranked garage door replacements as the second most valuable upgrade based on ROI. A new garage door can also offer increased energy efficiency. Though it can take a while between ordering a door and installation, the process also comes with minimal disruption compared to larger upgrades.

Convert a room into an office (or upgrade the one you have)

More than half of Americans are now working from home at least part-time, which is why home offices are now so essential in real estate. Research shows that approximately two out of three buyers look for a home office. To take advantage of this trend, some homeowners are transforming whatever extra space they have into an office, including converting walk-in closets. This is an especially great option for condo owners who can't build an addition.

Homeowners in a standalone home might be able to extend a room and create a study or add an accessory dwelling unit to the backyard. Either option will add a tremendous amount of value to the property.

For those who already have a home office, some simple upgrades can quickly improve its appeal. Adding ceiling track lighting can be done immediately and is an inexpensive way to ready a home office for video conferencing. Recessed lighting can also enhance the space and provide a modern look. Considering that offices are popular for both first-time buyers and retirees, a converted or upgraded office space is a great option for adding desirability to a home.

Get rid of that old entry door

A weathered front door can send the wrong signal about your home because an entry door is part of the initial curb appeal and one of the first features a potential buyer sees up close. Switching out an old entry door can instantly upgrade the entryway without a drawn-out installation process, leaving homeowners with minimal disruption and a high ROI. By some accounts, the right entry-door replacement can be worth several times the investment.

Homeowners also have multiple ways to refresh an entry door. A total replacement can be completed by a professional in a couple of hours, although handy homeowners can save labor costs and do it themselves. There might not be any need to replace the door completely. In many cases, applying a fresh coat of paint and adding new fixtures will be enough to change an entryway's appearance completely.

Consider fixing the tub without a complete remodel

Completely redoing your bathroom is ideal but isn't always an option. For a fraction of the price, homeowners can focus on fixing the biggest flaws in their bathrooms. Primarily, that's an old bathtub, which can look like a difficult project to a prospective buyer. Putting in a completely new tub can be difficult and expensive, leading many homeowners to reglaze their old one instead of replacing it.

The rehab price depends mainly on the material, but the average cost of reglazing a tub in 2023 is approximately $480. Fiberglass is typically the costliest material, with cast iron and porcelain tending to be on the inexpensive side. Reglazing a tub isn't a long-term solution to an aging tub, although it can quickly improve bathroom aesthetics with minimal investment. Similarly, removing dated shower doors can eliminate a negative element and make a bathroom feel more spacious.

For full upgrades, the bathtub and vanity will be essential to showcasing a new style. Around 90% of bathroom remodels change the style, with transitional styles ranking first above modern and traditional. Transitional approaches use elements from multiple styles and offer practicality and visual appeal. Whether a homeowner is considering a minor or major rehabilitation, a clean-looking and practical setup devoid of obvious issues should be the goal.

Invest in a stone veneer upgrade

Replacing old or damaged siding can instantly upgrade a home's appeal, but many homeowners are focusing on stone veneers to maximize ROI. In addition to the visual improvement to a home, a veneer is also highly durable and requires very little maintenance. Stone veneer is popular all over but is especially prominent in high-end neighborhoods.

While a complete stone-veneer overhaul will require a professional, a minor addition can be doable for anyone who is modestly handy. Anyone who has tiled a bathroom or kitchen can likely handle a veneer upgrade to a porch or entryway. Stone veneer immediately provides a contemporary look while giving homeowners confidence they'll recoup their investment.

Minor rehabilitations that often go overlooked

Smaller updates can often be a game-changer for a homeowner looking to maximize their ROI. Some small-scale upgrades to consider include:

Replacing fixtures, fans, and doorknobs

Changing out light fixtures and doorknobs is an inexpensive way to get rid of some of the most dated features of a home. A more efficient light fixture can also modernize a home while helping to trim energy costs over the long term. Upgrading the lighting scheme can also provide an upscale ambiance that can be beneficial during any sale. Switching out an old ceiling fan is another way to improve the look and function of the living space with minimal investment.

Refresh kitchen cabinets

Full-scale kitchen remodeling is often worth it, but it can come with significant disruption and cost. Instead, buying (or renting) a power sander to help you strip and repaint old cabinets can add significant appeal to a kitchen without total remodeling. Completing the updated look with new handles and hinges is another cost-effective way to add visual appeal to a kitchen. Homeowners not up for the do-it-yourself approach can also hire a company to redo their cabinets for a fraction of the price of buying and installing new ones.

Clean up your landscaping

You don't need to overhaul your landscaping to improve curb appeal. Removing or trimming scraggly plants and bushes can help you quickly clean up your exterior while keeping costs in check. A few strategically placed plants that highlight the home's strengths might be all you need to completely change how a property is perceived, which is the foundation of a home's marketability.

Improving your ROI for any home

To maximize a real estate investment, you need a partner who understands market trends and can guide you to the best possible outcome. Peter Cutile brings decades of experience to help homeowners unlock hidden value and find their perfect next home. Contact him today to get started.

*Header photo courtesy of Shutterstock

Work With Peter

Navigating the sale or purchase of a home can be one of the biggest and most worrisome seasons of life. Peter's goal is that, by answering questions, providing education on the process, and being available, he will be able to help make that season a sweet and wonderful journey.

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