If you’re considering selling you probably want the most out of your return. Whether it’s an investment property or your primary residence, getting back a good return on investment. You probably don’t want to put in $10,000 worth of renovations if they are only going to return a $5,000 profit. Here are some of the best things to add or upgrade for an ideal return on investment.
Kitchen and Bathroom Updates
Yes, it seems we live in a granite countertop and stainless steel world these days but if you want to compete with new homes and model showrooms this is the direction you'll need to go. Not everyone loves these materials of course, but the majority of buyers out there are seeing these more and more so competing with model showrooms and hoping to get the most return from your investment may involve upgrading to these materials.
Also, simply upgrading an older or outdated kitchen or bathroom really can do wonders. You don't have to spend a lot of money to really get the look of an updated bathroom or kitchen. Kitchens will tend to be the most expensive but if you have older fixtures such as a baby blue bathtub or pink toilet, those can start to add up as you replace them with white, crisp fixtures. Lighting shouldn't be too expensive as you can get updated, brushed chrome or nickel fixtures at any home improvement store for less than $100. Flooring is also another thing that you should be concerned about. When updating the flooring in a kitchen you'll want something that does not have breaks or cracks in it such as laminate tiles or floating wood floors. Anything that water can get underneath, swell and mildew is probably not the best for a kitchen. Bathrooms as well should be one solid piece of linoleum or a grouted tile so that water, if flooding occurs, does not seep underneath. Make sure that door frames, bathtubs and edging around the wall is all sealed and caulked properly.
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Windows also make a great ROI
The cost versus value report estimates that the average cost to replace 10 double hung windows with energy efficient vinyl windows is about $10,000. Homeowners can recoup about 72% to 85% of that cost depending on what part of the country the home is in. Replacing Windows has so many other advantages besides monetary. New windows can add a bright and shiny look to your home, give your home and external curb appeal and can preserve the home's value by protecting siding and window frames. [Source]
Surprisingly enough, entryways are another great return on investment. Nationwide insurance claims that only 15% of homeowners knew that the front door is one of the most common points of entry for burglars so updating the front entryway with a more secure system really appeals to buyers. Still, entry doors can be an expensive and fairly easy to install plus they carry and nearly 100% return on investments. Fiberglass and wood frame to doors will last longer but tend to be a lot more expensive.
Finding the right return on your investment can be all relative. For the Portland real estate area, buyers do want the latest and greatest in materials and fixtures so figuring out your home improvement budget and how much you want from the home can be all relative depending on the location and the style of home. Be sure to check with your local real estate agent for more information on getting the most profit from the sale of your home.