The Best Home Improvement Projects for Increasing ROI

In real estate, it's often said that the best place to put your money is where you live. Home improvement projects not only enhance your living space and add to the comfort and utility of your home, but they also have the potential to increase the value of your property significantly. The average return on investment (ROI) for home remodeling projects is around 70%. But, of course, not all home improvements are created equal. Knowing which projects provide the best return on investment is the key to getting the most bang for your buck.

In the table below, the gathered data shows the average ROI for various home improvement projects. This should serve as a helpful starting point as you begin to consider the best ways to invest in your home.

A minor kitchen can provide a substantial return on investment. Think of fresh paint, new hardware, and updated appliances. Most homeowners can increase their kitchen's appeal by focusing on minor improvements without spending a fortune. Remember, a full-scale, major kitchen may not yield as high an ROI.

A fresh coat of paint can make a big difference in your home's appeal. It's an inexpensive way to give your home a face-lift. Consider neutral colors, as they are more likely to appeal to a broader range of potential buyers.

Refinishing hardwood floors can bring a high ROI, especially if your floors look worn. Refinished hardwood floors can breathe new life into a space and make it warm and inviting.

Mirrors can make a room look larger and brighter. Consider adding mirrors in your living spaces or bedrooms to increase the perceived square footage and natural light.

Replacing old, outdated hardware like doorknobs, cabinet pulls, and bathroom fixtures is a relatively inexpensive way to update your home's look. This small change can make a big difference to potential buyers.

Exterior improvements, like power washing your siding, painting your front door, or giving your garage doors a new coat of paint, can dramatically increase curb appeal. Landscaping improvements, such as planting low-maintenance plants or creating a neat driveway, can also provide a good return on investment.

Garden landscaping can add significant curb appeal to your home. A well-manicured front yard with attractive, low-maintenance plants can make your home more inviting and increase its value.

Creating functional spaces like a home office or a family room can add more value to your home by increasing its usable living space. For example, an attic or basement can turn a dark and dingy space into a usable living area, increasing your home's square footage and adding value.

Completing an attic bedroom conversion or a basement remodel can provide a high return on investment. These spaces, when finished, add valuable square footage to your home and can make it more appealing to potential buyers.

Both minor and major bathrooms can yield a high ROI. From a fresh coat of paint and new hardware to a complete overhaul, bathroom renovations can significantly affect your home's value.

The location of your home plays a significant role in its resale value. Homes in desirable neighborhoods typically have higher resale values.

The region you live in can impact the ROI of certain home improvements. For example, a deck addition may yield a higher ROI in warmer climates where outdoor space is used year-round.

The real estate market conditions at the time of your home's sale can greatly influence its resale value. When the market is hot, you may be able to get more for your home.

If you're planning to sell in the near future, focusing on projects with a quick turnaround and high ROI, such as a minor bathroom or kitchen remodel, can be a good strategy.

Home improvement projects often come with unexpected expenses. Budget overruns and unforeseen issues can affect the ROI of your renovation.

The Laws Collective (TLC) brings over three decades of rich experience in the real estate market, a tenure marked by successfully navigating economic downturns and negotiating hundreds of multiple-offer scenarios. They've sold millions of dollars worth of new construction homes and have consistently helped clients secure their dream homes in highly competitive situations.

At the heart of TLC's operations lies an unwavering commitment to authenticity. They strive to build genuine, lasting connections with clients and colleagues, aiming to be more than a transactional entity. Their goal is to be a continuous source of trusted advice and support for all real estate matters.

TLC is known for its diligent work ethic, always aiming to get things right on the first attempt. This diligence extends to all aspects of their work, including thorough investigations like inspecting crawlspaces, reviewing Homeowners Association budgets before making offers, and creating easy-to-understand spreadsheets for received offers to aid the decision-making process.

Above all, TLC's commitment to its clients is paramount. They take pride in their expert knowledge and dedication to client satisfaction. Their mission is to guide each client through a successful real estate venture that concludes with the promise of future service. They are deeply thankful to their loyal clients and are always ready to extend a warm welcome to newcomers, promising unwavering support throughout their real estate journey.

If you're looking to buy or sell a home or have any questions about the Charlotte, NC, real estate market, contact The Laws Collective today.