Top 10 ROI Home Improvements
Home improvement is fun, rewarding, and constructive. Part of it is DIY and another part requires the help and consultation of experts. In any case, you’re bound to have a sense of satisfaction adding value to what is probably your biggest investment—your home.
Priorities that Suit Your Personal Needs
Home improvements are all about priorities, but priorities are very personal. You may really want to upgrade your kitchen, but also have a two layer roof that will need replacing in a year or two. Part of the joy of owning your own home is choosing the priorities that suit your personal needs and timetable.
Top 10 ROI Home Improvements
You may be looking at your home as an investment property or you might be settling in for a good long time. Whatever your situation, return on investment can affect priorities. Here are some favorite home improvements ranked according to average ROI by contractors, investors, and realtors.
1. You can probably get this first improvement done in the next day or two. Replace burnt-out light bulbs and clean windows and skylights. This will brighten up your house with a through-the-roof ROI of 865%.
2. Landscaping is an affordable way to increase the curb appeal and value of your home and property. (Check with your local utilities company and you just might discover cash incentives for landscaping using drought resistant plants in lieu of lawns.) 426% ROI.
3. During any exterior or interior remodeling project it’s important to call in a contractor to repair or upgrade dated or defective plumbing and electrical items. 260% ROI.
4. Paint and repair interior walls with a brand new fresh coat of paint. And patch those chips, holes, or cracks that you’ve been intending to fix for a couple of years. 148% ROI.
5. After painting the interior, it’s a natural step in the right direction to replace carpets. If carpets are only soiled, do some spot removal or have them professionally cleaned. 104% ROI.
6. Instead of replacing carpets, you might decide to refinish your wood flooring and—with the addition of area rugs—give your home a brand new look. 101% ROI.
7. What about building out or building up? (According to the National Association of Realtors, every 1,000 square feet added to a home boosts the sale price of a home by more than 30%.) 80 to 90% ROI.
8. Kitchen or bathroom remodels are favorite home improvements. This is where you indulge your decorating fantasies with new finishes and colors for countertops and appliances and can have loads of fun spending your money wisely. 78% ROI.
9. Painting the exterior is a home improvement that will enhance the property value of both your home and neighborhood, which makes everybody happy. 90% ROI.
10. And before you have the house painted it’s a good time to consider a new roof that should include new flashing, gutters, and downspouts that give you well-directed drainage. 60 to 65% ROI.
Let the Experts Help You Afford to Do It Right
Home improvement is usually not an out-of-pocket expense. Some things you can readily afford but other things require the help of qualified and resourceful experts. (There’s a significant difference between buying a 6-pack of marigolds and doing a kitchen remodel.) Whatever the nature of the improvement, you’ll enjoy it more knowing you can afford it.
Helping you put together a personalized cost-to-value home improvement plan is just one of the many services that Alliance Credit Union provides. If you’re planning something before the end of the year, make sure to ask about our special 1.99% HELOC loans. When you enlist the help of the folks at Alliance, you increase the value of your home and your peace of mind at the same time.