Chicago has always been famous for its unique architecture and impressive skyscrapers, including the iconic John Hancock Center, the Willis Tower, and the neo-Gothic Tribune Tower. People have also celebrated the city for its outstanding museums, delicious deep-dish pizza, and the fantastic Bean in Millennium Park. What makes the city so well known in terms of real estate is its homes' unique styles and architecture. Whether you plan to sell your property soon or want to increase its value, even the most gorgeous homes in the area can use some upgrades to boost their home improvement return on investment (ROI). Below are some of the best ROI home improvement projects to consider for your home.
Spruce up the exterior of the home
Curb appeal helps sell homes. New landscaping creates a fresh and appealing appearance for your home. You do not have to invest significant money into your home's exterior to get these results. Even a thorough cleaning can breathe new life into your outdoor area. If you are looking for ideas on how to make your landscaping look current, consider the following:
- Keeping grass and bushes trimmed and clean.
- Adding greenery to give outdoor patios a brand-new look instantly.
- Using planters with fun designs or colors to provide a fresh look.
- Adding flowers, trees, or shrubs to enhance the space, make it more welcoming, or create privacy.
Note, however, pools do not offer a strong ROI. On the other hand, making the simpler updates indicated above may have a 100% ROI.
Add a deck, patio, or porch
Another project exceeding 90% ROI is adding a deck, patio, or porch to the home. If you have room, adding one of these structures can add a lot of value. It also provides useable living space in a yard that can help bring it to life.
Change up the door
While it may seem simple, replacing the entry door to your home can be one of the most impactful changes to make. The entry door is usually the first thing people see and is likely the first aspect of your house that will leave an impression on them. Consequently, if you have a beautiful and clean entry door, not only can it increase your home's curb appeal, but also can be the factor that helps a buyer decide whether they want your home. If you want to keep the same door, you can still make a great first impression by applying a brand-new coat of paint. Regardless of what you choose to do, improving the entry door returns an average of 90.7%.
Do a minor bathroom remodel
Many people feel that unless you plan on demolishing your bathroom, there is no point in making any changes. However, some transformations to this space can still provide a significant return. Even simply updating the bathroom can go a long way. This may include the following:
- Replacing the shower head with a rain shower.
- Replacing the vanity and updating the lighting.
- Updating the tub and the toilet.
These small updates can produce an ROI of 102%. This means when you spend $100 on these minor bathroom repairs, you can expect a $102 return when you decide to sell the home.
Make small changes to the kitchen
You do not have to renovate your kitchen completely to obtain a significant ROI. If your kitchen has a good base, simply add a few upgrades, and you can still end up with a high ROI. These upgrades include the following:
- Installing new lighting.
- Updating cabinet hardware.
- Replacing the backsplash.
If you want to work on a more significant project but keep it within your budget, consider refacing your cabinets, updating appliances, buying new countertops, or changing the flooring. A minor kitchen remodel returns an average of 98.5%.
Do a complete bathroom or kitchen remodel
If you want to take your bathroom or kitchen remodels a step further, consider a complete overhaul. For the bathroom, you may want to consider the following:
- Changing the shower pan and the flooring.
- Upgrading the lighting and the plumbing.
- Demolishing the primary bathroom and starting with a clean slate and a whole new design.
If you prefer to take on the kitchen, a complete overhaul of this area can also produce excellent results. To complete a kitchen remodel, remove the whole kitchen and redo it. It may even be a good idea to incorporate an open concept by removing walls to open up spaces. If you are thinking about selling your home, buyers love kitchens with a lot of space, and eliminating unnecessary walls that separate your kitchen from the rest of your home is a great way to sell your house. For either of these projects, the ROI is more than 90%.
Update the windows
Having proper windows can save homeowners substantial money on energy bills, which is always a hit with potential buyers. New windows also make the home look more presentable from both the inside and outside and even give the exterior a more polished appearance. Updating the windows on the home offers an average return of 89.6%.
Turn an attic into a bedroom
While this home improvement project may be more costly, it adds space to your home, delivering a significant ROI. If your attic is unfinished and has space, you can transform this area into an additional living room, bedroom, or home office. Increasing the number of available rooms in the house is one of the best ways to increase its value, and converting an attic into another room can provide a 93.5% ROI.
Remodel the basement
Those with a basement may want to remodel it if they desire a significant ROI. Not only can this project provide more usable space inside the home—which you can use for various purposes, such as a home office, in-law suite, or even a playroom—but can also provide a 90.1% ROI and be a selling point for interested buyers.
Create the home of your dreams
Whether you plan on living in your home for many more years or want to sell it soon, making updates that fit your lifestyle can not only turn your living space into the ultimate haven but can also help you turn a profit once you sell it. For further information regarding home improvements and how they affect the ROI, contact Kathleen Malone today to get the answers you need.
