5 Biggest Ways to Boost Your Home's ROI

5 Biggest Ways to Boost Your Home's ROI

  • 02/17/21
 

Hoping to Increase Your Home's Resale Value? These Five Projects Offer the Biggest Return

Adding value to your home can prove a tricky proposition. Certainly, upgrades and renovations are the quickest paths to increasing a home's resale potential, but which projects are worth both your time and money?

If you're looking for the biggest bang for your buck, well, bigger isn't always better. Many home improvements that offer the largest return require very little financial outlay and even less time.

Whether you find yourself prepping a home for sale, aiming to take advantage of low interest, cash-out refinance, or simply want to add a little more value and style to your forever home, here are the five biggest ways to boost your home's ROI.

Clean and Declutter

Let's start with a home improvement project which, in theory, doesn't have to cost you a single dime—cleaning and decluttering your home. Even if you pay someone to do it for you, the expense is $500 to $750 at the top end of the scale.

There truly is no better way to make a home feel fresh and new than removing personal effects, unnecessary furniture and accessories, and giving the whole residence a deep clean. Especially if you plan to maximize the home's value in a sale, a home unburdened from its current owner's possession feels bigger, is more accessible, and invites a would-be buyer to make the house their own.
 

Manufactured Stone Veneer

One of the most underappreciated aspects of a home's overall value is curb appeal. Yes, first impressions matter, but when it comes to a home, they matter a lot. Consider that nine of the ten home improvement projects with the highest ROI involve a home's exterior. The most lucrative of these involves manufactured stone veneer.

Also known as concrete-based veneer, manufactured stone copies the look and feel of real stone but offers far more flexibility in color, shape, and usage. Typically used to update a home's exterior bottom third, you can use the popular building material to wrap posts, line decks, porches or garages, or create accent walls. Average installation costs in California can run from $10,000 to $20,000 with an ROI of just under 120%.

Garage Door Replacement

What might be one of the home's most overlooked pieces of machinery is also one of its most critical theft deterrents—the garage door. As a vital part of your home's facade, the garage door can make or break your home's curb appeal and any potential deal. The average garage door replacement can cost from $3,500 to $4,500. The average ROI is 117%.

Entry Door Replacement

Within the realm of home improvement, few things are as straightforward as replacing your front door. Like the garage door, your entryway serves as a critical security barrier and adds (or detracts) from your home's curb appeal. For the most significant return on your ROI, make sure your new front door is steel. Along the West Coast, a new steel door will cost approximately $2,200 but comes with an ROI of 88%.
 

Minor Kitchen Remodel

Finally, we can take the renovation party inside for the fourth most lucrative ROI—a minor kitchen remodel. To be sure, this isn't a grand renovation but a more modest facelift of the area. It can involve any combination of the following—new countertops (with or without new backsplash), new flooring, fresh paint on the walls and ceiling, new cabinet fronts and hardware, new lighting package or sink and faucet, updated appliances. The key is to keep the cost in the $25,000 to $30,000 range for an 87% ROI. Anything greater, and the ROI drops into the 55% to 65% range. 
Ready to learn more about the Los Angeles luxury real estate market? Whether you're buying or selling, allow Spencer Zorn to be your guide to the best of Beverly Hills, Malibu, and West Hollywood.



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