It can be hard to make the decision to move in the midst of a pandemic, but data shows that the housing market is holding strong here in the Treasure Valley. If you have your eye on the real estate market, whether you’re planning to sell right away or later down the road, you’ll want to be thinking about how you can make the most out of your current property.
A home improvement project is a great way to increase the value of your home while also making yourself more comfortable as you wait to make your move. But you don’t just want to pick any project. It’s important to get a solid return on investment with any renovation you make, and some will increase the value of your home far more than others. Below are three of the best remodels you can do to both improve the quality of your life and increase the equity in your home.
Everyone likes to walk into a clean and comfortable bathroom, and there are plenty of simple, inexpensive DIY projects from which you can recuperate between 70% – 130% of your investment.
- Flooring: If you’re handy, doing this yourself can save you big money on labor. If you don’t know how to install flooring already, a workshop at a nearby home improvement store is a cheap and effective way to add to your skillset and improve your home. If workshops and classes are closed in your community due to the virus, there are hundreds of excellent online video tutorials on house renovation projects. Neutral-colored tile is best, and you don’t have to break the bank to make this project look nice.
- Fixtures: Bathroom fixtures are easy to replace and relatively cheap. Lighting can be updated for between $40 – $100, and a more elegant shower head might run you around $80. Towel bars are an easy fix for $20 to $30. Replacing run-down or shoddy faucets and fixtures with something more modern and elegant will increase appeal and make your bathroom sparkle.
A kitchen upgrade is arguably one of the most exciting remodels you can do for you home, and this is exactly what makes it risky for your ROI – it can be easy to go overboard. If you do it right though, HGTV estimates you can recoup 60%-120% of your investment. This makes it one of the best projects on this list. Use these tips for a kitchen remodel:
- Paint: A fresh coat of paint in modern colors is cheap and can really make the room pop! Use modern colors, and maybe invest in low-VOC paint which is eco-friendly and helps keep your family from inhaling noxious fumes.
- Appliances: If you’re planning on leaving any appliances when you move, replace them with energy efficient models. They don’t have to be top of the line, but a kitchen with new appliances will stand out and save you money in the meantime.
- Countertops: One thing you’ll always hear when people comment on a remodeled kitchen is, “Oh, look at those countertops.” They’re always a topic of conversation, so make sure they look nice. No need to break the bank – your kitchen countertops shouldn’t be the fanciest thing your house – but a modern style will bring the rest of your upgrades together.
Manufactured Stone Veneer
Adding to your home’s curb appeal is important, and this exterior project does a great job of elevating your home’s visual beauty while providing an estimated 97% return on the investment. Manufactured stone veneer is a composite material molded to look like stone. It is installed similarly to a true stone veneer but at a far lower price point. What’s more, even if you only apply the veneer to a portion of your home (around the garage, or just around the entrance to the home), you’ll still reap the benefits of a greatly enhanced exterior.
Garage Door Replacement
This is one of those upgrades that may not be necessary if the current garage door is only a few years old, but garage doors have been shown to be worth the investment in the right areas and circumstances. One report this year shows that, nationwide, garage door replacements net a 94% return on investment, making this one of the best exterior improvements you can make if you’re trying to give your home that extra edge on the market – especially if the garage door could use an upgrade in the first place.
With the Treasure Valley’s real estate market still healthy and chugging along, but the Coronavirus adding a level of instability to many people’s lives, a Summer home improvement project is a great way to enhance your current home’s value, marketability, and comfort while you wait to find that perfect opportunity for you and your family.
Just remember that you don’t have to go overboard with these improvements. Furthermore, if you’re not comfortable doing the work yourself, many local professionals are going out of their way to offer contactless services or special accommodations. Go through your home and take stock of what needs updating, what you can manage on your own, and what will get you the most equity from your time and investments this Summer.