Selling in Lamorinda? These Are The Home Improvements That Will Boost Your ROI
With interest rates on the rise and record-breaking home prices still lingering in the Lamorinda real estate market, there are quite a few basic interior and exterior improvements that homeowners can do before listing their property to receive maximum value.
Lamorinda realtor Judy Sin makes this process even easier with the Compass Concierge program that offers clients a 0% APR loan with no up-front costs or hidden fees, to help them prepare their home for market.
Judy also work closely with her clients to determine the best renovations projects that will boost the ROI.
Here are some of the projects with the highest ROIs
Hardwood Flooring Refinishing (147% ROI)
New Wood Flooring (118% ROI)
Insulation Upgrade (100% ROI)
Basement Conversion to Living Area (86% ROI)
Closet renovation (83% ROI)
Attic Conversion to Living Area (75% ROI)
Kitchen Renovation (75% ROI)
Bathroom Renovation (71% ROI)
Kitchen Upgrade (67% ROI)
Roofing (100% ROI)
Garage Door (100% ROI)
Fiber Cement Siding (86% ROI)
Vinyl Siding (82% ROI)
Vinyl Windows (67% ROI)
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Three Tips When Making Home Improvements
Tip # 1: Focus on the Largest Surfaces
When it comes to making home improvements, it’s important to focus on the most impactful surfaces. This includes interior/exterior walls and the flooring. While these are typically the largest surfaces in a home, they can also have the most impact on overall performance.
According to a recent report released by the National Association of Realtors and the National Association of the Remodeling Industry, the average cost of refinishing floors at $3,400 had an estimated return on investment of $5,000. The estimated cost of installing hardwood floors is higher at $5,000, but with a $6,500 return on investment, 118% of the cost is recovered, according to the research.
Another project that offers minimal work for a big return is refreshing the interior and exterior walls with a new, on-trend paint color. On average nationally, painting both the inside and outside of your home yields a $4,000+ value bump. That’s a 107% ROI for interior painting and a 55% ROI for exterior painting.
Tip #2: Prioritize Projects That Increase Your Living Space
Who doesn’t love more space that they can use for additional living, more storage or a dedicated area to entertain their family? So, it should come to no surprise that increasing the amount of livable spaces within the home can yield big results.
One of the biggest upgrades in this regard is transforming the basement into a functional space within the home. According to the report, most homeowners spend an estimate $57,500 on a project like this but have the opportunity recoup approximately 86% of that cost.
Other vacant spaces within the home also see similar results. An attic conversation typically costs $40,000 to $50,000 with a 76% ROI while a garage conversion can cost anywhere from $6,000 to $19,000 with a potential ROI of about 80%.
However, just like anything else – you’ll want to account for all costs associated with these types of home improvements like materials, labor and insulation upgrades up front so there’s no curveballs along the way.
Tip #3: Invest in the Little Details That make a Big Impression
When it comes to your home renovations, you’ll also want to focus on those small, but appealing upgrades that you can get done in a jiff. Something as easy as replacing a worn front door with a more modern option that makes a bold welcome statement has a nearly 100% ROI.
While doing complete kitchen and bath renovations do recoup about 75% of the costs in-time, these options can become incredibly expensive very quickly. Plus, with current supply chain bottlenecks, shipping delays could cause an unwanted delay in getting the house listed. Instead, try swapping out old and outdated hardware and handles for more timeless and contemporary options. Projects like changing door handles, cabinet handles, plumbing fixtures and lighting fixtures produce an ROI of more than 80% and transform the look and aesthetic of key selling points within the home.
Considering selling in Lamorinda? Get in touch with me directly at email@example.com or 646.262.7952. I’d be happy to assist your home selling process and make it stress free!