Top 3 Renovations For The Best Return
1) Upgrade your outdoor space
You’d be amazed what a little curb appeal will do for the traffic and price of your home. Think about adding a splash of color with some flowers, privacy with bushes or shrubs, add a new patio/deck or refinish/redo an old one.
The cost of some landscaping: $4,750, with an ROI of $5,000. The cost of a new patio: $6,400 with an ROI of $6,525. The cost of a new deck: $5,500 with an ROI of $5,000.
2) Fix or buy a new roof
If you don’t know if you need a new roof, ask yourself these questions: are there shingles missing? Are some curling up? Are they covered in moss? Are there stains on the roof or ceiling? Is there light coming through in your attic? Is your energy bill really high?
The cost of a new roof: $7,600 with an ROI of $8,000.
3) Hardwood floors
Either refinishing or redoing hardwood is worth your while.
The cost to refinish: $2,500 with an ROI of $2,500. The cost of new hardwood: $5,500 with an ROI of $5,000.
Even though most of these get you out at equal the money put in, that is a 100% ROI... which means less for the buyer to do, more foot traffic, and less stress on the backs of the buyers. Less stress on the buyers means a bigger push on other things like price and other negotiations!