Are you considering making some home improvements this year, but you’re not sure if the money and effort are worth it? Investing in your property can be a great way to increase its value, but it’s also important to consider how much return on investment (ROI) your investments will yield. After all, there’s no point in taking on those DIY projects or hiring contractors if the work won’t add long-term value.
If you own a house in Oak Brook, the cost of living is 84% higher than the national average. However, living in such an upscale area comes with its perks. Owning a home in Oak Brook means you have some of the best schools, restaurants, and shops at your disposal. Not to mention that the average value of homes here is up 9.1% since last year.
So, where should you focus your efforts when it comes to home improvements? Let’s take a look at some of the top projects with high ROI.
1. Upgrade your Exterior
Your home’s exterior is the first thing people see when they come to your property. That’s why it’s important to make a good impression. Investing in things like a new roof or siding can not only improve the look of your home but also increase its value.
If your house in Oak Brook is in need of a roof replacement, it is advisable to consider hiring professional contractors. Look for an Oak Brook roofing contractor with extensive experience and positive reviews. Find someone who can visit your house and provide a complimentary price estimation. Expert professionals can also offer on-site guidance regarding the optimal roofing materials for your property and how to maximize your investment.
2. Kitchen Remodel
A kitchen remodel can have a significant impact on your property’s value. Investing in modern appliances and cabinets can give your kitchen a fresh new look and make it more functional.
Also, consider kitchen island designs to add both functionality and visual appeal. Islands not only provide extra counter space, but they can also double as a dining area or a place for guests to socialize while you cook.
When planning a kitchen renovation, it’s essential to consider the current trends in kitchen design and what potential buyers are looking for. Neutral colors, plenty of storage space, and energy-efficient appliances are all features that can add value to your home.
3. Upgrade Bathroom
Bathrooms are another area of the home that can have a big impact on its value. Outdated bathrooms with old fixtures can make potential buyers think twice about making an offer. Consider updating your bathroom with modern fixtures, a new vanity, and fresh paint to give it a more contemporary look.
In addition to aesthetics, it’s also important to focus on functionality and convenience. Adding extra storage space, installing a walk-in shower, or updating the lighting can all make your bathroom more appealing to potential buyers.
4. Create Functional Spaces
Another home improvement project that can yield a high ROI is creating functional spaces within your house. This could mean converting an unused attic or basement into a livable space, adding a home office, or even building a deck or patio for outdoor entertaining.
Converting an existing space into something more practical and usable not only adds value to your property but also allows you to better utilize your home. A designated home office space is increasingly important in today’s remote work culture, and having an outdoor living area can greatly enhance the overall appeal of your property.
When considering creating functional spaces, it’s important to assess your budget, how much value it will add, and if it aligns with your long-term goals for the property.
5. Replace Hardware
Sometimes, even the smallest transformations can have a significant impact. By upgrading the hardware in your home, such as stylish doorknobs, sleek handles, and elegant faucets, you can effortlessly transform the look and feel of your property. These simple updates not only give your home a modern and updated appearance but also enhance its overall functionality.
Moreover, besides being relatively quick to implement, they come at a low cost compared to other more extensive home improvement projects. Plus, updating your hardware is an easy DIY task; you can easily find step-by-step tutorials online.
6. Refinish Hardwood Floors
If your house has hardwood floors that are looking a little dull or worn, consider refinishing them. This can be a relatively low-cost option with high ROI. Refinishing floors not only improves their appearance but also helps to protect them from further damage.
Refinishing hardwood floors is also a great opportunity to switch up the color and finish of your floors. A lighter color can make a room appear brighter and larger, while a darker color can add warmth and sophistication.
It’s important to research the best methods for refinishing hardwood floors. However, Improper techniques or using low-quality products can end up doing more harm than good.
7. Basement Remodel
One often overlooked area of a home when it comes to ROI is the basement. Many homeowners see their basements as simply storage space, but with some renovations, this area can become a valuable and functional part of your property.
Some popular options for basement remodeling include creating an additional living space, adding a home gym or theater, or even converting it into a rental unit for additional income.
Before starting a basement remodel, it’s important to assess any potential moisture or structural issues. It’s also important to check with your local zoning and building codes to make sure your renovation plans are permitted.
Investing in home improvements that yield a high ROI is beneficial both for your quality of life and for increasing the value of your property. With some careful research and budgeting, you can make many smart investments that will benefit you now and in the future. Whether you are considering new landscaping, energy-efficient upgrades, or aesthetic improvements, you can take steps today to ensure your home is more valuable and gets a good price when you decide to sell.