The Covid-19 pandemic was a catalyst for U.S. homeowners who found themselves spending more time at home, even working from home, to decide to spruce up their surroundings. And with current low housing inventories and many people continuing to work from home, that remodeling wave continues prompting existing homeowners to decide to stay put and invest in their current homes.
A report from Home Advisor* lists the top 10 household projects in 2020:
- Painting
- Bathroom remodels
- Installing new flooring
- Landscaping
- Kitchen remodels
- Painting exteriors
- Installing smart home devices
- New roofing
- Fencing
- Installing a patio or deck
Should I update my kitchen? Will I get my money back on new flooring? Is new landscaping worth the money? While all these projects can improve your enjoyment of your home and make it more desirable to buyers when you do eventually decide to sell, it helps to know which ones offer the highest returns on investment. So what home improvements pay off?
Here are some top improvements you can make to get a higher ROI, according to the National Association of Realtors Remodeling Impact Report.**
Kitchen Upgrades
Most families spend a lot of time in the kitchen. Kitchen renovations can include investing in new appliances, installing new cabinets or refinishing existing ones, upgrading the lighting, and replacing countertops. Depending on your materials you should expect to receive a 52% to 59% return.
Bathroom Remodel
If your bathroom is dated a new or re-glazed tub with tile surround, new vanity & sink, new toilet & flooring can work wonders with a 57% to 59% return on investment.
New Flooring
If your carpet is looking tired and the tile looks like it’s from the 80’s, you might be ready for some new flooring. Many homeowners opt for a limited amount of carpeting such as only in bedrooms. There are an infinite number of styles of
modern looking tile including the popular wood-look tile. In addition, laminate wood products are popular. Replacing your flooring can give you quite a bang for your buck at an average of a 100% return.
Landscaping
The right landscaping can improve your home’s curb appeal. A charming walkway or fountain can also add value to your property. The Arizona heat can present a challenge for landscaping, but one that can be overcome with proper planning. Consult with one of the local nurseries to see which plants work well and don’t forget to check with your HOA for a list of what’s allowed. Updating and improving your landscaping can also give you a 100% return on your investment.
Contact The Donnelly Group!
These home improvements, and others, can make living in your home more enjoyable and add value when you’re ready to move on, but if you do find yourself asking, “What home improvements pay off?” that might mean, even sub-consciously, that you’re already thinking of selling!
If you do decide the time is right to sell your home and capitalize on the current sellers’ market in Phoenix, why not contact the Donnelly Group at 480-792-9700 or by email for a conversation? We would love to talk to you about your property and whether you need to make any upgrades to get the best possible price when you sell!
*https://pro.homeadvisor.com/ **https://www.nar.realtor/sites/default/files/documents/2019-remodeling-impact-10-03-2019.pdf
