Whether you're planning on selling your Knoxville home or you're interested in buying a fixer-upper, it's crucial to know which repairs and upgrades will yield the most return. You can't assume the same rate of return from any old renovation job around the house. Investing in a stunning swimming pool is a nice thought, but it may not be worth the investment if you plan to sell the house in the near future. On the other hand, even if it may not sound like it, replacing gutters or fixing a leaky roof can increase the value of a home. So to help you determine where to focus your efforts, here are the top six home improvements with the best ROI.
Top six home improvements that bring the best ROI
It makes no difference if you are a house flipper, intend to sell your Knoxville home soon, or just want to improve it for your own enjoyment. You need to prioritize home improvements with the best ROI. This way, you'll ensure you boost the value of your home as well as make it more attractive to potential buyers in case you're looking to sell and move soon.
But deciding where your renovation dollars are best put to use can be more stressful than planning and organizing a local move within Tennessee. In case of moving, you can simply hire movers and let pros handle it but who to reach out to help you ensure you get a good ROI with your next renovation? Us, of course! We've consulted real estate experts and found out what are the top 6 home improvements you should focus on.
#1 Give your kitchen a makeover
Experts in the real estate market often suggest that the kitchen and the bathroom are the two most important rooms in a house. In fact, if you ask your experienced Knoxville Realtor® they'll probably advise that kitchens and bathrooms sell homes, even if you're not looking to sell.
If you want to get a good return on your investment, you don't necessarily need to gut the kitchen. If the framework of your kitchen is solid, you can improve upon what you have. Put your money on the little things instead because they're what really matters. Here are a few minor upgrades to your kitchen to think about:
- Update/replace your kitchen cabinets.
- Paint the kitchen walls. In case you're planning on selling soon, focus on choosing neutral and light colors.
- Give your kitchen a new backsplash.
- Refinish or, if your budget allows you, invest in new floors.
- Invest in energy-efficient appliances and features.
#2 Finishing your basement
Upgrades that increase the home's square footage or functionality are worthwhile investments that will increase the property's value over time. Adding square footage to your home, finishing your basement, or simply updating your appliances even a little bit will provide a high return on investment because they are not dependent on what's trendy at the moment.
One of those additions might be completing the basement in your Knoxville property. This could bring you as much as 90% ROI. In spite of the scale of this project, this endeavor is highly desirable and thus worth your time and money. Use your imagination; this room can be put to any number of good uses even if you have no plans to sell your home anytime soon.
#3 Adding a porch/deck
Adding a deck, patio, or porch is a great idea if there's enough room outside and in your budget. These additions can increase the home's return on investment by as much as 90%. Also, you can expect to be positively surprised when you find out your property's worth. This is a great way to make your yard more comfortable to spend time in if you aren't expecting to sell any time soon. It's a win-win!
#4 Upgrade your landscaping
Spending on the outside of the house is always a good idea when doing repairs. A house's curb appeal can't hurt when trying to sell it. And the best part is that it's possible that some new landscaping is all that you need to make the home look modern and inviting. Potential buyers may get their initial impression of your home based on the landscape, so make sure it looks excellent from the street.
#5 Replace the windows
Nowadays, buyers are increasingly interested in homes with eco-friendly amenities. Why wouldn't they be excited? They will reduce your utility bills, improve your health, and help the planet. Therefore, even if you're not planning to sell anytime soon, they're worth the investment as they'll massively improve your living environment.
Replacing old windows on your Knoxville home with new ones is one of the greenest and most profitable home upgrades you can make. Since they increase insulation, heating and cooling costs will go down. On top of that, they'll improve the exterior aesthetic of your house. And, most importantly, they'll bring a great ROI.
#6 Bathroom remodel
One of the finest methods to increase the value of your home and receive a fantastic return on investment is to remodel the bathroom. In fact, doing a bathroom remodel (even a little one) is better and more profitable if you plan on selling your Knoxville home than starting little projects in each room.
Even the most minimal bathroom renovations can yield a significant ROI, which is good news if you're on a limited budget. Putting in a rain showerhead, modernizing the lighting, and switching to a new vanity are all good examples. However, if you do have a sizable budget for your remodeling, a complete bathroom redesign will also give you excellent returns.
The bottom line
Whether you're trying to sell or you simply want to give your home a new look, when choosing which upgrades to invest in, it pays to be realistic and pick home improvements with the best ROI. However, it's best to avoid adding unnecessary luxuries to your home. Spend your money on upgrades that will actually increase the value of your Knoxville home and entice buyers to make an offer right now. And even if you don't plan on listing your home anytime soon, these features will make you enjoy spending time in your home even more.