The Most Popular Ways to Increase Your Home's ROI in 2024
When entering the world of architecture and design, you need to know the goal of a home. Some people want to create a property where they can settle down and build a family — others see the home as an investment. If you have the latter target, employ different strategies to increase the space’s ROI.
Photo by R ARCHITECTURE on Unsplash
Improve Energy Efficiency
Equipping a property with renewable energy sources is more than just a fad now. An American Council for an Energy-Efficient Economy study found most homebuyers are more drawn toward energy-efficient homes than less efficient variations.
More people want to fight against climate change and reduce utility expenses in 2024. For instance, LED lighting can generate around $225 in energy savings per year. Every penny counts during an era of high living costs.
To improve your home’s ROI, look for energy-efficient systems. Add a solar panel system, as collecting and utilizing sunlight for electricity can boost your home's curb appeal. Install Energy Star-certified appliances like air conditioners and furnaces as well.
Fix Broken Spaces
Sometimes, damaged areas in a home hold back its ROI. For example, a broken roof can turn people away in the future. Aside from how unattractive the home’s exterior is, the lack of structural integrity can also be off-putting.
Shop around for repair and replacement costs,and compare the prices with the possibility of reducing the property’s pricing when it’s on the market. This contrast will gauge whether you would lose or gain money from shouldering the extra expenses. Account for how difficult it will be to sell or rent out the space, too.
Remodel Certain Areas
Another straightforward way to increase the home’s ROI is remodeling key areas. Running a complete overhaul of the entire property can be a costly investment, so concentrate your resources on the most used rooms of the household.
Living Room
The living room is the first space most people encounter after entering a home, so it has to set the tone for the rest of the property. Create a welcoming atmosphere with the decoration and furniture. A lovely coffee table and couch are staples.
You can also use colors to your advantage. For example, muted blues, greens and similar hues invoke a sense of calm. Many people also like different shades of red because it commands attention. Use your choice on the walls, curtains and pillows.
Kitchen
Kitchens get plenty of foot traffic, so deliver the right style and service. Lighting choices can make a significant difference in how open the room feels. Specific tweaks like improving the overall layout and making the flow more efficient can also increase the functionality of the space. You need enough space to create all the dishes you want — make that vision a reality for future homebuyers or renters.
Bathroom
The bathroom is another area people spend time in every day and a remodel can get an ROI of around 26.6% to 66.7% in 2023. Consider changing up the showerheads and adding shower curtains. You can also commit to installing a bathtub or upgrading the toilet for improved water efficiency.
Aside from the bath fixtures, seek out different storage solutions to improve convenience and appeal. Have an adequate number of cabinets available for shampoo, conditioner, skin care products and more.
Better Landscaping
Consider improving the landscaping maintenance and layout because curb appeal can boost property value, especially when done right. If your lawn area is a little unkempt, make an appointment with a landscaper or cut the grass yourself. Trim any existing shrubbery.
Add landscape lighting to allow your home’s exterior to shine at night. Imagine a row of LED light posts around your home’s walkway. This addition can give future occupants glimpses of the greenery as they walk to the front door.
Upgrade Your Garage Area
Many Americans have vehicles, so they will likely look for a garage area in their house. Future owners likely want a double garage even if they only need room for one car because of the potential uses for the extra square footage. Thus, you should consider expanding the space.
Clean the garage and add some ventilation to improve the air and thermal quality of the room. Also, pick out garage doors that provide adequate insulation and match the rest of the home’s aesthetics.
Install a Deck or Recreational Area
A deck with a patio offers a comfortable outdoor space to lounge around. Assess if you want yours by the front or back yard. Others may even put this feature on the rooftop.
If a deck is too much, consider other outdoor recreational areas. For example, some people love having a pool at home because they can take a dip any time they want. Getting one installed can boost your ROI even further.
Provide Fencing
Fences are also an excellent addition to increase your ROI with minimal effort. They make the residents feel more secure in the long run and give an air of exclusivity. Make sure to pick a type with good accent tops — extended pickets can enable you to protect each part of the home.
Add a Washer and Dryer
Some people decide not to add a washer and dryer since laundromats are available in town. However, almost 50% of U.S. renters say they want in-unit laundry. Get an energy-efficient washer and dryer for occupants to use. You can settle for a more standard size for clothes, or pick out models with a bigger capacity to accommodate blankets and other large items.
Increase Your Property’s ROI This Year
Follow the steps above to attract different buyers or renters. Aim for the highest return possible to cover your initial investment and provide additional cash flow.
Author : Rose Morrison
Cover image by R ARCHITECTURE on Unsplash
