The Most and Least Valuable Home Improvements
Greatest Return on Investment
Fresh Coat of Paint
Paint is one of most effective ways to refresh a room and it’s the cheapest too. Light colors make rooms feel bigger and more inviting. Dark colors, especially brown and deep reds, make rooms feel closed in and uninviting while tan-browns leave spaces feeling boring and uninspired. When selecting a paint color go with something bright with grey undertones, which is currently very popular. Avoid painting your entire house grey, this can lead to every room feeling the same.
Refresh Lighting, Ceiling Fans, Faucets, Etc.
Updating dated lights, fans, and faucets is a great way to modernize a space without breaking the bank. When selecting a new light or fixture go with the middle price range ($100-300 for a faucet, $150-400 for a light). To see what is popular, use an app such as Houzz for ideas.
Remove Old Wallpaper
Wallpaper is back, but style is more important than ever. Dated wallpaper is a home value killer. Old wallpaper can be removed using a wallpaper removal steamer or a clothing steamer (it must have a flat head capable of steaming the wall). Once removed the easiest solution is to paint the wall, though wallpaper can be reapplied.
Storage
There is no such thing as too much storage. Storage cubbies, floating shelves, storage hidden under built-in seating, the options are endless.
Create a Home Office Space
COVID made home offices go from a nice-to-have to a must-have. Whether it is a dedicated room or a fixed desk space under a staircase, having a place that can be advertised as a home office is critical. If your home doesn’t have office space get creative with general purpose space. Try placing a desk and furnishings on a unused wall
Worst Return on Investment
Large Renovations or Additions
Renovations and additions are the largest investment you can make, they also have the worst return. Across all quality classes and type of work, renovations and additions will only increase a homes value by half of what it cost to build. Dream homes are worth renovating, otherwise moving is best.
Overbuilding for Your Neighborhood
The value of your home is largely determined by the value of your neighbor’s property. Your home might have the best finishes, the largest bedrooms and bathrooms, or the most garage spaces but ultimately buyers will judge the value of your home based on the value of the home down the street. When determining the value of a property a home appraiser can only use homes within 1 mile of your property for comparison and more weight is given to properties in your neighborhood.
Bespoke Designs That Turnoff Buyers
Updates should appeal to the masses for the best return on investment. A bespoke design you love could be hideous to buyers. Doing what everyone else is doing might feel boring, but for your pocketbook it’s the best decision.
