When it comes to home improvement, Fort Worth area homeowners are always on the lookout for the right project. There are many stars in the universe of home upgrades and renovations. Some yield a better return on investment when ready to sell your house; others simply make your home more enjoyable. Before committing to something like a new patio, it pays to define your purpose, set a budget, and find reliable contractors.
The best home improvement projects make your house more livable while heightening its market value. As a discerning homeowner, it’s your prerogative to judge projects based on their return on investment (ROI). ROI measures how much money you can expect to make back on your investment. Factors such as project cost, project duration, and market conditions determine the ROI of a home improvement project.
Wondering how to ensure you make the right decision? This blog reviews home improvements and renovations according to their ROI and location in your house. From minor updates to full-scale projects, there are a variety of luxury renovations to increase the value of your home.
Read on to learn how to raise the worthiness of your residence.
Read on to learn how to raise the worthiness of your residence.
Sometimes bathrooms, even in luxurious homes, can seem a bit cramped and have outdated amenities. When completing a bathroom remodel, you want to focus on the most opportunistic areas to bring in the best returns.
A faulty or older plumbing system can cause you to pay more for water, create damaged or blocked pipes and cause annoying clogs, so upgrading your system is important. Additionally, you have more freedom with the remodel if you do not need to work around the old system. On average, the renovations in an upscale bathroom will see a 60% return at resale.
Not every renovation project needs to be time-consuming. There are small things to do that will still give you a good ROI. You can buy an energy-efficient showerhead or switch to LED lighting. Adding a large mirror or updating the cabinet handles can make a big difference. Using eco-friendly products and techniques is a popular trend across the country, including Texas, so installing a low-flow toilet or including energy star ventilation fans also gets the buyer's attention.
Creating an open-concept kitchen is one of the most popular renovations when doing a major kitchen remodel. Taking down walls and installing an island will give the kitchen a luxurious aesthetic. A well-executed open-concept kitchen makes your home more spacious and inviting.
Doing a few modest updates to your kitchen can fetch you a significant return on the order of 80%. Instead of gutting the whole room, you can repaint cabinets, add energy star appliances, and install a new backsplash. Sometimes it's better to do minor renovations as the kitchen is a place buyers like to bring to life in their style.
Updating your curb appeal is one of the best ROI home improvements for your home. The exterior of your home is the first thing buyers will see, which is why this should be a major focal point in your renovations.
In Texas, native plants are a great way to make those who value sustainability happy. They also bring eye-catching colors and prominent greenery to the yard. The entry door is also one of the first things the buyer sees. Using a steel door brings your ROI up 100% as it combines curb appeal with energy efficiency, as does replacing windows and siding.
Create additional rooms
The more rooms your home has, the more attention it's bound to get as it makes the buyer feel that they have more functionality and liveability options. While not always an option, converting the attic into an additional bedroom can get you a 75% return during resale. It's suggested to use light and bright colors to help make it look bigger.
A home office has become one of the biggest must-haves over the last few years. While some say extra rooms should be left to the buyer's imagination, homes specifically mentioning office space have increased by almost 17% in 2023. Other exclusive, luxurious options for additional rooms to increase your resale value include home theaters, music studios, or a home library.
A top luxury option is installing an oversized walk-in closet to give the space an elegant boutique feeling. A walk-in closet provides more functional storage space and a personalized dressing area. It creates a space to showcase your personality and incredible resale value on luxury homes.
Deck or patio
Fort Worth has a shorter and more mild winter than more northern areas; you can utilize a patio year-round — especially from October through April, when high temperatures average 70 degrees or less. Adding a deck or patio to your home can increase its value and make it more enjoyable for you and your family. Almost every buyer appreciates outdoor entertainment space; the question is how that translates to your bottom line.
You can expect a new patio to bring about 109% ROI, meaning for every $1,000 you spend on the project, you should recoup $1,090. Your actual cost will vary depending on your deck or patio's amenities, style, and installation difficulty. A trustworthy real estate agent can intermediate between you and contractors, keeping you informed about considerations like the “rule of thirds,” which stipulates that a deck or patio should not occupy more than a third of your backyard space.
Other backyard amenities
When adding on your backyard space, you increase your usable living space and delight buyers with luxury amenities that might be precisely what they're looking for. Outdoor kitchens can result in a huge ROI when reselling your luxury home. You could even create a built-in BBQ to help buyers give this space a truly Texas feel.
Backyard space is one of the top things that homebuyers want. Upgrading the area with top-of-the-line grills, state-of-the-art appliances, fire pits, and even an outdoor TV can entice potential buyers. Remember to incorporate a covered or enclosed design for shade in the intense summer sun.
Introduce smart technology
Home automation is one of the fastest-growing trends in many areas across Texas. Smart tech combines comfort, convenience, and energy efficiency into one upgrade. You can include smart technology for lighting, security, thermostats, and sprinkler systems.
Getting that ROI
Whether it's the interior or the exterior, planning home improvements to get the best ROI on your investment is something anyone looking to sell their home should consider. You want to present the home as a unique opportunity. You want homebuyers to be drawn to the home and instantly picture themselves there. It’s vital to do good research, get quotes from several contractors, and work with a real estate agent familiar with home improvements in your area.
The Wall Team is ready to help you get the best return on your investment from your home improvements. You can count on these local experts to be with you every step of the journey. Contact The Wall Team today, and don’t hesitate to reach out with any questions.
*Header Photo courtesy of Shutterstock