Which Home Improvements Have the Best ROI in 2018

We Asked The Pros:

 Which Home Improvements Have the Best ROI in 2018

By Tara Mastroeni January 9, 2018 | Freshome.com

These are a few home improvements that will give you the biggest bang for your buck in 2018.

Every homeowner wants to get the biggest impact possible out of their home improvements. Whether you’re looking to make a move in the near future or are planning on staying put for years to come, it’s comforting to know that your investment of time and money is worth the effort, that the work you’re doing will add value to your home.

With that in mind, we decided to take the issue to the experts. We asked the leading minds in real estate to tell us which home improvement projects are set to have the best return on investment (ROI) in 2018. Read on below to see what they had to say and to learn where in your home your sweat equity will ultimately have the biggest impact.

Smart home technologies

Expect smart home technologies to start popping up everywhere.

1. Smart home technologies
“According to the most recent Luxury Portfolio Global Luxury Real Estate Report, 76% of buyers agree: Having a ‘smart home’ is very important to me. In particular, safety is a top concern. Of those surveyed, 39% are looking for a convenient, centralized network that securely controls smart-home and internet connections; aka the ability to operate a home security system through a mobile device.” — Stephanie Anton, EVP of Luxury Portfolio International

Outdoor living space

Let an outdoor living space draw in buyers.



2. Outdoor living space

“According to a recent survey, 51% of home buyers find outdoor living space the most attractive quality when searching for their perfect home, more so than open floor plans and curb appeal. As such, outdoor spaces are becoming an ideal investment, not only for current homeowners’ enjoyment, but also for sellers looking to bring added value to a home for future sale.” — Joe Raboine, National Design & Training Specialist for Belgard in Atlanta

Energy-efficient kitchens

Energy-efficient options are set to be a smart investment.



3. Maximizing energy efficiency

“Making energy-efficient upgrades will give you more bang for your buck in 2018. When thinking of energy efficiency, people often go straight to solar panels. However, smaller changes like upgrading your HVAC, water heater, or windows can also cut energy costs — resulting in an accumulation of savings over time. You can even make improvements as simple as adding solar-powered lighting to your front yard, which will help increase overall savings.” — Sacha Ferrandi, Founder of Source Capital Funding Inc., San Diego

Modernized bathrooms

As always, modernized bathrooms make a big difference.

4. Modernized bathrooms

“Modern bathroom trends are staying the same in 2018 as in 2017. Clean lines with rustic touches. Adding grays into the color scheme is also very popular right now and most consider this the greatest non-offensive tone to go choose from. (Beige is out.) Be careful, though, buyers like a very light gray. Some darker grays can come across as purple in certain lights.” — Sotereas (Teris) Pantazes, CEO & Founder of EFynch in Baltimore

Fresh finishes

Sometimes fresh finishes are all that’s needed.

5. Refreshed finishes

“Not all renovations have to be huge. I like to suggest that homeowners update their finishes before they go to sell because it’s not always easy for buyers to visualize the potential of a space. If a space is really run down and a buyer thinks that he will have to redo everything, it’s easy to either over or underestimate the cost to achieve what it could look like. Older finishes also eliminate a big chunk of the buyers out there who just aren’t willing to do the work.” — Ori Goldman, CEO of Loftey in New York City

ROI in 2018

These are the projects to keep in mind when ROI matters most.

Home improvements can be a bit of a gamble. On the one hand, while you’re living in the space, it’s only natural to want to create a space you’ll enjoy. On the other, if you intend to sell, you also want to make changes that appeal to buyers. That’s why we asked the pros to help you weigh the risks. They told us which home improvements will probably have the best ROI in 2018, so you can make sure to get the most bang for your buck.


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3 Affordable Things You Can Do To Your Home With Your Tax Refund

The average tax refund won’t be enough to remodel your entire kitchen or bath but hopefully it will be enough to make small improvements that add value!  Reinvesting your tax return into your home is one smart way to put that extra cash to work for you.  Entranceways can make great first impressions.  If you’re looking to sell, giving your house a face lift is one of the first things you should think about.  Here are three ways to brighten up the look of your home while doing double duty for energy efficiency.

Stormdoors

One small project that will pay off whether you’re deciding to sell or not is installing a storm door.  It can add an extra buffer against the cold winter elements or welcome in a warm summer breeze if you choose a screen option.  A storm door for your front entranceway is a flexible convenience for all occasions.  If your door gets a lot of direct sunlight, avoid glass as it can exacerbate the heat in your entranceway and cause damage to your door.  Check for locks at the top, bottom, and middle for extra security and for reinforced corners.  Aluminum is better for wear than vinyl.  You may also want to re-key the door so a single key can unlock both the storm door and your front door for convenience.  A storm door can cost about $250 with all these features plus a little extra to have someone else install it.  A storm door is definitely a way to improve the value of your home while also making it more energy efficient.

New Windows    

Installing new windows can have the same benefit.  If you have an especially leaky window, an off-kilter one, or maybe the frame is rotting, have it replaced!  In this case, vinyl is cheaper than wood.  If you choose an Energy-star qualified window it may even qualify for a tax credit in your next tax year!  Windows and installation can have a wildly wide range of price options, so make sure you choose a window within your budget and carefully choose your contractor to do the job right the first time.  Replacing old windows can help keep your heating and cooling bill down while adding to the aesthetic appeal.

New Doors

Finally, if you’re going to install a storm door, why not go all the way and paint or replace the door to your front vestibule.  Choosing a new door that fits your entranceway perfectly both in style and size can add timeless beauty to your home and keep the weather outside.  If your house has settled, replacement might be the better option, so your door fits securely at both the top and bottom.  If you have already done this within the past few years, a fresh coat of paint might do the the trick.  Be sure to chose an exterior paint that hides imperfections and is weather resistant.  Updating the hardware on your door by replacing the locks is a good option, and is the perfect timing to match the locks with your storm door as well!

     

Put your tax dollars to work for you by investing back into your home.  These small updates work in multiple ways and stretch your return this year.  Whether your staying put or looking to sell, adding curb appeal will make your home more enjoyable and save you money in the long run by keeping the seasons outside.