Most people are well aware that their biggest investment is a home. And if that’s the case, it should make sense to put more money into it so that investment can grow and give back an even bigger ROI. In today’s economy, this is becoming even more the case.
So, going forward in 2019, you need to know the best ways to fix up your home to get the most back out of it. To get started in the right direction, there are a handful of improvements that will undoubtedly return big numbers on investment. Here are the top five:
Kitchen and bathroom makeover
Kitchens are the first area of the house most people think about when they’re interested in remodeling and investment. This is the area of the house that generally absorbs the most wear and tear from the rest of the property. You can do some minor improvements yourself without spending too much money while completely changing the look and feel of the space. These renovations include dual sinks, countertops and backsplashes. Bathrooms are the next remodeling project you can take on after the kitchen. Now, homes with more than one bathroom move faster off the market than single bathroom properties. Depending on your budget, you may transform the bathroom entirely. However, if you’re on a tight budget, changing the fixtures can go a long way, or you can also fund your home improvement project through a mortgage refinance.
Finishing the basement is often a popular option. However, without proper planning and codes forced, the area may not be claimed on the home’s square footage. But even if it isn’t, a finished basement or even one that is partially finished will add a lot more flexibility to the home. And buyers find this desirable as well.
A homes mechanics could very well be in the number one spot. Just mentioning the words “bad and furnace” in the same sentence is like nails on a chalkboard to homeowners. This is often because repairmen can charge upwards of a couple hundred bucks just to come out and assess the damage. Repairs on things like furnaces, water heaters, plumbing, and electric can be a real buzz kill for a new homeowner.
A lot of people forget that the land itself is also included in the sale of the property. This can also be one of the cheapest improvements for your home in 2019. In most cases, a new yard may just be a week or weekends worth of hard work. By having some curb appeal, it’s not only a great selling point, but it’s also something that’s sought after by the future homeowner. On the other hand, if the yard is littered with junk, then it may only attract the lure of antique pickers… most of which are probably not that interested in buying the home either. So it’s best to organize your yard by building someplace to put all the stuff. This could be done by using an easy to build metal building kits for carports, garages, storage sheds, or storage buildings.
This one could be a huge selling point. More and more people these days are looking for ways to live a more self-sufficient lifestyle. And many are seeking out these qualities even in their home. By adding some solar panels, or even wind if allowed within governance, this could add up to huge benefits to the homeowner of such property. Most people are well aware of this too and are happy to pay big money for such a property. Other things could include a water supply from within the land, ways to heat the house without the huge gas bills, and other alternative energy resources. So if you have a knack for going green, this could really work to your favor come selling time.
Sure, there are several ways to assess the home’s value. But at the end of the day, the home is like any other asset; the true value of which is only what someone is willing to pay for it. Keeping this in mind, it’s a good idea to sit and think about what you would like to have improved in your home this year. Just don’t forget to get estimates and research companies before getting the improvements done.
Prospect Financial Group
948 Garnet Avenue
San Diego, CA 92109
NMLS: 349089 | BRE: 01837707
Jason Vondrak has been in the mortgage industry since 2004 and co-founded the mortgage brokerage Prospect Financial Group in 2006 in San Diego, California. Today he serves as President and CEO of Prospect Financial Group and the president and founder of Prospect Property Group, a real estate development company, established in 2012.
“I’ve had the privilege to serve in an industry that exists to ensure homeownership remains among the top priorities of government and citizens alike. Over the years, it has been a pleasure working alongside homeowners, real estate professionals, and business associates combining efforts and teaming up to help homeowners realize the dream of home ownership.”