As you make improvements to your Nashville home it’s wise to think about what the return on your investment – or ROI – will be when it comes time to sell your home. Home improvement projects with great ROI can be very beneficial in the long run.
Homebuyers appreciate ample space. Regardless of their income bracket, people who are looking for a new home often want more square footage. In 2020, 44% of real estate agents cited the need for more space as the number 1 moving motivator. What your prospective buyer sees first is going to be important. It could be the deciding factor when it comes to a showing.
With these considerations in mind, let’s talk about a few of the home improvement projects that have the greatest ROI:
HOW CAN I INCREASE THE SPACE IN MY HOME FOR GREAT ROI?
- Finish your basement. You’re adding more heated square footage with this home improvement project, which bumps up your house into another price bracket. Even among homes that are priced in the mid-range, an unfinished basement can add about $15,000 to $20,000, while a finished basement can add even more – up to $40,000 or $50,000 to the asking price. Finishing a basement will cost approximately $18,000 on average, but this depends largely on your square footage. The project involves installing drywall, flooring, and paint but you can end up recouping ¾ of your cost on resale.
- Open up your floor plan. Buyers love designs that are either completely open or partially open around the living room, dining room, and kitchen, so just knocking out the right wall can create that desirable spacious layout. An open arrangement allows inviting natural light, which creates a greater sense of space. Consult with your general contractor before you start any project like this, however. Maintaining proper structural integrity is vital for the safety and long-term durability of your home.
WHAT IMPROVEMENTS CAN I MAKE TO MY HOME’S EXTERIOR FOR A GOOD RETURN ON INVESTMENT?
- Upgrade landscaping for curb appeal. Curb appeal is all about wowing your prospective buyer before they even step in the front door. Attractive landscaping implies that the home is well-maintained and can often be the reason anyone views your home in the first place. A 2018 survey showed 17% of realtors believe a recent landscape maintenance project often resulted in a sale. Mowing your lawn, pruning shrubs, applying mulch, and planting about perennials or annuals could bring you a 100% return on your investment, NAR says. Many real estate agents agree curb appeal is the number 1 project you should complete to improve the marketability of your Nashville home and that curb appeal will boost your home’s value.
- Add stone veneer to the front of your house. According to REMODELING MAGAZINE’S 2020 Cost vs. Value Report replacing a 300-square-foot band of existing vinyl siding from the bottom third of the street-facing facade in a midrange home with adhered manufactured stone veneer costs an average of $9,537, but recovers about 96% of that at resale.
Improving your Nashville home will make it a better place to live, and it is also good to know that you will benefit from those improvements when it comes time to resell your home. Here at Ascension General Contractors, we are proud to serve Nashville area homeowners with repairs and renovations. We are a full-service repair company with a staff that is experienced, dependable, licensed, insured, and fully bonded.