What Home Projects have the Highest Return on Investment?

Dated: December 19 2022

Views: 130

The number 1 question I get asked as a Real Estate Agent: What home projects have the highest ROI?

Hi, I am Melissa Elliott with Elliott Real Estate Professionals, llc. We are going to dive a little deeper into that question. The answer of course is the kitchen. The average recoup on a kitchen upgrade is 98.5%! That really is a big return on investment as opposed to a lot of renovations are 10-25% return. So, it really is a big return. However, that doesn't mean you have to do a full renovation. Unless of course if you want to. If you're upgrading to sell, you can certainly just do a micro remodel. Here are some options to heat things up and give your kitchen some massive flavor.

Paint it! Paint the walls. This might not seem like a major change, but it will give you the biggest bang for your buck. You know the feeling when you come out of the salon after getting your hair done - you feel like a new person! Exactly! That's how your kitchen is going to feel. Don't be afraid to paint the cabinets. Painting them will be much more cost effective than ordering new ones. Add a splash of style with a new backsplash. Whether you have drywall as your backdrop or outdated tile, refreshing this space with something modern will add so much more to your space. I do recommend going for something more timeless and not so trendy. Especially if you're planning to sell your home in the next 5 years.

I will give you an example, so we used to have dark cherry cabinets, no under counter lighting, dark Uba tuba granite and beige 3-inch square tiles for backsplash. Once I was able to get my husband on board to do a little bit of a remodel, we really, really love it. So, going with white cabinets, they are always timeless. Now a lot of people will say that white cabinets get dirty so fast and they do. But, it really does give it a nice fresh updated look.

Another example of giving some splash is changing out your cabinet knobs for an updated look. That can really make a big difference and give a nice updated look.

We added some under counter lighting, changed out the granite, painted the cabinets, updated the backsplash which really gives an illumination of light and we changed out the range hood. So those are some smaller changes but really make the biggest impact and are going to give you the biggest return on investment.

Another place to change out some things is an appliance upgrade - appliances are like accessories. They can add a lot of style even though they're not the star of the show. Hidden appliances are really in right now as you'll see when watching shows like Dream Home Makeover or HGTV. One of the things we did is have an electrician come in and hid all our outlets. It really gives a clean look.

Another perfect place to add an upgrade is adding the wine fridge! Not only will this make your kitchen THE place to entertain, but you can’t beat the look of a fully stocked wine fridge for a kitchen accessory. Lights are a big place to add some splash and update. I feel like I'm always talking about lighting over here! But it's so so important to have well lit interiors area. It just really makes a difference. Like I said, our kitchen was so dark and the light just sunk into everything and now the light shines and bounces off of things and gives a brighter feel. Not to mention, upgrading your light fixtures will make such a big impact on your kitchen style.

I hope that this was helpful for you to see an example of what a smaller to medium size kitchen renovation could look like. 

If you have any questions real estate related or would like to see a video on a particular topic, let us know in the chat and we would be happy to do a video in the coming weeks. 

Reach out to us at 919-307-7303 or at www.TriangleHomesForYou.com or email us at melissa@elliottpros.com or michael@elliottpros.com.

For an entire library of informational videos on real estate or current market updates for the Raleigh NC Triangle area, go to our youtube channel at https://www.youtube.com/@ElliottRealEstateProfessionals

 

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Melissa Elliott

Our commitment to World Class Service begins with YOU! Our mission is to ensure a Smooth, Efficient, Exciting, and Positive experience before, during, and after the home buying and selling process. Wh....

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