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3 Home Renovations That Result in Major ROI

3 Home Renovations That Result in Major ROI

by Home Fire Stove & Grill City Staff on May 7, 2019
You took the plunge. You purchased the dream home, the fixer-upper, the investment home when the market was perfect and you are finally seeing your home value rise.  It’s a supply and demand story. With the high demand for housing in cities across the state, and not enough inventory to meet that demand, right now might be the best time to start thinking about selling your investment home or your fixer-upper.

So, what renovation projects will bring you the best ROI? We are so glad you asked! Below are 3 of the top home renovation projects that instantly increase your home value, check them out:

1.  THINK CURB-APPEAL
When potential buyers look at your home, the first thing they see is the exterior of the home.  If the paint color looks like something out of a 1980’s Sears catalog or the stonework outdated, that might get them to completely write-off your home at a glance. “If the exterior looks that dated, just IMAGINE what the inside must look like!” On the flip-side, if your home has an updated paint job or modern stacked-stone siding, you may be looking at a huge boost in both attention and offers!  
Check out this article by listwithclever.com that lays out the best paint colors for selling a house in 2019.

According to thestreet.com
New siding may be a reliable way to boost your home's value, but there's nothing like a little stonework, even if it comes from a factory. A mid-range stone veneer will put you out $8,907 but you will get back nearly 95% of that, or $8,449 when you sell. The project involves replacing the bottom third of the house's street-facing façade with 300 square feet of manufactured stone veneer. The payback value has increased significantly since 2017 when it was 89.4%.

2.  MINOR KITCHEN REMODEL
We are a Pinterest generation, both Baby-Boomers and Millennials alike are looking for an appealing kitchen space when shopping for a home.  For the last decade, the market has trended towards light, open kitchen spaces with white being the primary color and industrial accents adding character and flavor to the space. Below are some inexpensive ideas to make your kitchen market-ready!

Reclaimed Wood
Buyers who walk into a kitchen with tastefully done reclaimed wood walls or reclaimed wooden architectural pieces are sure to add your home to their list of “possibilities.” Reclaimed wood is a trend that is still “in” and is going strong across all demographics. Check out Pinterest for some great ideas on how to update your kitchen with reclaimed wood.

Open Shelving
With the majority of the population in favor of a more minimalistic look, open-shelving offers a special, earthy feel and appeal to any home. Does your home have ugly, outdated cabinets? Open-shelving might be the perfect fix to give your home the more modern appeal that buyers are looking for.

Darker Wood Floors
Gone are the days of carpet in the kitchen (food and carpet do not mix, yuck), and outdated linoleum has seen its day come and go as well. One of the quickest ways to update your kitchen space is to install a dark wood floor. You can use faux wood or invest in the real deal, either way, this update alone adds a cozy factor to the room that buyers are on the look-out for.

3.  FIREPLACE INSTALL OR REMODEL
Did you know that Real Estate Agents and Home Buyers list fireplaces as one of their most sought after features? Additionally, according to a poll of Real Estate agents by Angie’s List, 70% of homeowners saw an increase in home value when they added a fireplace to their home. Installing a fireplace is a small-scale investment that can lead to large-scale rewards when putting your home on the market.
Not ready to make the plunge on a new fireplace remodel?  That’s ok! Studies show that upgrading your existing wood fireplace to a gas insert also brings up the overall appeal of your home and can give potential buyers the last push they need towards choosing to buy your home.

Don’t know where to start with a new fireplace or how to remodel your existing fireplace?  Not a problem.  We are here to help! Home Fire Stove and Grill City have a fantastic team of on-fire specialists ready to talk fire with you and guide you through the process! We carry wood, gas, pellet and electric hearth appliances and offer installation and yearly services as well! We are a one-stop-shop! Head on over to our Fireplace page and see our selection for yourself, or give us a call at (503) 364-6339 and we will get you started.

Happy Home Reno! We wish you all the best as you get your home sale-ready!

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