Despite spiking inflation and high prices at the supermarket and the gas pump, homeowners are still investing in their properties. From building a new deck in the backyard to refurbishing the garage, certain renovations will not only give you a good return on investment, but they will also increase the equity in your home.
If you’re 62 or older, that equity can be put to good use in the form of a reverse mortgage loan. If you’ve been paying your monthly mortgage religiously, plus investing in repairs and ROI Home Renovations for 2023, you can tap into all that equity you’ve been building up.
If approved for a reverse mortgage loan, you can take your proceeds in one lump sum payment or equal monthly disbursements. You need never pay the loan back either so long as you remain in the home or you die.
To see how much of a reverse mortgage you might qualify for, you can use this online calculator: https://reverse.mortgage/calculator.
With all this in mind, maybe you’ve been wondering what are some of the best return on investment (ROI) home projects you can plan on accomplishing in 2023. According to the building professionals at Nelson Cabinetry, the real estate market is expected to remain healthy in 2023 despite a recent downturn in the last quarter of 2022.
With home prices expected to rise and mortgage rates projected to level off, competition for home purchases could be hot. What this means for you is that any renovations you make to your home will increase its value and make it that much more appealing to potential buyers.
Home improvements always add value to a home. But in 2023, which ones offer the best ROI? Here’s a sampling.
Minimal Bathroom Remodel
Studies show that even minimal bathroom remodels can land you an ROI of around 102 percent. When translated, it means that for every $100 you spend on renovating your existing bathroom, you can expect $102 in return when it comes time to sell the home.
Minimal or minor bathroom remodels include painting or wallpapering the walls, installing new flooring, and updating the fixtures. These somewhat inexpensive updates can make a big difference in the aesthetics of your bathroom. Plus, they are potential projects a homeowner can DIY (Do It Yourself), thereby increasing your ROI.
New Landscaping
Curb appeal is crucial when it comes to selling your home. There are said to be lots of options to choose from, but the most popular trends for 2023 are said to be native plants, low-maintenance gardens, and sustainable green features.
New landscaping can bring you a 100 percent ROI which means improving your home’s curb appeal is a must if you wish to increase its overall value.
Small Kitchen Remodel
Your kitchen doesn’t need to be gutted completely and reconstructed from scratch to increase your home’s value. You can engage in a small or minor remodel that doesn’t include any major structural or plumbing alternations. It also means you don’t need to move any bearing walls or increase the space’s square footage.
Minor kitchen will focus more on cosmetic alternations, which can include the installation of new countertops, cabinets, and some appliances. This is a less expensive approach to remodeling your kitchen, and it takes relatively little time.
There are no permits or comprehensive architectural planning involved with a minor kitchen remodel, which means you can get the most out of every dollar you spend. Says Nelson Cabinetry, whether you’re remodeling your kitchen for yourself and your family or specifically to increase its value for a planned sale, you can expect an average ROI of nearly 100 percent.
Comprehensive Bathroom Remodel
ROI for major bathroom remodels runs around 93 percent. It means for every dollar you put into it; you can nearly double your money when the house is sold. How should you go about comprehensive remodeling? You need to consider which features 2023 homebuyers are going to want.
You will also want to make your bathroom more efficient and functional. This means new tubs, showers, toilets, and perhaps even increasing the bathroom’s square footage. In the end, it will become a space the whole family will enjoy and that will give you an excellent return on investment.
Comprehensive Kitchen Remodel
Comprehensive kitchen renovations can earn you up to 91 percent in ROI. If you spend around $30,000 on a major kitchen remodel, you can expect to get almost every dime back when you sell your house.
A major kitchen renovation should be professionally designed and should be highly functional. Its layout should have excellent flow and plenty of room for family and friends. Besides increasing the space’s square footage, you might want to remove unwanted walls to open things up and add space. New flooring, appliances, countertops, and backsplashes are key. So is a kitchen island that contains its own sink.
In the end, if you make your kitchen one of the focal points of your home, you can increase its appeal to potential buyers and therefore increase its value.
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