5 Ways to Get the Best ROI From Your Home Improvement Projects

Calculating anticipated return on investment is always a tricky business because the future cannot be known. Sure you can buy gold today in the hopes that the price goes up tomorrow so you can sell it at a profit, but it could just as easily tank, leaving you holding the bag for something that is worth less than you paid for it. Of course, some bets are safer than others. And while the value of real estate tends to cycle through highs and lows, you can reasonably expect that owning property will eventually pay off, so long as you can hold onto it until property values rebound (and they always do). What is slightly less certain is the financial return you’ll see when you opt to do home upgrades. So here are just a few tips that should help you to see the best return on investment when you undertake home improvement projects.

  1. Pick the right projects. In case you didn’t know, some home upgrades are more likely to show a significant return on investment than others. Although renovations to your kitchen and bathrooms are going to cost you more than other projects, you’re almost certain to see the majority of your money (or perhaps even more) coming back to you upon resale when you install modern, high-end products in these areas of your home. On the other hand, you won’t see a great return if you spend a ton of money sprucing up the extra bedrooms in the house. Spending wisely is a big part of getting the return you want from your remodeling efforts.
  2. Plan carefully. In addition to picking the right projects, you need to put some time into the planning process rather than starting demolition and then trying to figure out your next step. This generally requires you to create a floor plan to scale, complete with exact measurements, and then select the materials, color palette, and other particulars for your project. If you’re wavering on the details, it’s probably best to wait to move ahead until you’ve made up your mind.
  3. Stay the course. Once your plan for home improvements has been finalized, it’s in your best interest to avoid making changes, especially if you’ve already purchased materials or you’ve started tearing down walls or installing plumbing and electrical, just for example. Any alterations to the plan made after the fact are going to add to your expense without any hope of adding to your anticipated return; in short, you’re eating into your profits with every change you make.
  4. Comparison shop. Whether you’re looking at cabinetry, tile, or qualified building contractors, you really should take the time to comparison shop. The highest price doesn’t always mean the best quality, and the lowest price doesn’t always mean the best deal. So it’s a good idea to take your time, understand your options, and make an informed decision.
  5. DIY. There are some projects that will require professional help from a reputable contractor or company likeĀ Marshall Brothers home improvements. But there are certainly home improvements that you can tackle on your own with a few tools and the help of a home repair guide (or online tutorials, perhaps). And you can save a ton of money and increase your potential profit margin with a DIY attitude. Just make sure you don’t bite off more than you can chew; you don’t want to do more harm than good and end up paying the price down the line.

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