When you put your house on sale, buyers are not just paying for a structure of wood and bricks. They are looking for their future and dreams in the house they buy.
So, when selling your house, you are much like a businessperson with a target audience. Your customer could be someone looking for a place to live in for 5-10 years. Or it could be someone looking for a family home, a place they can call their dream house.
Why Invest in Home Improvement Projects in West Michigan?
West Michigan is a promising but competitive market for home sellers in 2023. The real estate prices are forecasted to increase by 1.86%, but the homes sold in 2023 are expected to decrease by 8.9% over the previous year.
So, to take advantage of the increase in the average home prices in West Michigan, homeowners must invest in projects that increase their property’s value.
5 High ROI Home Improvement Projects
Home improvement projects are essential for sellers to get a better value for their property, especially in a competitive market like West Michigan.
So, here are all the high-ROI home improvement projects that you must take up before you put up the house for sale:
Replace Windows, Doors, and Roofing
A house’s exterior is very important to make a lasting first impression. Even a fresh coat of paint can boost the house's value, giving a 55% return.
But some homes need more than just a paint job to get the expected value. For instance, replacing the windows or the roof can greatly transform the house’s look and make it a hot seller in the market. We advise hiring a professional company like All Weather Seal of West MI to tackle these complex projects. Companies with an in-house team rather than part-time contractors have the expertise and are reliable to give your house the necessary boost before putting it on the market.
Here are the projects you can take up to revamp the exteriors of your house:
- Roof replacement
- Patio door replacement
- Window replacement
Go for a Bathroom Remodel
Even though West Michigan is a competitive housing market, bathroom remodels yield a higher ROI than the national average. So, while the national average ROI is 56.2% for a bathroom remodeling job, in West Michigan, it falls between 58.8 and 59.2%, according to Zillow.
When you’ve decided to remodel the house’s bathroom, consider the condition of its plumbing and existing fixtures. If the bathroom belongs to an old house with worn-out plumbing, you might have to invest a lot for a low return. However, if it is well-maintained, you can get a higher ROI with simple projects like installing penny tiles or new lighting.
Replace the Siding
According to a Cost vs. Value report, installing new vinyl siding can increase the value of a house by $12,500, or around a 67% return on investment.
New siding can enhance your house’s curb appeal, and when you work on the garden, your house will look quite attractive to homebuyers. However, if you have well-maintained siding, replacing it won’t be of much use.
Vinyl siding can last 20-40 years before needing replacement, and aluminum lasts 30 years or more. But your siding could use a power wash to remove the dust and debris collected on it due to the weather. Once you do this, your house’s exterior will look as good as new, giving you a higher value for your property.
Add a Deck
A wooden deck at the entrance or by the patio adds a homely feel to the house. It looks even more appealing if you add potted green plants to it and warm lights. And the best part is that a deck isn’t tough to add. If you have a few carpentry projects up your sleeve, you can easily construct a functional deck that won’t be heavy on the pocket and will add much value to your property.
However, if you don’t have any experience with handling carpentry tools, it is best to hire a professional to do a neat job. The result will be amazing, and you can also get an immediate return on the project if you’re doing it to put your house on the market.
Stage Your Basement
Although many people treat the basement of the house like an extra space for storage, it can be more than that. If you revamp the space to be used as a home office or an entertainment room, you are appealing to an important audience need- a larger livable space at a lower price.
Less than 50% of homes in Michigan have a basement. If your home is one of these, you are blessed because you could get a high value if you invest in the right projects for your basement.
Although just having a basement increases the value of your place, before you put it on the market, ensure that the area is clean and free from mold and musty smells. You might need a deep cleaning or paint job to make the place look presentable.
Additionally, stage the basement like an entertainment room to appeal to potential buyers, and your house will be off the market in no time! And if you stage the basement like a home office, it can potentially increase your property’s value by 20%!
Home improvement projects are bound to boost the value of your property. If you have a property in a competitive market like West Michigan, be prepared to do some DIY work or hire professionals for selected projects. Because if you don’t make your house presentable, you will either have to wait around a long time for the right price or you will have to sell your house at a lower-than-expected price.
However, before you invest, consider the condition of the house. Many expensive projects, like bathroom remodeling, might not get a high value if the basics, like plumbing, are wrecked. In this case, it is much more important to fix the foundational issues rather than go for high-end shower and bathtub replacements.
You also need to watch your budget before you invest. If you don’t have the budget, it is better to do the repairs yourself before you put your house up for sale or rental, following the tips given above.