While much is written about the value of home improvements and the associated ROI, the truth is that there is a second benefit to consider. These projects not only deliver a healthy ROI, but they also add a much-improved quality of life inside your home, and a greater sense of beauty-driven pride on the outside of your home.
On average, you’ll see home improvements will deliver somewhere in the neighborhood of a 70% ROI…but can also deliver over a 100% EFI (Enjoyment From Investment)! In the last couple of years, our homes have become a space where we are doing a lot more living and working, so the value of our investment is much more than financial.
Whether you’re considering selling this Spring or planning to stay in your home, there are projects that will deliver both investment and enjoyment value. Obviously, projects that add livable space to your home like finishing a basement or addition will result in a good ROI. But what about working with the space you have currently?
Let’s start with the kitchen which we know is typically the focal point of the home and many parties. There can be simpler projects like refacing your cabinets to add a fresh new look to what may be a dated kitchen. On a larger scale, you can do a full kitchen remodel which can dramatically change the look and feel of your living area, give you added enjoyment, and plenty of added value now and down the road.
Bathrooms are also a great place to deliver value and enjoyment. And while a full remodel can do the trick, often simply updating one of the focal points like a vanity or the bathtub/shower can have an equally dramatic impact. Think about the amount of enjoyment you’ll have thinking about the value you’ve added to your home while showering in your new walk-in spa shower.
And lastly the exterior of your home. New roofing, siding, and windows will not only add value, but these improvements will add beauty and performance that will give you a renewed sense of pride in your home. And for potential buyers, you will provide them with an incredible first impression.
So whether you’re thinking about staying or selling this spring, home improvements will not only deliver a good ROI, but they’ll provide hours of enjoyment and pride…or the EFI.