A kitchen renovation, a new bathroom, landscape improvement, and other projects are great updates for your home. They’d make everyday living more comfortable and relaxing. However, not all home improvement projects can increase the value of your home.
If you’re planning to remodel your house with the intent to resell, consider a project that would have a big payoff. You need projects with a high return on investment (ROI), especially if you financed the remodel from a personal loan. As experts from Rapid Loans remind borrowers, personal loans are short-term loans that you have to repay in a few months.
As such, you need a project that increases your property’s selling power and raises its value on the market. A project with a high ROI will earn enough amount for you to buy a new home, as well as repay your loan.
Here are home improvement projects with a high ROI:
1. Green Home Improvements
Eco-friendly homes are a trend today. Many buyers prefer homes with energy-efficient qualities and they are willing to pay extra for it. Solar panel installation, roof replacement, and attic insulation are good investments. Many studies claim that insulating the attic with fibreglass could give you an estimated 116% ROI.
2. Steel Door Replacements
A new steel entry door does not only update the safety of your home but also increases its curb appeal. Real estate professionals say that curb appeal has always been a significant selling factor. Homebuyers are likely to place a higher bid on properties with gorgeous, sturdy entry doors. It is no wonder that a steel door replacement could give you a high ROI.
3. Deck and Outdoor Patio Updates
It is no secret that Australians love the outdoor lifestyle. Many buyers prefer homes with remodelled decks and patios. This project would cost you a lot, but it has a return of around 75%. This is significantly higher than the typical remodelling projects, such as bathroom renovation. So, if you have an existing deck and patio, give them a new look before selling your property.
Remember, these projects won’t only increase your home value, but they’d also give you peace of mind for your loan repayments. So hopefully, this list has helped you decide on which part of the house you should remodel.