Top Home Upgrades with the Best Financial Payoff
Thinking about making some improvements to your home in 2024 but wondering which upgrades can provide the biggest returns on your investment (ROI) when you are looking to sell? Here are three key upgrades that typically offer the best financial rewards:
Kitchen Remodeling
The kitchen is often considered the heart of the home and updating this space can significantly increase your home’s value. With this space, avoid doing a half-remodel. Instead, invest in new cabinetry – try to avoid gray or white if possible. Wood cabinetry is timeless and very much on trend. Stick with neutral paint colors for the walls. Don’t hesitate on high-end, energy-efficient appliances such as Wolf or Viking. Gas ranges are preferred. As for countertops, Quartzite, Quartz, or hone granite are great options. Also, natural wood white oak floors are very in demand. If you want something more durable, large-tiled flooring is always a good option. The key is to update to a modern, functional space that is turnkey – without over-personalizing.
Pro Tip: If you want top dollar for your home, steer clear of painting existing cabinets. This can make the space look and feel unfinished – and can be a big turnoff for potential buyers looking for move-in ready. Especially in kitchens.
Bathroom Upgrades
Like the kitchen, bathroom remodels can also offer a solid ROI, and ‘Spa Rooms’ are the latest trend we continue to see growing in popularity. Incorporating spa-like elements such as neutral paint colors and upgraded light fixtures can make the space feel light and bright while incorporating mixed metals into your finishes creates an effortless look and feel. Beautiful plants add that touch of texture and natural greenery – with more extensive renovations including modernizing showers and baths, or expanding the space.
Pro Tip: Always consider the cost versus the potential return when choosing the size of your remodel.
Basic Home Upgrades
Sometimes, the best ROI comes from ensuring that the basic elements of your home are in good condition. Residents here in Arizona often have three items on their home maintenance lists: replacing dated roofs, servicing/repairing/replacing their HVAC systems, and ensuring their home’s foundation is sound. It’s painful to think about these big ticket items, and while they may not be the most glamorous upgrades, they are crucial for maintaining the value of your home and can be a major red flag for potential buyers if not addressed.
Maximizing ROI
Remember, the key to maximizing ROI on your home upgrades is to balance the cost of the improvements with the potential increase in home value. Always consider your local real estate market and consult with professionals to ensure that your investments are wise and tailored to what buyers in the North Phoenix area are looking for.
If you are thinking about listing your Phoenix home this year, and are in need of expert guidance, please don’t hesitate to reach out to us at 602.900.1331 and we will be happy to assist. Or, if you are interested in purchasing your first, or next home, view our featured listings here. For more expert tips, be sure to follow us on our Facebook, Instagram and LinkedIn pages.
