It is expected that the property market will heat up a lot in 2024. Prices will go up because there will not be enough homes to meet the demand. In other words, if you want to sell your house quickly, the fixes you make can have a big effect on how desirable it is and how much it will sell for again.
Of course, making general improvements to your home can raise its value. The question is, though, which ones give you the best rate of return (ROI).
Roof Replacement
For those who are selling their home, a roof replacement is a great selling point. For example, changing your asphalt shingles can raise the value of your home by up to 60%.
If your roof is almost worn out, buyers will avoid your home because they think it might need a new roof or use that as a reason to make a low-ball offer.
Putting on a new roof made of better-looking and higher-quality materials will make your home look better from the street, which is a big part of selling it.
HVAC Conversion (103% ROI)
Changing a fossil fuel furnace to an electric heat pump and putting in new wall units and wiring is the most recent home improvement job that people have done.
Even though it’s not the most stylish update, heat pumps are becoming more popular as inexpensive and eco-friendly heating, ventilation, and air conditioning (HVAC) systems become more popular.
Heat pumps can be used instead of traditional air conditioners and provide both heating and cooling. There is a good chance that the return on investment will be more than 100%, which is a pretty big deal.
Midrange Kitchen Remodel (86% ROI)
Having a modern, well-equipped kitchen may provide enjoyment to even the most routine duties, such as cooking dinner or entertaining guests. This is a key selling point for the property as well.
The cost of a 200-square-foot kitchen redesign in the middle category with 30 linear feet of counters and cabinets is highlighted in the report. It involves changing the countertops, refacing the cabinets, and painting the walls.
The cost will vary if you plan to replace your old appliances with more energy-efficient models. The majority of your return on investment from your purchase will come from your aesthetic changes like kitchen cabinetry, excluding the expense of new appliances.
Vinyl Siding (95% ROI)
If the siding on your house is old and peeling, even a beautiful, well-maintained house will look beat up. Along with being cheaper than fiber-cement siding, vinyl siding may give you a better return on your money. If you want to sell your 1,250-square-foot home, you can expect to get back about 95% of the money you spent on siding.
Fiber Cement Siding (89% Return On Investment)
New fiber-cement flooring on an area of 1,250 square feet of an average-sized house would cost $19,361, but you can expect to get more than three-quarters of that money back when you sell the house. The fractions used to measure thickness are 4/4 and 5/4, and this update has both of them.