Real estate expert and author of Find It, Fix It, Flip It! Michael Corbett was on Fox and Friends last week to discuss home improvements that yield the best financial returns. He discussed how making wise renovations on your home can be the difference between spending money and building an investment in your home. Many of the investments suggested are excellent low cost alternatives to making major renovations, which is ideal for renting-to-own. For people entering Rent-to-Own agreements, making improvements and building equity in your home is one of the better incentives of getting into your home rather than renting.
Developing your yard with flowers, hedges, shrubs, gardening and more gives some is a comparatively inexpensive way to quickly grow the value of your home.
Upgrading your exterior lighting is a great way to show off the style and versatility of your home. Well selected lamping highlights handsome features of your home, and can make a statement all on its own.
Minor kitchen remodel.
Making a few additions to your kitchen is a great way to get a good return on your renovation. A few small upgrades in appliances or cabinets, kept beneath $15K, can yield a handsome reward if you go to resell. Small upgrades can bring about up to a 98% return, according to Corbett.
People love outdoor space. Adding decks or patio seating areas to your property extends amount of living room in your home. Wood or slate, keep your costs under $11K and you’re building into an investment while you enjoy the afternoon outside.
According to Trulia, marble baths are among the hottest additions to homes at the moment. For people looking for a little extra luxury in their lives.
Make the most out of your outdoor spaces with an outdoor kitchen. A great way to give a cool new space for family and friends to congregate outside the confines of the home.
Because who doesn’t need more storage? Adding storage to your home is an easy way to expand equity.
Big kitchen remodel. Dumping a lot of money into a kitchen remodel is completely unnecessary. Most people will want to redo the kitchen on a new purchase to suit their aesthetic and cooking needs anyways, so keeping a kitchen modern on a budget is ideal.
Room additions. Adding a new room to an existing home is a money pit. Often contractors will run over budget or overcharge, and Michael Corbett notes that additions statistically only bring on a 63% return. That’s nearly half of your investment gone.