Best ROI Home Improvements for Your Home

Home improvement projects can be a profitable investment for owners of luxury homes in Greenwich, Connecticut. Located on Connecticut’s Golden Coast, Greenwich offers residents and visitors alike numerous ways to experience New England’s sought-after attractions, from boating along Greenwich Harbor’s breathtaking vistas and soaking up the sun at Tod’s Point to connecting in nature at Bruce Park to indulging in fashion-forward retail on Greenwich Avenue.

This coastal community is home to a robust financial industry, and both business professionals and city-goers alike can access New York City’s urban conveniences in just 50 minutes by train. The area’s prime location, desirable amenities, and thriving housing market make Greenwich luxury real estate especially valuable. As such, homeowners looking to revamp their space or increase their return on investment before selling may look to home improvement projects to reach this goal. Home improvement projects can be a profitable investment for homeowners, increasing the resale value of their property. However, with an array of projects readily available, it may be hard to determine the best ROI home improvements for your home. In this guide, we’ll discuss how you can elevate your property’s appeal and create a positive return on investment.

Installing new hardwood or updating existing flooring can be a profitable investment for homeowners. If your home already has existing hardwood floors in reasonably good condition, basic maintenance like professional cleaning surfaces and refinishing can have your floors looking brand-new. Refinishing typically requires minimal cost out of pocket and ensures a high return on investment, with many exceeding 147% in cost recovery.

Installing hardwood floors is also worth considering if your home doesn’t already have them. New flooring using exclusive materials can provide a high return on investment of 118% and even result in a quicker sale.

Hardwood floors can also improve your overall living experience. With a classic and timeless style, hardwood floors are often considered a staple of luxury homes and provide a blank slate for a variety of design trends.

Whether you host many gatherings or simply want to spend more time in nature, transforming your patio, deck, or porch into an outdoor oasis is a great way to increase your return on investment. Simple home improvement projects such as refinishing a deck, basic lawn maintenance, or replacing outdoor furniture can go a long way in elevating an outdoor space. For ultimate leisure and relaxation, consider screening in your back porch, adding an outdoor kitchen to your patio, or power washing the walkways around your pool. To prepare for cold Connecticut winters, add heating to your outdoor spaces.

This is also a wonderful time to focus on your home’s curb appeal. To make certain your property looks its best, give the front door a new coat of paint in a bold color, put down fresh mulch in existing garden beds, plant native flowers, and remove any branches or leaves from the yard.

By improving your outdoor spaces and enhancing the curb appeal of your home, you’ll have increased your return on investment and prepared your property for listing should you need to sell in the future.

Smart home technology has rapidly grown in popularity over the past several years. With the latest innovative trends, homeowners can stay connected to their homes, no matter where they are. If you hope to increase your ROI, now would be a wise time to install smart technology into your home. Smart homes are typically outfitted with a central hub controlled by the owner. When browsing for systems, look for ones that use motion sensors, voice commands, and heating and air control.

Equipping your home with technology can go far beyond a central system, though. From stoves that turn on with a tap from your phone and house-wide sound systems to light fixtures that brighten with a simple word, the possibilities for transforming your space into a convenient one are endless. Not to mention that many luxury homeowners expect smart technology, so if you’re considering selling your property soon, it might be time to upgrade.

Incorporating energy-efficient systems into your home is an excellent way to increase your ROI. Many buyers seek properties that use green energy and sustainable materials to reduce their carbon footprint. Take advantage of this push by adding solar panels and geothermal heating and cooling systems to your home. Not only are green energy homes friendly to the planet, but they can also save you a lot of money on electricity and water bills in the long run.

Shop around for eco-friendly appliances. Look for refrigerators, freezers, and dryers that use less energy to run. When browsing new washing machines, look for ones that use less water during cycles.

The kitchen is one of the most essential spaces in a home. It’s where homecooked meals are created and the focal point of many holiday festivities and parties. Because of this, both minor and major kitchen renovations often lead to a significant return on investment, with complete kitchen remodels yielding a 75% cost recovery and minor kitchen upgrades recovering a heaping 67% of their cost.

Like with any home improvement project, you’ll want to consider your budget. Crunch numbers to ensure you can equip your kitchen with quality, top-of-the-market materials, such as granite countertops, custom-made cabinets, and new backsplash.

Lisa DeFonce is an experienced Greenwich realtor specializing in luxury real estate. As a top industry expert since 1997, Lisa leverages her local expertise to help buyers, sellers, and investors reach their real estate aspirations. From narrowing down home searches and providing top-tier communication to integrating data-proven marketing tactics and drafting competitive and attractive offers, Lisa’s array of top-tier services allows her to guide clients to the closing line. If you’re interested in buying or selling your Greenwich luxury real estate or want to know more about ways to increase your ROI, contact Lisa today.