April 2022 Newsletter

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Renovations That Give the Best ROI

Whether you want to sell your house, rent it out or just have a better time in it, choosing what to renovate first in your home can be tricky.  But we got you covered! Here is a list of the renovations that will give back a great Return of Investment so you can be sure your remodels will be worth the time, investment, and effort:

Garage door and landscaping: Average cost: $3,600 - $5,000 ROI: 94 % - 100% One of the things you can spend a few dollars on but can make a real impact on your property is the garage door and landscaping. The way the property looks on the outside will make it more appealing to potential homebuyers and can make your coming home more pleasing and easy. Upgrade the garage door to a more functional one and trim your garden to make it look cleaner, you won’t regret it!

Bathroom Remodel: Average cost: $10,500 - $26,000 ROI: 93.2 % - 102% The 2 rooms people usually get the most excited about when buying/renting a house are the kitchen and the bathroom(s), so don’t hesitate to give it a little improvement! There’s no need to tear it down and redo it, but minor updates such as getting new vanity furniture and mirrors, changing the showerhead to a better one, and improving the lighting can really make the space feel more welcoming.

Kitchen Remodel:  Average cost: $15,000 - $40,000 ROI: 91% - 98.5% As mentioned above, the kitchen is key to potential buyers because it’s a place we spend a lot of time in. Whether you decide to go for a minor or a major renovation, kitchen improvements give a lot in ROI. You can go with changing appliances to upgrade the space or you can tear the whole space down, whatever you do will be a great way to add value to your property.

What NOT To Do... Now that you know where to start, be cautious to not go over the top. Some things you need to consider NOT doing are: Spending way too much time and money into any renovation. Do the math and don’t get in over your head. One tip is to spend only up to 10% of the property’s value on the kitchen renovations and up to 5% on the bathroom renovation. Adding a pool (if your goal is to resell the property). A pool will cost around $100K to $200K but it will only add about $10K in value.  Do any renovations before looking into what sells/rents in your area. For example, putting in granite countertops into a property that is located in a reduced income neighborhood would likely not give you the best ROI.

Jay Hartley MPM®, RMP®  Owner - Managing Partner Office | 817.377.3190 Direct | 817.288.5546 Frontline Property Management, Inc. 3000 Race Street, Suite 132 Fort Worth, TX 76111 Visit our Website

Disclaimer: This is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Consult with your own attorney, CPA, and/or other advisor regarding your specific situation.