There are many reasons why homeowners choose to remodel their homes. Generally, the main reasons are to improve the look and feel of their space, increase its value, and nowadays, improve energy efficiency. In extreme situations (such as natural disasters), homeowners may be faced with less cosmetic renovations that may include securing a foundation or improving the insulation. In any event, it’s important to assess the situation and ask yourself: “Which room do I need to renovate the most and will the renovation bring a maximum return on my investment (ROI)?”
Kitchen and bathroom remodeling still remain the most popular projects to budget and plan for, as financially savvy homeowners realize these projects will ultimately increase the value of their homes. In today’s competitive housing market, showcasing new kitchens and baths will help keep sellers in the game and keep buyers at your door.
The kitchen is often referred to as the “hub of the home,” where family and friends gather and spend most of their time. Today’s kitchen renovation experts are seeing an increase in homeowners who want to transform their kitchen areas into an open concept space or great room, combining the kitchen and family room area. Additional storage, a working island, new countertops and cabinetry, as well as investing in new energy-efficient appliances are just a few other popular reasons to place on the list.
Bathroom renovations, although popular, are taking on a new twist in concept design. There’s no question the bathroom is one of the most used rooms in your home, not only by your family, but by your guests as well. Homeowners are embracing the bathroom as not just a room of necessity, but one of aesthetical comfort and luxury. The addition of better lighting, a larger window, a more modern shower, double sinks (and even a flat screen television) are just a few of today’s more popular bathroom tweaks.
So what will be the return on your investment (ROI) in these kitchen and bath remodeling projects? According to Remodeling magazine’s 2014 ‘Cost vs. Value’ national report, the average cost of a minor kitchen remodel in the US (that costs $18,856) returns 82.7% of your investment. And, a minor bathroom remodel that costs $16,128 returns 72.5%. These are national averages – as you would expect, the remodeling cost of a major renovation varies depending on the region (New England and the Pacific regions tend to have higher remodeling averages than say the Mid-Atlantic or Mountain regions, but they also vary based on the type of project).
Below is a list of projects that produce a great return on your investment:
- Steel front door replacements (costing $1,162) yield a 96.6% return
- Attic bedroom remodels (costing $49,428) yield a 84.3% return
- Garage door replacements (costing $1,532) yield a 83.7% return
- Minor kitchen remodels (costing $18,856) yield a 82.7% return
- Basement remodels (costing $62,834) yield a 77.6% return
- Bathroom remodels (costing $16,128) yield a 72.5% return
- Garage additions (costing $49,911) yield a 69.3% return
- Family room additions (costing $80,765) yield a 68.8% return
- Bathroom additions (costing $38,186) yield a 60.1% return
- Home office remodels (costing $28,000) yield a 48.9% return
Although front door replacements and wood deck additions can yield a high return on your investment, they are probably not at the top of a buyer’s must-have list, whereas kitchens and bathrooms typically are the biggest selling points for homes. So if you are going to sell your home at some point in the future, a kitchen and/or bath remodel will likely help you to do that. Don’t forget that it’s also wise to keep an emergency stash of cash for unexpected home repairs, which always seem to crop up at the worst times!
Check out Granite Transformations for all your kitchen and bathroom remodeling needs. We offer a wide variety of quartz, granite and recycled glass countertops, as well as mosaic tile backsplashes and cabinet refacing. You can sign up for a free in-home design consultation and get a free quote, plus a complimentary home remodeling Starter Guide.
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