Maximizing Value with Home Remodels: Which Projects are Worth It?April 11th, 2023
If you’re considering a remodeling project for your home, chances are you want to ensure the investment is worth it. Whether it’s a kitchen upgrade, switching up your floor plan, or completely renovating your bathroom, several projects will increase the value of your home and make you feel more comfortable living in it. Based on our experience, we’ve compiled a list of projects that increase your home's value while offering the best return on investment.
The kitchen is one of the most important rooms in any house, and updating it can bring huge value to your home. According to Remodeling’s cost vs. value report, kitchen renovations are almost sure to bring you a return on investment (ROI) rate or recouped costs of 50% or higher. A minor kitchen remodel brings recouped costs of 57%. This includes minimal renovations such as updating cabinet hardware, replacing outdated appliances with energy-efficient models, and changing the kitchen’s ambiance with a fresh paint job. Major midrange remodels can bank on a 71% recouped cost. This level of renovation requires more work and can include adding a small island for additional counter space or customized cabinets. Updated flooring and custom lighting are typically added to transform the room completely. A full-scale luxury kitchen focuses on elevated touches and unique details. Rich materials like stone and marble for countertops, along with real wood flooring, are utilized at this level of remodeling. Additionally, customized accessories like sliding shelves and a complete lighting theme are common to finalize and pull the kitchen together. This type of renovation sees recouped costs of 56%.
Adding Outdoor Living Space
Outdoor living spaces are becoming increasingly popular—and for a good reason! Creating a space for entertaining friends or relaxing on warm summer evenings can be incredibly enjoyable and significantly increase your home's value. Consider building a place to gather and host events. Adding additional living space like a deck could potentially see a return on investment (ROI) of 60%–65%, depending on the type of material you choose to work with. You could also create an outdoor patio with seating areas or install a fire pit for cozy nights by the fire. When navigating an outdoor remodel or adding fixtures to your home, keep in mind that the design style should match your home's existing exterior so that the two flow together and look like an extension of each other instead of looking like an afterthought.
Update Your Primary Bathroom
A bathroom renovation is an excellent opportunity to showcase smaller rooms having a greater impact. If you're looking to increase the value of your property, a bathroom remodel is one of the best overall investments—often yielding a 50–55% return. Upgrading your bathroom provides a great boost to the appearance of your home and causes an increase in your property value. You can opt for a simple refresh, including things like new fixtures, paint, tiling, and accessories, or go all out by adding an ensuite to the master bedroom. However you choose to update, tackling a bathroom renovation is becoming an increasingly popular way to boost the price of their homes.
Smart Home Technologies
Smart home technologies are becoming the new standard for home remodels due to their benefits and affordability. Updating your home with WiFi thermostats or security systems is an easy way to impact the desirability of your home for the least amount of money. Additionally, they give homeowners peace of mind by providing extra safety features. Other technologies like smart lighting, kitchen appliances, and water features add a touch of luxury to the aesthetics and convenience of the home. A lighting theme brings life to a room through voice commands or touch. Smart kitchen features like faucets help with hand-free automation and easy cooking experiences. Smart homes are the way of the future, and adding technology to your home now allows you to stay ahead of trends and make your home more marketable.
Functional Floor Plan
Creating a functional floor plan is always a smart move to add value to your home. You always have the option to play around with existing rooms within your home, but you can also take this a step further by demolishing walls to open up your floor plan. There are ways to create closets, pantries, and bathrooms within the space that you already have. Additionally, an unfinished basement is a great way to add liveable square footage to your home. Homeowners aren’t always aware of the options for a floor plan update. Whether you’re looking to increase the living space in your home or find ways to maximize your area, a trustworthy contracting company is key. Working with a seasoned remodeling company can bring your vision to life and provide you with choices you otherwise wouldn’t have thought of while increasing the value of your home. Remodeling projects are great ways to add value and equity to your house. Not only will these repairs give you added comfort while living there, but they also have great potential to increase property value should you ever decide to sell down the line. Whether you decide to update certain aspects of your bathroom or kitchen or incorporate some modern smart home technologies into your house, these projects will bring you the best return on your investment. Download the Top Remodeling Trends in 2023 Guidebook to give yourself the most up-to-date ideas for bringing beauty, luxury, and new life to your home.
- Always keep ROI in mind when renovating your home
- The bathroom is the most popular room to remodel
- Kitchen renovations yield some of the highest returns
- Incorporate technology into your remodel to stay ahead of trends