In a fickle market, selling your home can be frustrating! How do you guarantee a return worthy of listing your home, staging it to sell, accommodating countless showings and more? You remodel! While remodeling is a great way to differentiate your home from the rest, it is time-consuming and doesn’t always yield the results you expect. However, when done strategically, it can be a great investment. Which remodels yield the most significant return on investment? We’ve got the answers! According to the National Association of REALTORS® 2017 Remodeling Impact Report, these 12 home remodeling projects, in order of most to least appealing, are among the best to add value to your home at resale.
Complete kitchen renovation
Cost estimate: $65,000
Return estimate: $40,000
Return on investment: 62%
Kitchen upgrade
Cost estimate: $35,000
Return estimate: $20,000
Return on investment: 57%
Bathroom renovation
Cost estimate: $30,000
Return estimate: $15,000
Return on investment: 50%
New wood flooring
Cost estimate: $5,500
Return estimate: $5,000
Return on investment: 91%
Add new bathroom
Cost estimate: $59,000
Return estimate: $29,750
Return on investment: 50%
Hardwood flooring refinish
Cost estimate: $3,000
Return estimate: $3,000
Return on investment: 100%
New master suite
Cost estimate: $125,000
Return estimate: $65,000
Return on investment: 52%
New HVAC unit
Cost estimate: $7,475
Return estimate: $5,000
Return on investment: 67%
Basement conversion
Cost estimate: $40,000
Return estimate: $25,000
Return on investment: 63%
Closet renovation
Cost estimate: $3,750
Return estimate: $2,000
Return on investment: 53%
Insulation upgrade
Cost estimate: $2,100
Return estimate: $1,600
Return on investment: 76%
Attic conversion
Cost estimate: $75,000
Return estimate: $40,000
Return on investment: 53%
These home remodeling projects will guarantee you the most significant return on investment when it comes time to sell your home! Plus, in the meantime, you’ll get to enjoy the newly renovated space.
Do you have any questions about any of these renovations? Or, are you looking for a list of maintenance vendors in the area to help with the project? We’re here to help in any way we can! Give us a call today!
We know home improvement projects can be pretty costly. While that is true, there are some renovation projects that offer a significant return on investment. If you are considering completing a renovation project on your home, here are five of top renovation projects that will increase your home’s value:
Replace Your Front Door
First impressions do matter. Consider replacing your front door with a brand-new one that increases your home’s curb appeal.
National Median Cost: $2,000
Return on Investment: 75%
Upgrade Your Kitchen
Renovating the kitchen, one of the most popular renovation projects, can get out of hand. However, it doesn’t have to. You don’t have to go all out on a kitchen remodel to increase your home’s value. A minor kitchen remodel – re-facing instead of replacing cabinets, and adding new flooring, countertops, and appliances – can drastically increase the value of your home, while keeping the renovation cost to the minimum (for a kitchen).
National Median Cost: $30,000
Return on Investment: 67%
Deck and/or Patio Addition
According to a 2014 Home Trends Survey, having an outdoor patio and/or deck is becoming increasingly more popular. Why is this? Because adding a deck and/or patio adds living space at an extremely low cost! Plus, who doesn’t like a little fresh air?
National Median Cost: $8 to $35 per square foot
Turning an Attic into a Bedroom
Do you want to add a new bedroom to your home, but worried a bedroom addition would cost too much? Turning your attic into a bedroom is the solution! Converting your attic space keeps your remodeling costs under control because you don’t have to add on to your home’s footprint – all you have to do is remodel the current space into a livable space. However, be sure to follow the code restrictions for converting an attic into a bedroom.
National Median Cost: $65,000
Return on Investment: 94%
New Garage Door
Replacing your home’s garage door adds value to your home while also increasing your home’s curb appeal. Completing this renovation is genius if you are thinking about selling your home soon.
National Median Cost (2-Car Garage): $2,300
Return on Investment: 87%
Now, keep in mind these numbers are the AVERAGE cost and ROI, they are not the exact value you will spend on the project. Some projects may cost more and others may cost less. It all depends on the materials and the contractor you choose for the job.
Are you looking for a contractor to help with your renovation project? We have an extensive database of contractors and home maintenance experts we trust in the Georgetown and Williamson County area. Give us a call; we would be happy to send you our recommendations.
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