Renovating your home can bring sentimental and financial value to your property, no matter which projects you undertake.
Although all home improvements can make your living space more comfortable and increase your property’s value, certain upgrades hold more value than others.
This guide will help you identify the top 3 home renovations that can increase your home’s value and recommend where to obtain them.
Let’s begin!
Kitchen Remodel
A kitchen remodel is one of the most popular home renovation projects that add value to a home. Not only does it make the kitchen look and feel more modern and stylish, but it can also increase the value of your home by up to 20%.
If you’re thinking of doing a kitchen remodel, there are a few things you need to keep in mind.
- To start planning for your kitchen renovation, it's important to consider your budget. Since these projects can involve many upgrades, they tend to be more expensive than other types of renovations. Be sure to set aside enough funds to create your dream kitchen without compromising on functionality or quality.
- When remodeling your kitchen, think about the layout. If you have enough floor space, you might want to add an island or a breakfast bar. But keep in mind that changing the layout will increase the cost of your remodel.
- To complete your kitchen remodeling, it is important to select suitable materials. The commonly used materials for a kitchen renovation are quartz for countertops, tile or LVP flooring, energy-efficient appliances, semi-custom cabinets, and tile backsplash.
- Calculate a budget based on your estimated home value to avoid overspending on your kitchen remodel. This will ensure your investment in the remodel is worthwhile.
The ROI Of A Kitchen Remodeling Project
The amount of return on investment (ROI) you can expect from a kitchen remodeling project depends on factors such as the remodel you choose, the materials you use, and the location of your home.
Kitchen remodels usually have a high return on investment. According to a survey conducted by Houzz, homeowners who remodeled their kitchens received an average of 81% of their investment back when they sold their homes.
Homeowners can expect to receive a resale value of $810 for every $1,000 spent on a kitchen remodel when they sell their home.
There are several reasons for the high ROI of kitchen remodels:
- The kitchen is a crucial room in a home and can be a significant factor for potential buyers when considering a home.
- One of the most sought-after home renovations is a kitchen remodel. This type of renovation does not only enhance your home's resale value, but it can also create additional living space.
- Investing in a kitchen remodel tends to be more costly than other remodeling projects, but homeowners can expect to receive a higher value in return for their investment.
Bathroom Remodel
Remodeling your bathroom can increase your home’s value by up to 15%. It’s a great home renovation project to consider.
There are a few things you need to keep in mind when planning a bathroom remodel.
- The room should have proper functionality and always remain clean while also being comfortable and welcoming. It's important to prioritize a beautiful and timeless design that includes features matching your lifestyle and high-quality materials that require minimal maintenance.
- To create a luxurious atmosphere in your space, we suggest selecting high-quality materials. Consider using quartz or granite for countertops, custom vanities, and large porcelain tiles for flooring. If your budget allows, include a glass walk-in shower and bathtub.
The ROI Of A Bathroom Remodeling Project
Compared to other home renovation projects, including kitchens, the return on investment for a bathroom remodel is usually higher. This is due to the fact that a bathroom is often considered one of the most essential and frequently used rooms in a home, and making it both attractive and functional doesn’t necessarily require extensive upgrades.
Typically, homeowners can expect a return on investment (ROI) of more than 70% if they complete a bathroom remodel before selling their home. In other words, for every $1,000 spent on the remodel, homeowners can expect to recoup about $700 when they sell the home.
Remember, we’re specifically discussing the main bathroom as a home renovation project. However, other bathrooms, such as powder baths, guest baths, or second-floor baths, can also be worthwhile remodeling projects to consider.
There are several reasons for the high ROI of bathroom remodels:
- Bathrooms are frequently one of the most utilized spaces within a residence. While they may be a significant selling point for potential homeowners, an outdated bathroom can also be a bargaining chip for negotiating a lower price.
- Bathroom remodels are highly sought-after home renovations due to their potential to increase resale value and improve the appearance of a home. This creates demand among homeowners for bathroom remodeling services.
- Investing in a bathroom remodel can give homeowners a great return on their investment because it is typically less expensive than other remodeling projects while still adding value to the home.
Basement Remodel
Remodeling projects are carried out with expertise, so they’re not a great option for the average DIYer. You’ll need to mess with electric wiring and plumbing, install new floors, and perform a series of other tasks best left in the hands of experienced contractors.
From painting to installing trim work, renovation project tasks can be tackled by a motivated homeowner with a bit of time and skill. While checking your local regulations is important, many communities allow unlicensed homeowners to take on certain renovations.
Just be sure to leave the heavy-duty projects, like pouring a new foundation or framing a roof, to the pros.
The ROI Of A Basement Remodeling Project
Remodeling your basement can significantly increase the value of your home, potentially up to 30%.
Typically, after finishing a basement remodel, homeowners can anticipate an ROI of more than 70% when they eventually sell their home. To clarify, this means that for every $1,000 spent on the remodel, homeowners may expect to recoup about $700 when they sell the property.
Younger buyers often consider old basements as a waste of space and may request a lower price. However, remodeling the basement can add extra living square footage that can benefit you even if you’re not planning to sell the property.
Other Home Renovations That Add Value
- A new garage door
- A fire pit
- Refinished hardwood floors
- Adding a swimming pool
- Replacing the front door
- New home siding
- New attic insulation
- A fresh coat of paint on walls
- Adding smart devices around the home
Conclusion
Here are the top 3 home renovations that can increase the value of your property. It’s up to you to decide what to do with this information, but it’s recommended that you take action based on these insights.
- If you plan to sell the house, a major kitchen remodel with mid-range upgrades will bring the most ROI and will be the best investment you can make.
- Both kitchen and bathroom remodels are larger projects that bring a higher sentimental value. They're worth the investment if you want to make your home more welcoming and comfortable.
- Remodeling old basements is necessary at some point, as they can't stay in their original state. These offer a great ROI.
Here at JN Tiling And Construction, we offer professional basement, bathroom, and home remodeling services for homeowners in Fort Wayne, LaGrange, and more of Northeast Indiana.
Our services come with cost-effective solutions, affordable prices, a smooth and fast remodeling process, and exceptional customer service to make your experience with us unforgettable.
Call us today at (260) 316-4537 to find out more about home renovations that add value to your home, or request your free quote and get your project started right now!