Many homeowners take pride in the appearance of their homes, but after a while some homeowners become bored or dissatisfied with the look or layout of certain areas. This desire to create something new within your living space leads to a variety of remodeling projects that not only improve the look of your home, but also increase its resale value. Home remodeling projects are often big endeavors that can cost thousands of dollars, which makes it important to choose the right remolding project that will add value to your home.
The following are four large remodeling projects that can add the most resale value to your home, with statistics taken from the 2014 Cost vs. Value report.
1. Kitchen Remodeling
Full kitchen remodeling projects that require the area to be gutted and rebuilt usually add some value to your home, but you can greatly increase the resale value by as much as 102 percent with projects that are slightly smaller than a full remodel. You can completely revamp the look of your kitchen by replacing cabinet doors, countertops, appliances, and sinks with new products for about two thirds the cost of a full kitchen rebuild. It is wise to spend no more than about 20 percent of your home’s total value when remodeling your kitchen because any spending beyond this will not be compensated by the resale value.
Mt. Prospect Kitchen Addition with Walnut Cabinets
2. Bathroom Renovation
Bathrooms are the most heavily remodeled areas of a home behind kitchens. A clean, well-designed bathroom can be a major selling point for a home. An effective, yet relatively inexpensive way to update the look of your bathroom is to repaint, retile, and replace the fixtures which will help keep your budget under $15,000 and bring a return on investment of around 103 percent. If you have multiple bathrooms, take some time to consider your options and choose projects that will bring the most benefit.
3. Basement Remodeling
If your home has an unfinished basement, you can add significant resale value to your home by remodeling the basement into a usable space. Remodeling an unfinished basement into another bedroom or living space is guaranteed to bring a return on investment because you are repurposing an existing space inside your home. Finished basements can have a return on investment of up to 74 percent but the exact amount may vary depending on the size of the basement.
More often than not, attics are disregarded when determining the value of a home because they are commonly just used as storage space. Renovating the interior of your attic into a functional living space adds purpose to the attic and resale value to your home. The return on investment for renovating the attic into a bedroom can be as high as 98 percent because much like the basement, you are repurposing an already existing space inside your home.
There are also many small, inexpensive changes that you can make to your home. Replacing doors, windows or the siding of your house will also increase its resale value. However, the four large remodeling projects discussed above can bring the highest return on investment in terms of resale value. Each of these remodeling projects can get expensive without smart budgeting so it is important for homeowners to choose their projects wisely, create a realistic budget, and hire a home remodeling expert for professional assistance. Talk to an experienced professional from Patrick A. Finn Custom Homes and Remodeling about your next remodeling project.