Sometimes you need to update your surroundings with a new aesthetic. Remodeling can give you that same thrill as when you first move into a new home, and it can also offer you financial benefits. Certain remodels are a better investment than others, however, so carefully consider what you choose to remodel in order to increase your home’s value.
A kitchen remodel is a great choice, and is a favorite with real-estate agents and potential buyers. Complete kitchen remodels offer a return of investment (ROI) of 62%, so if you spend $65,000, for example, you can realize a $40,000 increase in value. You will need to decide how specific upgrades, such as granite or marble counter tops fit into your remodeling budget. It is also a good idea to know the comparable value of homes in your area, to avoid spending more on the remodel than you will actually see in a return.
Landscape and Curb Appeal
Improving the outside of your home is critical, since this is the first thing a potential buyer will notice. A fresh coat of quality paint for the outside of your home can translate into as much as 110% ROI. Consider freshening up your garden and making sure the lawn is well maintained. Outdoor spaces are currently in demand and are a great reselling point. If your budget allows consider upgrading your outdoor patio area or deck space.
Replacing your carpeted areas with wood flooring almost always pays off, with a 91% ROI. Hardwood floors cost around $2,000 more than carpet to install, but have a longer lifespan and are easier to clean. Laminates can be a less expensive and easy to install product, allowing homeowners to do the installation themselves.
Basement and Decks
Renovating a basement into a playroom or a leisure area can result in as much ROI as 63%, with an average increase of $25,000. This is a great option for increasing the living space without increasing the square footage. Adding an outside deck is also a desirable addition, as it’ll help you recoup up to 80% of your investment at sale time.
Whether you choose to remodel your kitchen, your bathrooms, or your basement, DESIGNFirst Builders will assist you in every step of the way to add value to your home. Call us now to schedule a free consultation.