The Most (and Least) Valuable Home Renovations

March 19, 2020 –

Cooped up at home with nothing to do but watch reruns?
Start planning your next remodeling project.

 

If you are stuck at home and running out of Honey Dos or getting sick of watching reruns of The Simpsons, Friends, or Cheers, this could be the perfect time to plan your next home renovation. When deciding which project to tackle, don’t forget to consider which jobs will add value to your home—and which could devalue your property when you put it on the market!

The Winners

Here are the best projects to consider, according to Architectural Digest.

Bathrooms. The single best remodeling project that adds value to your home is to upgrade your master bathroom. The average Return on Investment (ROI) for a bathroom renovation is 171%, meaning you get $1.71 back for every $1 spent. Some good options to consider include painting, replacing cabinetry and flooring, and installing energy-efficient lighting. Double sinks, low-flush toilets, and modern heating elements will also pay off. When planning, make sure the new design aesthetic fits with the rest of your house.

Windows. Replacing old windows with new, modern, and energy-efficient windows have long been a good investment in a home. New windows can also provide greater security for your family. The average ROI for a mid-range upgrade is 115%, while stepping up to upscale windows provides an ROI of 102%.

Siding, Roofing, & Gutters. Siding can take a beating over the years—from hail, ice, and aging. Its appearance has a significant impact on the overall curb appeal of your property. The ROI on replacing your siding is 93% so you don’t recoup all your investment. On the other hand, curb appeal affects how many offers you receive and how quickly you can sell your home when the time comes. The ROI on replacing damaged roofs or inefficient gutters runs between 80% and 90%. Of course, diligent maintenance of all three of these critical components of your home’s infrastructure can reduce or even delay the cost of replacing them.

Kitchens. Custom kitchens are one of the most popular projects, but the ROI is only 51% for upscale renovations and 52% for mid-range remodels. If you are going to be selling your home soon, you might want to focus elsewhere since kitchen designs are very subjective and can be expensive. However, if you plan on staying in your home for a few years, a kitchen makeover may be critical to the quality of life you provide your family. Just keep in mind that the next owners may have a very different lifestyle so they may not value the bells and whistles you considered ?must haves.”

And a Dozen Popular Fads You Should Avoid

There are several “hot” trends right now that can actually devalue your property, according to Rated People. So, if you want to follow the fashionable and complete one of the following projects, you will want to consider “undoing” that work prior to putting your home on the market:

*Painting a room dark blue or dark gray

*Replacing all bathtubs with showers

*Painting kitchen cabinet doors dark blue or dark gray

*Painting bathroom fixtures black

*Painting floorboards any color

*Painting window frames dark gray

*Installing patterned floor tiles

*Installing tiling in living spaces

*Installing copper taps in kitchens

*Leaving original sash windows in place

*Combining white metro tiles with dark grout in bathrooms

*Converting to open plan layouts

 

If you are interested in discussing the pros and cons of a remodeling project you are considering, give me a call. As both a real estate agent and a general contractor, I have a unique combination of expertise and perspective that I am happy to share with you when it comes to balancing your current lifestyle and protecting the value of your largest investment.

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