When homeowners are considering a renovation, one of their first questions is how much to spend. And shortly after that is the critical question about the return on their investment. But there is no one size fits all answer to either of those questions. A great deal of the decision rests on your future plan for the house.
If you plan to put your home on the market soon, you will want to make improvements and renovations that will appeal to all buyers. However, if you plan to remain in the home, you will want to personalize the upgrades to meet your needs, taste, and desire. The experts at Renovation Pros are ready to assist you in planning either type of renovation to maximize your budget and the wow factor you are adding to the house. Below are a few general areas that most homeowners consider when renovating.
The Heart Of The Home
Your realtor will tell you that the kitchen is one of the two most important rooms in any house. According to Remodeling Magazine, an average kitchen remodel in the price range of around $68k will provide a better ROI than an over-the-top chef’s dream kitchen with a price tag closer to $140k. The less costly renovation will earn you about a 60% ROI, while the more costly will only recover about 50% ROI.
The Second Most Important Room In The House
Upgrading an existing bathroom to a spa-like retreat is typically pretty costly, coming in close to $70k. The return for that hefty investment is about 57%. However, a less extravagant renovation can be completed for about $22k and will return approximately 64%. For $50k, you can add another bathroom to draw many buyer’s attention and see nearly a 55% ROI.
Looking For Cash Outside The Box
Outdoor living space is a considerable draw these days. And when you want to add massive impact and curb appeal, landscaping and adding outdoor living space is the way to do it. Experts are touting that no matter what you spend on a new deck, you will see a 100% return. Another good investment is perking up curb appeal with fresh planting. Even a small investment of a few thousand dollars adds visual appeal and will come back to you 100%. Other high ROI exterior projects include a stone veneer with over 95% ROI and a garage door replacement with a 94% ROI.
The project to beware of is a swimming pool. While they are great to grab a potential buyer’s eye, they are not often willing to pay for the added feature. A pool near the $60k price will only deliver an ROI of 43%.
To begin learning more about home renovations and what is hot in your area, call 951-225-1570 to speak to the renovation experts at Renovation Pros. Our staff is happy to visit your home and discuss your ideas and dreams for the property and make a few suggestions that you might not have considered.