Which projects add the most value to your home?
We get asked this question all the time. Our answer is always the same. Kitchens and bathrooms! These are the most expensive spaces in your home. When selling your home, these are the rooms that will bear the most weight in buyer decisions, as well. People want to keep things simple, want cutting edge, lots of storage, high end, super finishes. Great places to do this is in kitchens and bathrooms. Remodeling these spaces reap monetary benefits when done well. According to the Cost vs. Value Report published in the January 2016 issue of Remodeling Magazine, they reinforced that the simpler and lower cost projects reaped the bigger cost – value ratios. Meaning, the simpler projects were faster to return the homeowners’ investments.
When you involve the right bathroom contractors, a small or minor bathroom remodel can provide you with dividends. The Cost vs. Value Report ranked minor bathroom remodels at a 65.7% return on your investment after a single year. Wait a little longer, and you should experience a little better return.
Since the beginning of time, the kitchen has been the heart of the home. Because the kitchen is the center of the home, a kitchen remodel can also increase the design, function and the value of a home. Whether your kitchen plans include a whole kitchen makeover or just a face lift, you can add value by changing the smallest things all the way up to the largest things. Minor kitchen remodels weighed in on the Cost vs. Value Report as providing an 83.1% return on investment after a single year, one of the highest project returns. A major kitchen remodel weighed in as providing a 64.9% return after that same single year.
Additional perspective and advice outside of the obvious kitchen and bathroom is to also put your money in the envelope of your house. This means, new windows, new soffits, new siding, new roofing, new fascia because that is where your house will take a beating. The current technologies of today are phenomenal. You can refinish the exterior of your house today with maintenance-free materials increasing your home’s value while decreasing your own hassle factors. Our advice is to protect the structure of your house if you want to protect the value of your home.
There are other improvements that are important to do to maintain your home, but don’t necessarily reap you return on your investment. Replacing floors, painting, installing new carpet are things that are necessary evils, but secondary when it comes to return on investment.
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