Can a remodel project add to the value of your property?
When you are considering upgrades to a home and the possibility of selling somewhere down the road you will have to consider your return on investment. Any upgrade should be weighed with this return on investment in mind. There are some home remodel projects that will add more value to a home and some that may look nice but will not necessarily increase the bottom line.
Most everyone agrees that home improvements add value both for the present owners and for when it’s time to sell. In a survey from Sherwin-Williams and National Association of The Remodeling Industry (NARI), more than a third of homeowners (35 percent) view remodeling as the most efficient means of increasing home value.
Here is a list of common home improvements and the potential return on investment. Remember it is going to depend on several factors so this is a simple guide.
Major bathroom remodel
Among those surveyed by Sherwin-Williams and NARI, the bathroom is the top choice for a remodel. A bathroom overhaul costing $13,000 can add $11,000 to a home’s asking price, an 85 percent ROI.
Major kitchen remodel
In a survey commissioned by MasterBrand Cabinets, 27 percent of homeowners planned to spend between $10,000 and $24,000. And 35 percent of those remodeling kitchens were doing so to invest in the long-term value of the home. Homeowners who shell out $54,000 on a kitchen remodel can count on adding about $44,000 to their home’s asking price, for a 81 percent ROI.
A renovated basement can become an in-law suite, add guest or family bedrooms or even bringing in rental income before the home is sold. A basement remodeling project costing $57,000 can add $45,000 to a home’s asking price, for a 79 percent ROI.
A new deck is impossible to forget when potential buyers are touring a home, and for those costing about $15,000, they add about $11,000 to the asking price, for a ROI of 73 percent.
As you can see in these common remodeling projects the investment return can pretty substantial if you do the job correctly.
On other point to add is that hiring a professional company that can help you design the remodel ahead of time can save you a lot of time and headaches down the road.
A professional can help focus on what is going to work and what is just going to be difficult, cause delays and cost you more money in the long run.
If you are considering a custom remodel project and you live in the Minneapolis Saint Paul area contact CT Construction. CT Construction has experience in designing and implementing the complete remodel of your home. From single remodel projects such as Kitchens or Baths to Whole additions as well as custom new construction.
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