Popular Home Renovations
Home renovation. You’ve either done it, you’re planning on doing it someday, or you know people who’ve done it. But where should you start? What types of renovations offer a good return on your investment? And which ones should you think twice about before heading in with the sledgehammer? Let’s take a look!
What Are the Most Popular Home Renovations?
1. Minor Kitchen Remodel
The kitchen is the heart of any home, & the great thing about a minor remodel (compared to starting from scratch) is the return on your investment. A minor remodel may be replacing cabinet doors, counter tops, lighting, flooring or appliances. The average cost is around $22,500, but your return on investment could be around 80%, so you’d get a lot of that money back when you sell.
2. Minor Bathroom Remodel
Bathroom remodeling is big business! Updates include refreshing shower areas, replacing vanities (or painting the existing one), new countertops, or adding fixtures and lighting. Aim for midrange fixtures— they have the same impact as the high-end options, but they won’t break the bank! House buyers love to see a bright, modern bathroom, which is why it’s such a popular room to renovate.
3. Basement Remodel
Basements are no longer just the setting for creepy scenes in horror stories! These days, they double up as game rooms, gyms or a place to set up your personal bar. The options are endless! But basements are a magnet for excess water, so you should have a pro inspect it for potential damage before you start remodeling so you can deal with any repairs.
4. New Vinyl Windows
Windows are important. After all, they protect your home from the elements! They also complete the look of your exterior. So if yours are worse for wear, replace them with new vinyl windows, which can cost about $17,000. And because new windows keep your house better insulated, your utility bills could also go down.
Popular Outdoor Renovations
Now for the outside of your house. American homeowners love landscaping, and they spent around $500 per household on it in 2018. Head to your local garden center for advice and ideas about how to spruce up your yards. Fresh landscaping makes a great first impression—and you know how important that is.
2. Outdoor Decking
Picture a beautiful summer evening. What better way is there to spend it than outside on your deck with family and friends? Outdoor living is so popular right now, so it’s no wonder patio and decking areas, and maybe a firepit are becoming more common. The average cost of a wooden deck is about $13,000.
3. New Front Door
Replacing your front door is an easy change that makes a big impact. A steel door isn’t as expensive as a solid wood one, but it can still make a stylish impression and offer a good return on your investment. For around $1,800, a steel front door gives your home an instant facelift.
What Renovations Add the Most Value?
Well, you can’t go wrong with any of the popular renovations we’ve covered so far. Remodeling rooms like your kitchen or replacing your windows will add value and give you good returns on your investment.
Here are more renovation ideas that are sure to add value.
1. New Roof
Check out your roof or get a professional to inspect it. How old was it when you moved in? The lifespan of a roof is around 25 years, so if it’s heading for that age, it’s time for a new one! If your roof is in bad shape, it’ll be harder to find home buyers. Who wants to buy a house knowing they’ll need to fork over tons of cash for a new roof as soon as they move in? The average cost to replace an asphalt roof is about $8 -10,000.
2. Attic Insulation
If your attic isn’t properly insulated, it’ll not only hit your pocket when you pay utility bills, but it could be a problem during a home inspection when it’s time to sell. You’ll probably pay around $1,000 for new fiberglass insulation, but it’ll add just as much in value—if not more—to your home!
3. Hardwood Flooring Installation
The average cost to add hardwood floors is around $4,500,but that all depends on how much flooring you want to install. However, hardwood floors definitely add value to your home. They last longer than carpeting, they’re easier to clean, and they look great.
How Do I Decide What Renovations My Home Needs?
Do start with a walk around your neighborhood. Look at what your neighbors have renovated. Home buyers will indirectly compare your house to the others nearby.
Do look at how much your home and other houses in your neighborhood are worth. That will help you make a wise decision about how much money to put into renovations.
Do spend time figuring out if you need a new roof, attic insulation, HVAC or new windows. These are important structural parts of a home you need to consider before adding luxury or decorative features. If you’re sure you don’t need to replace them, then move on to the renovations you have your eye on!
Don’t overspend on things like top-of-the-line appliances and imported Italian marble countertops when your home is only worth about $200,000.
Don’t go wild and buy a hot tub or an expensive fountain for your backyard when your neighbors’ yards are pretty modest. Yours will stand out—and not in a good way!
Don’t make any high-end upgrades without consulting the advice of a real estate pro if you’re renovating with intent to sell soon.
If you have home renovations in mind but you need an expert opinion, talk with a real estate agent.
They can help you decide which renovations could add value and pay off in the long run. They’ll also know about the types of homes buyers are looking for in your neighborhood.
Looking to renovate or sell? We would love to chat with you!
Kelly Maves, The Maves Group @ Coldwell Banker Distinctive Properties