Remodeling ROI: How to Get the Biggest Return from Updating Your Home

With more people spending time at home than ever before, remodeling is a very big trend among homeowners. Yet not all remodeling projects are created equal. There are a few factors to consider when deciding what spaces you should update and how to do it.

Not all home updates translate to increased home value. If you are focused on improving your home with resale in mind, you’ll want to focus on the highest-impact updates. If, however, you’re planning on living in your home for many years still, then you’ll want to consider factors beyond investment alone.

An equally important consideration to remodeling is the increased pleasure of living in your home. From customized features and colors to added functionality, you want to enjoy your home while you live there, not simply wait out the time until you move to the next place!

Remodeling is a juggling act– balancing your dreams, skillset, and finances! So, we’ve created a manageable list that will guide you through what things cost and how much you can expect to get back on your investment.

First Impressions Are Everything

While most home buyers begin shopping online and view pictures of the entire space, there is a critical moment when they drive up to your home and determine if they might like to live there. Potential buyers usually decide if they like a home within the first 30 seconds of seeing it, so great curb appeal is a must if you plan on getting the highest possible price for your home.

There are a few key things to pay particular attention to in the local housing market. First, think about the last time your home was painted and the current condition of the stucco and other outdoor features. Nobody wants to deal with peeling paint or cracked and chipping hard surfaces.

Next, the blazing summers also make it difficult for many families to enjoy their yards. Adding features like a pool or shaded area will undoubtedly be worth the investment!

  • Exterior paint
    • Average Cost: $4500
    • Average Return: $3k
    • ROI: 66%
  • Pool
    • Average Cost: $40k
    • Average Return: $40K- dependent upon geographical location
    • ROI: 75 - 100%
  • Covered Patio
    • Average Cost: $6k
    • ROI: Up to 80% for a quality job

Updated kitchenPrioritize Updated Kitchens and Bathrooms

The old saying of “Kitchens and bathrooms sell homes” still rings true, even in our current housing market. There are the rooms where people spend the most time, so updates in both spaces will definitely pay off.

Kitchens specifically will benefit the most from flooring, paint, and cabinetry updates. Everyone wants a lot of space to cook, do homework, and gather with family and friends, so it’s a great idea to review available counter space and think about adding or reconfiguring an island.

Bathrooms require both durability and beauty. Tiled showers are making a classic comeback over the acrylic tub/shower inserts. Closed shelving and plenty of vanity storage allow for organization and styling opportunities. Finally, pay special attention to the vanity lighting and mirror to maximize the space

Basic Kitchen Renovation Costs:

  • Average Cost:  $25.4k
  • Average Return: $18.5k
  • ROI: 72%

Basic Bathroom Upgrade:

  • Average Cost: $23k
  • Average Return: $18k
  • ROI: 78%

Floors are the Foundation

You’ve seen home renovation projects where simply taking out dingy tile or downtrodden carpet immediately lifts the room. And the best part is that replacing flooring is a relatively inexpensive project, with more flooring options available at every price point than ever before!

Choose flooring that will fit with the overall aesthetic of your home, but also stand the test of time. Warmer climates often call for tile or tile alternative flooring such as luxury vinyl. Homes in cooler climates do well with cozier flooring options like hardwood, hardwood alternatives, or carpet.

  • Average cost of new flooring (tile, wood, laminate): $7,500+
  • ROI: Up to 80%

New Paint, New Room

While flooring grounds the room, the color of your walls largely determines the mood and function of the space. The colors you choose will bring out different emotions and have an overall impact on how you feel in the home.

For example, blues and purples encourage relaxation, while reds and oranges call for attention. Stay away from the rustic golds, oddly bright hues, or taste-specific murals and aim for light and neutral colors to help increase resale value.

Professionally Painted Large Room:

  • Interior Average Cost: $970
  • Return: $2k
  • ROI: 107%

Remodeling? Let Us Help!

It’s always a challenge to balance the essentials of a worthwhile remodel: function, design, and return on investment. It takes a well-trained eye on current design prices, a pulse on the real estate market, and an honest opinion on the skill level and cash required to pull off a project.

At Macy Lane Designs, we specialize in partnering with our clients, allowing them to drive the project but lean on our years of experience. We will enable you to bring a well-constructed plan to your contractor, which means you can be confident that you are spending your money the best. Contact us today for a free consultation!



Macy Lane Designs © 2024 - Privacy Policy
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram