It’s time! You’ve finally decided to renew your home. And without skipping a beat, you have the sudden urge to take a sledgehammer to your walls. WAIT! Before you get too hammer happy, let’s talk about which home remodeling projects actually pay off.
When it comes to remodeling a home, it can be surprising to some that the money put into a project isn’t entirely recouped when it comes time to transition to a new home. Even if you plan on staying in your home for years, it’s always a good idea to take on home remodeling projects that will increase your value and thus make the cost worth the investment. But if you plan to sell your home in the near future, cost versus value should be seriously taken into consideration on your remodeling choices.
Based on our years of experience combined with the Mountain Region’s 2020 National Average data, we’ve come up with the 4 best home remodeling projects that pay off!
1.Kitchen Remodeling
As our very own Adam Berlin says, “Rooms with running water have the best ROI (return on investment).” He’s right folks! Think about it. The kitchen is the heartbeat of your home. Not only do we prepare meals in our kitchen, oftentimes we gather, play games, drink wine, do homework or sip a delicious cup of coffee in the morning. Kitchen remodels can be broken down into a minor or major remodel. According to the Cost Vs. Value 2020 Mountain Regional Data, the cost of a remodel job can range anywhere from $22,472 for a minor remodel, to $132,112 for an upscale major kitchen remodel. So, which type of remodel garners the best return? A minor kitchen remodel has a 79.4% cost recouped, which means you will get 79.4% on your return in value. A major midrange kitchen remodel has a 58.1% cost recouped. A major upscale kitchen remodel has a 51.2% cost recouped. Take a look at some of our kitchen remodels by clicking the link below.
2. Bathrooms
There’s that running water again! Adam really does know best. Like your kitchen, bathrooms are a room you use daily for multiple reasons. Whether you are taking a shower or brushing your teeth, a nice, clean and gorgeous bathroom is always worth a remodel investment. Bathroom remodels can be broken down into numerous categories. But for the most part, the ROI on bathroom remodels hover above 52.0%. Bathrooms that are remodeled to be wheelchair-accessible, also known as “universal design,” have a return rate of 60.7%. The remodeling cost of a bathroom remodel can range from $20,390 to $64,570. It is important to note that a bathroom remodel is significantly less expensive than a bathroom addition. A bathroom addition can range from $47,055 to $87,681.
3. Master Suite Addition
Who doesn’t love a luxurious spa oasis? We certainly do. So much so that we dedicated an entire blog to it. Check it out here. Master Suite Additions are split by a midrange or upscale addition. A midrange addition has a 56.9% return on investment while an upscale addition has a 50.8% return rate. The cost range of a master suite addition can range from $130,278 to $269,574. Take a look at some of our bathroom remodels by clicking the link below.
4. Deck Addition
Are you considering a new deck addition? If so, we recommend it! Wood deck additions have a 70.1% cost recouped rate while composite deck additions follow closely behind with a 66.7% return on investment. However in Colorado, we do recommend composite decking over wood because composite lasts longer. This is because we are a mile high closer to the sun (UV light damage) coupled with our arid climate all contributing to wood dry rotting much faster than composite decking. Essentially, renewing your home includes renewing your outdoor space and a deck addition is still a smart investment. Take a look at some of our deck remodels by clicking the link below.
With all this said... Your product choices will determine your costs. And if you want to do something unique to your house that may be overvalued (low ROI), be sure you are making that choice for yourself and not for somebody else. For example, if gourmet cooking is your thing and you have your heart set on a $10k professional-style gas range, then know you may not get your ROI on that gas range. In this case, your investment is your happiness quotation… a return on personal satisfaction.
Maverick Home Remodeling, Inc. helps homeowners renew kitchens, bathrooms, basements plus other rooms, decks and outdoor kitchens. As we customize living spaces, Maverick makes improvements the homeowner desires and enjoys at the same time keeping in mind the importance of the property’s return on investment. We offer pre-construction services, construction services, and consulting services. We would love the opportunity to renew your home and renew your life.
