The main reason for home improvement and remodeling projects is to get the home or room that you love – to design a space that truly represents you. However, if you’re planning to move within the next few years, you’re probably also concerned with your ROI. ROI stands for return on investment and it’s the amount of money that you can expect to recoup on your remodeling project costs when you sell the home. Many homeowners hope to receive a 100% ROI, but this rarely happens.
If you’re looking to maximize your ROI and update your house at the same time, consider completing one of these home improvement projects.
MAJOR Kitchen Remodeling Projects Can Offer Up To 70% Return On Investment
Amajor kitchen remodeling job is one that costs between $20,000 to $50,000 — or more. These remodels, when done tastefully and correctly, can offer a ROI between 65% and 70%. Major kitchen remodeling jobs can include a complete redo of the kitchen, including installing new cabinets, new flooring, new countertops, a new sink, new appliances and even a new layout if your old kitchen wasn’t functional.
While $50,000 certainly sounds like a lot of money, it’s possible to go through funds quickly when you’re completing a kitchen remodeling project. Granite countertops can cost upward of $8,000, depending on how much countertop you want to have installed, and cabinets can cost more than $30,000. Talk to your contractor about your maximum budget so that you can stay mindful of where your money is going.
Before you begin, tour model homes in your area to get a good idea of what is popular in your local real estate market. While you want to design a kitchen that you love, for the best ROI it’s also important to think about resale value and what will appeal to the most people.
MINOR Kitchen Remodeling Projects Can Offer Up To 75% Return On Investment
When a major kitchen remodeling project is not in your budget, or if your home doesn’t need a major upgrade, minor kitchen remodeling projects can provide up to a 75% ROI. Minor remodeling projects are considered anything up to $20,000 and can include countertops and a new sink, refinishing or refacing cabinets instead of a total replacement, or adding new lighting fixtures. These small changes can make a big impact on your kitchen and offer a great return on investment.
If you’re happy with the layout of your kitchen and it simply needs a facelift, a minor kitchen remodeling project is probably right for you. Depending on what you’re doing with your kitchen, a minor remodeling project can be done in just a few days, which means it won’t majorly disrupt your home life.
A Bathroom Remodeling Project Can Offer Up To 70% Return On Investment
Kitchens and bathrooms sell homes, which is whybathroom remodels are on the list of projects with large return on investments — up to 70% in some cases. If your bathroom is outdated, you’ve got some work to do. If there’s room, put in a vanity with double sinks and make sure that the lighting is adequate enough to make the space bright and airy, rather than dark and dull. A custom-tiled shower can also add some wow factor, but make sure to choose tile that’s timeless so that it won’t look dated in a few years. Choose your materials and fixtures wisely and your bathroom will continue to look great and appeal to buyers for years to come.
The professionals at Beattie Remodeling are well-versed in local trends and can help you design your perfect kitchen or bathroom. To learn more about the company and tosee a portfolio of our work, visit our showroom at 1213 Coral Parkway E in Cape Coral, Florida, call 239-471-7005 orcontact us online.
