The most cost effective home renovation projects might surprise you! Some home improvements pay off big time while others cost you hard-earned money you may never see again.
It’s no secret that kitchen and bathroom renovations tend to offer the highest return on investment. The kitchen is the heart and soul of your home and potential homebuyers instantly start calculating renovation costs if they don’t like the kitchen they see. The same can be said about bathrooms. For instance, carpeting in the bathroom or icky, old countertops are big eyesores.
Other lucrative renovation projects include:
-Replacing your front door generally earns back 96.6% of your investment.
-Adding a wood deck onto the front of your home: 87.4%
-Transforming the attic into a useable bedroom: 84.3%
-Replacing the garage door: 83.7%
Home renovations that tend to provide the least return on investment include:
-Remodeling the home office only generates around 48.9% of total costs.
-Adding an additional bathroom: 60.1%
-Adding a backup power generator: 67.5%
-Adding on a master suite: 67.5%
-Adding on a sunroom: 51.7%
Minor Vs. Major Kitchen Remodel: Which Is More Profitable?
A minor kitchen remodel generates around 82.7% of your original investment, but in some parts of the country minor renovations net up to, or over, 100% of costs. Cities with strong real estate markets like San Diego, Chicago, Atlanta, San Francisco and Washington D.C., tend to recoup all or more than original investments when it comes to minor kitchen remodels. In highly sought after areas it’s not uncommon for a $15,273 kitchen remodel to add $27,000 onto your home’s resale value.
Yet, before you spend $20,000 and get your hopes up, remember that what you net depends on how you go about renovations. For instance, you don’t want to add a $10,000 stove to an $180,000 home. There’s just no way you’ll ever get that money back. Make sure that the renovations you do are in line with your home’s value in comparison to neighborhood comps.
Major renovations can get very expensive, making it nearly impossible to make back all of your money. That’s why it’s important to focus on minor and more affordable renovations that make a big impact on the overall look of your kitchen.
Tips To Conduct A Successful (And Profitable) Kitchen Remodel
You can get the most money out of your kitchen renovations by…
Sticking with simple color options. Daring to go bold is not something you want to do if you’re looking to get the most money out of your kitchen remodel. Instead, focus on simple colors that’ll match with a wide variety of styles. This makes it easier for potential homebuyers to see opportunity when it comes to adding their own style to what you already have.
Switch out doorknobs and other minor hardware. Doorknobs, lighting fixtures and other similar features are cheap and easy to replace while adding instant upgrade appeal to your kitchen.
Invest in top-notch kitchen appliances. If you are going to go all out somewhere let it be high-end kitchen appliances like a Viking range or Sub-Zero fridge. Just beware that you don’t put an $8,000 fridge in a $150,000 house because there’s no way you’ll see a return on that kind of investment. The appliance needs to fit in line with the home.
Avoid structural renovations. Ditch any ideas related to knocking down walls or moving the sink across the room. Structural renovations require plumbing and electrical work, all of which cost a lot of money. Work with what you have and thank yourself later.
Repaint and refinish salvageable materials. If countertops, backsplashes or cabinets can be salvaged try adding a fresh coat of paint to make them look newer than they actually are.
Add natural light without installing new windows. Lighter and brighter spaces sell better but that doesn’t mean you have to knock out any walls to add more windows. Think cheap; for instance you could add a “light tube” between the roof rafters that’ll funnel sunlight into the kitchen. You could also create faux windows. Score Pinterest for great DIY methods for creating fake windows: https://www.pinterest.com/explore/fake-windows/
Replace kitchen cabinets when needed. When cabinets look old, outdated or worn out it’s time to replace them. Don’t buy full price retail cabinets or else plan to spend a small fortune. Going with wholesale kitchen cabinets will drastically reduce the amount of money you invest while achieving standout style people notice.
Let Tops Kitchen Cabinet help you make the most out of your kitchen remodel. We offer high quality kitchen cabinets and granite countertops at wholesale prices your budget will love.