When it comes to remodeling your home, it's important to consider which projects will add the most value. Bathroom and kitchen renovations are the most popular home improvement projects, and they can offer a great return on your money. According to the National Remodeling Industry Association, real estate agents estimate that homeowners can recover up to 57% of the cost of renovating a bathroom if they sell their home. Additionally, real estate agents estimate that homeowners can recover 85% of the cost of an HVAC replacement if they sell their home.
The Canadian Evaluation Institute estimates that homeowners can recover 75% of their investment in kitchen renovations. When it comes to bathrooms, replacing an outdated vanity, old plumbing and lighting fixtures, or adding a new tile floor will ensure a great return on your money and give your bathroom a modern, updated look. Bathroom renovations will recover between 87.7 and 93.5 percent of your investment. Installing new accessories, illuminating the room with paint, and re-applying grout to the bathtub can easily transform the look of a bathroom.
A home office can also add value to a home, especially with more companies offering employees the option to work remotely. Consider adding a bathroom if you're remodeling the basement, as this can further increase the value of the remodel. Adding insulation to the attic is one of the best investments in the home, since it often recovers all its value-added cost to the home. According to Remodelling magazine, you can expect a 75% return on investment for your basement renovation.
Before deciding on a remodeling project, evaluate its cost against its value and decide if the renovation you want to undertake is an investment worthy of your time and money. Adding the basics to a home that lacks them doesn't add value; it simply raises the property to the standards of the rest of the homes in the neighborhood, ensuring that you can ask for a comparable price.
