The thought of embarking on a remodeling journey can be overwhelming, but when you understand the value you could add to your home, the appeal becomes obvious. Whether you start with a small project or focus on getting a larger one completed, you will be left with improvements that will boost your home’s value and curb appeal.
We’ve compiled a few ideas on remodels and how they can add value to your home!
Can Remodels Add Value to Your Home?
You can absolutely add value to your home with remodels. Remodeling’s Cost vs. Value Report for 2023 provides an overview of the national and regional average costs associated with various remodeling projects. This gives you an idea of what you can expect to spend on certain sections, along with the associated resale value and the anticipated recovery cost upon sale.
Read on for more details on how to remodel your home to boost its value.
A lot goes into planning a remodel that adds home value. Before you go ahead, consider the following factors to help make things easier.
1. Carefully Select Your Remodel Style
There’s no need to rush when it comes to choosing what you want done in your home. Do some research to understand the different styles, colors, tones, materials, costs and designs available and how they will suit your existing space.
Be careful to avoid personalizing a room or area too much, as this may deter potential buyers. They may feel that there’s little room for change and that the design and style reflect your individual preferences and tastes, making it more difficult to change anything to their liking. The remodel should ideally be universal enough to attract a larger audience.
You should also research the best local remodeling contractors for the job. They should be reputable, trustworthy, reliable, efficient and professional.
2. Set a Realistic Budget
There are endless design and style ideas to consider, and the cost of them matters. It’s easy to get carried away when seeing things that would complement your home perfectly, but these things may not always fall within your budget. It’s important to discuss your finances with your contractor before making any purchases.
Your contractor will help you decide what’s essential and what will add value. They’ll also help keep you from overspending. A professional will also give you insight into what’s feasible for your home size and layout. For example, if you want a kitchen extension but cannot remove a load-bearing wall, you can discuss your options to determine what’s best for your home and pocket.
Your reason for remodeling will also impact your budget. Are you getting ready to sell immediately, or are you trying to make your home more comfortable for your family before you sell in a few years?
3. Anticipate Potential Delays and Setbacks
Some things are out of your and the contractor’s control, like running out of material, experiencing adverse weather, taking time off for holidays and running into other disruptions. These situations could incur additional costs or require your home to stay disorderly longer, interfering with your family’s daily routine.
Brainstorm different scenarios with your contractor to help mitigate any issues that may arise as the project progresses. If possible, set some money aside to accommodate material and other ad-hoc expenses. Also, plan around holidays and special occasions so you’re aware of how they impact the projected deadline.
Your Guide to Interior Remodeling
Your home’s interior has so much potential for improvement. Here are some interior value remodel ideas that can help you add value to your home.
The kitchen is a popular and sometimes necessary choice for remodeling. For example, if you enjoy cooking in a larger space but are currently confined to a small cooking area, it makes sense to expand the kitchen. Adding an island, additional cupboards, cabinets or a walk-in pantry could also add value to your home.
There are numerous benefits to remodeling your kitchen, which include:
- More storage space or a larger cooking area.
- A fresh, new look and style you can be proud to show off to guests or potential buyers.
- An additional area for guests to dine together or a bigger area for potential buyers with large families to gather.
One of the main benefits of remodeling your kitchen is the value and return on investment you can expect when you resell. With a minor kitchen remodel, you could receive up to 86% back when you sell your home, whereas a major remodel could yield a 42% return. Even if you don’t sell your home, you will enjoy the upgrade for years to come.
Bathrooms must stay clean and should be spacious enough for people to use the facilities comfortably. Bathroom remodeling projects often aim to create a bigger space or replace existing components. Consider these ideas If you intend to remodel your bathroom:
- Replace the tiles with a new design.
- Build an alcove shower or bath to create more space.
- Add a backsplash to accentuate the vanity area.
- Change the lighting.
- Replace the shower doors and head with functional designs to save space and water.
- Incorporate a bathtub and shower to utilize the remaining bathroom space.
These upgrades won’t just improve the appearance and functionality of your bathroom — you could expect to receive up to 67% return when you resell.
Entry Door Replacement
If you opt for an entry door replacement, you could see a 100% return, as this renovation is listed as one of the most profitable upgrades to your home. The entry door is often underrated for its aesthetic appeal. A new one can change your home’s look instantly, and it’s a more cost-effective renovation project, making it an excellent choice for adding value.
Your Guide to Exterior Renovations
Your home’s exterior is what people see first, so improving it can mean the difference between attracting or repelling potential buyers. Remodeling’s Cost vs. Value Report claims a garage door replacement and manufactured stone veneer provide the second- and third-highest return if you install them before selling your home. Learn more about this below!
Garage Door Replacement
If you’re considering replacing your garage door, you won’t regret it. You could get 103% back of what you spent without the job costing an arm and a leg. There are numerous garage door style elements to consider — including the color, material and insulation — that can increase your return.
Manufactured Stone Veneer
Stone veneer adds a sleek, classy touch to your entryway or siding. Your home’s curb appeal increases, and you’ll enjoy a 102% return if you choose to replace your current vinyl siding with manufactured stone veneer.
Replacing your asphalt shingle roof is a good investment that could yield a 61% return when you sell your home. Although not as high as the other remodeling ideas, you will have peace of mind knowing your roof will last for decades while looking fresh and boosting your home’s curb appeal.
Trust Drake’s Construction & Restoration for Your Next Value-Increasing Remodeling Project
Increase your home’s value with remodels that suit your specific requirements and budget. No job is too big or small for the expert team at Drake’s Construction & Restoration. We deliver what you envision to a T.