Whether you want to update your home, customize it, or integrate smart technology into your design, you can鈥檛 go wrong these high-value home renovation projects:
- Remodel your kitchen
Kitchen renovations are the most common remodeling projects being undertaken right now, with 81% of remodelers working on kitchens and 80% on bathrooms, according to the .
On average, a costs $20,830, with homeowners recouping 80.2% of the cost at the time of sale. average $62,158, with a significantly lower resale value of $40,560 (65.3% of the cost).
Before you dive into your renovations, award-winning interior designer Kerrie Kelly suggests taking the time to consider the kitchen work triangle 鈥撀� the space between your sink, range and refrigerator.
鈥淎ny homeowner can create a safe and enjoyable kitchen space with a work triangle that plays well both functionally and fashionably,鈥� says Kelly, adding that key concepts to take into account during the design phase include lighting, traffic patterns, work surfaces, storage and streamlining.
鈥淏y knowing the tips and tricks designers use to enhance the functionality of the kitchen triangle, you can create your ideal kitchen without limiting its visual allure or practicality,鈥� she adds.
- Upgrade your bathroom
cost $18,546 on average, with homeowners typically replacing fixtures and surrounding tiles, shower controls, the toilet, sink and vanity, cabinets and vinyl wallpaper. Upgrading a bathroom to a more accessible (e.g. widening the doorway, adding grab bars etc.) costs slightly less at $15,730. In both cases, homeowners may recover 64.8% of the job cost when they sell.
Regardless of your design, toilet placement is an important but often overlooked aspect of a good bathroom layout, according to Kelly.
鈥淭he toilet can be considered the 鈥榩roblem child鈥� of the bathroom because of its unwavering ability to impact all the other design elements, like whether or not a larger vanity can be accommodated or if certain plumbing can be shifted around,鈥� explains Kelly.
And since it鈥檚 rarely economical to move existing toilets, Kelly recommends smart fixes like building a separate water closet within your bathroom to keep it out of line of sight, or opting for an in-wall toilet to provide extra space.
- Add extra rooms to your home
Room additions can be costly, ranging from $43,232 for an extra bathroom, to $176,108 for a two-story addition. However, up to 71.1% of these costs can be recovered, depending on the nature and design of the renovation.
| Project | Job cost | Resale value | Cost recouped |
|---|---|---|---|
| $119,533 | $77,506 | 64.8% | |
| $89,566 | $62,055 | 69.3% | |
| $43,232 | $23,283 | 53.9% | |
| $176,108 | $125,222 | 71.1% |
One of the biggest mistakes that Voitek Klimczyk, owner of , warns homeowners against when they take on home addition projects is buying into trends.
鈥淓very day, new materials and the latest gadgets for a remodeling project or room addition come to a store near you. But unless it’s a tried and true classic, then you may want to avoid it,鈥� he cautions.
If you鈥檙e looking at for inspiration, be sure to consider the functionality and resale value of these solutions as well.
- Replace your windows and doors
Replacing your front door has the second-highest return on investment when compared to other remodeling projects. According to Remodeling’s , homeowners who spent an average of $1,413 recouped 90.7% of the cost. jobs recovered 76.9% of the cost, while upscale window replacement projects recovered 73.9% and 73% for and , respectively.
In addition to improving curb appeal, upgrading windows and doors typically makes homes more energy efficient, which you can finance with the help of if you live in Canada, and local, state or federal if you live in the United States.
- Finish your basement
If you鈥檙e looking for a cost-effective way to add extra living space to your home, a can offer a 70% return on investment, in addition to being a flexible space as far as functionality. Whether you convert it into a , home gym, or multi-functional living space for the whole family, home improvement expert says that you should factor soundproofing into your plans.
鈥淵ou should soundproof your basement, not only because you鈥檙e going to turn it into a studio or an entertainment hub. But most of the house鈥檚 mechanical systems are underground and near your basement,鈥� Pascal insists.
6 Renovations that can add value to your home
What home renovation projects are you taking on this summer?
That’s interesting that you could get back about 70% of the cost of adding a second floor onto your house. That’s pretty cool that when you sell it it would be worth that much more. I’ll have to consider adding a second floor this summer since my family is getting a bit big for our house.
Such an informative post鈥� new to all of this. Thanks for sharing!