What Home Renovations Add the Most Value?
Written by Artisan Contracting on April 2, 2020
When homeowners start planning a home renovation project, most aren’t simply looking to make their home more enjoyable for themselves. They may be looking to add value to their home as well, so that they get a higher resale value.
Even if it isn’t your primary goal, considering how your remodel will affect your home value is wise. Here are the best home improvement projects to increase value, with estimates on how much of your investment you can get back in your home’s value.
What’s the Return on a Kitchen Remodel?
It will probably not surprise you to hear that a kitchen remodel is widely considered to be the best home improvement to increase a home’s value. Remodeling a kitchen adds, on average, 81 percent of its value to the home. When you spend money on a large-scale project such as a kitchen remodel, you can increase your home’s value by up to the same amount you put into the remodel. Your exact value will depend on what you add, of course, but a designer can help you make the best decisions.
What’s the Return on an Exterior Remodel?
Changing your home exterior is an uncommon remodeling project that has a surprisingly big impact. Remodeling your home’s exterior in general adds a lot of value to the home, but estimates range based on the type of material you add.
Adding stone veneer siding recoups 97% of its value, while simply replacing vinyl siding adds 76% of its value. High-end materials give a better ROI in general, but they aren’t right for every home’s exterior. You’ll want to work with a designer to make your home appropriate for the neighbourhood while also boosting its curb appeal.
What’s the Return on a Bathroom Remodel?
Bathroom remodels can make a big impact on the value of your home but are a bit less predictable than kitchen and exterior renovations because they are smaller, less important spaces. One way to get a more predictable ROI from a bathroom is to upgrade it with accessibility features. This can make your home much more valuable for retirees or those who want their in-laws to live with them.
What About a Main Floor Remodel?
Main floor remodels can also add a significant amount to your home value, but it depends on exactly what your remodel entails. Different elements that go into a main floor remodel may add different amounts.
Does Adding a Fireplace Increase Home Value?
If a fireplace is part of your main floor renovation you can expect a bigger boost to home value. However, it’s important to remember that a fireplace is a big priority for some buyers, and less of a priority for others.
Do Light Fixtures Increase Home Value?
The smaller a renovation is, the less likely it is to have a significant impact on your home value. If changing your light fixtures is part of a bigger main floor renovation, it may be very important.
Want to add value to your home, but don’t know where to start? At Artisan contracting we can guide you in your decisions, giving you a home you will love, while also increasing your home’s value. Contact us today.