Maybe you purchased the home you grew up in, and haven’t wanted to change a single thing until now. Or you bought an old home with ‘good bones’ but an obvious need for some updates.
Maybe a less-than-desirable house popped on the market, but it happens to be in the neighborhood where you most want to settle down, or an old family estate unexpectedly landed in your lap. Whatever your reason, if you find yourself in need of some home renovations, you’ll inevitably have some homework to do, both literally and figuratively.
No matter what updates you’re looking to make, there will be some investment required on your end. As we all know, home renovations can be expensive. To ensure that you’re getting the most bang for your buck, let’s review the most noticeable remodel projects that give you the biggest return on investment.
The Kitchen
You know the old green appliances have to go. It may be obvious that the dark brown laminate cabinets are showing their age, but you’re not sure how to choose a quality and style that will stand the test of time. Trends typically show that any kitchen remodel shouldn’t be budgeted at more than 20% of the total cost of the home. With such a range of options available, you want to be sure that your updates are improving the value of your home, but not overshooting it dramatically. Lastly, if you end up spending $5,000 on your kitchen remodel, you can expect a return of around $4,250 on that investment. You will typically see an 85% return on updates made in your kitchen.
The Bathroom
While often the smallest spaces to renovate, bathrooms are notoriously the most expensive to remodel per square foot. Trends are leaning toward walk in showers over large garden tubs, but key features for bathrooms are always good moisture resistant flooring and bright lighting. Stain resistant grout may cost more up front, but will maintain it’s look longer. Simple fixes like replacing faucets, hardware, and framing any mounted mirrors, can freshen up and modernize your space. Bathroom upgrades shouldn’t typically be budgeted at more than 5-10% of the total cost of your home, with the higher percentages being for your master bathroom. As with your kitchen, you’ll typically see an 80% return on your upgrade investments.
The Windows
If cool drafts and high energy bills aren’t enough motivation, replacing old single-pane windows with safer and more efficient double-pane vinyl windows will not only save on the electric bill but will also block out more outside noise if you live somewhere near busy streets. Lastly, and just as importantly, the windows will update the look of your home’s interior and exterior. Typically you’ll see about a 70% return on your investment for these updates, not to mention a reduction in energy use as high as 24%.
The Exterrior
Depending on the size of your home, updating the exterior with new vinyl siding can actually be one of the lower priced renovations. This relatively quick fix can completely change the look of your home and can brighten and clean up your curb appeal. Additionally, with added insulation, you can also qualify for government rebates and can see a decrease in energy usage. You can typical expect about an 80% return on this investment.