Remodeling projects that offer good return on investment
This article written by Shawn Vacek,”What remodeling projects offer a good return on investment?” was published in the September 10, 2023 edition of the Houston Chronicle
Currently, several key home renovations continue to hold significant potential for increasing your property’s value. When considering home remodeling projects with the best return on investment (ROI), focus on improvements for your enjoyment and on those that enhance the value of your home in case you decide to sell. Keep in mind that ROI can vary, depending on factors such as your location, the current real estate market, and the quality of the work that is done and whether the work is minor, midrange or upscale.
Kitchens and bathrooms remain the most popular rooms to renovate for functionality, comfort and enjoyment. According to the Cost vs Value 2023 report for Houston, A midrange minor kitchen remodel will provide a ROI of almost 80.7%, based on a cost of $27,422. A midrange bath remodel with a cost of $23,835 has a ROI of 65.7%.
An example of a midrange kitchen remodel would include modernizing your kitchen by replacing outdated appliances with energy efficient ones, installing granite or quartz countertops, adding a stylish backsplash, and replacing cabinet doors and drawer fronts to shaker style.
A midrange bath remodel would include replacing fixtures, hardware, countertop and sink, flooring, adding energy-efficient lighting, and incorporating elegant tile designs.
Incorporating universal design features in a bathroom is a valuable improvement for people of all ages. Universal design features will cost more than a midrange bath remodel. These renovations include removing the tub for a walk-in shower, slip resistant flooring, adjustable showerhead, fold out seat, grab bars, and a comfort height toilet. According to the 2023 Cost vs Value 2023 report for Houston, a Universal Design bathroom remodel based on a cost of $37,526 has an impressive ROI of 47.9%.
Enhancing your home’s curb appeal is another improvement that offers a good ROI. Since the pandemic, enhanced outdoor living spaces have become even more important. Creating a functional and attractive outdoor space, such as a deck or covered patio can provide additional living space for dining, lounging and entertaining, year-round. Exterior improvements such as repainting, new siding, new front door, windows and outdoor lighting will provide a large ROI.
Energy-efficient upgrades can offer many benefits to your home. Investing in energy efficient materials and technologies is an effective way to decrease your utility bills. Consider installing energy-efficient windows, adding insulation, upgrading your HVAC system, and integrating smart home technology such as smart thermostats, security systems and lighting controls for better energy management.
Remember, while these renovations can significantly increase your home’s value, your quality of living is of prime importance. Work with a professional remodeler who can help you make informed decisions based on your budget that will yield the best results for your investment and current lifestyle.