Making the decision to pull the trigger on a renovation project can be difficult. After finalizing the project details and setting aside the funds, you may start to wonder if the project is even worth it.
Many home owners worry about the return on investment (ROI) of their project. If you spend $30,000 on a high-end new kitchen with state-of-the-art appliances, and then sell your home in five years, will you make any of that money back on the sale of your house?
Ultimately, it depends on the project — some projects will have a high ROI, while others simply won’t. Of course, you also need to consider the necessity of the project. Is it essential in order for you family to continue to live comfortably in your home, regardless of whether you sell in five years or not? Or is there another solution?
At Elite Custom Builders, we have years of experience in the residential construction industry. And we know which projects are worth the investment.
Read on for our guide to remodeling projects that are worth the money in Bridgeport and Morgantown, WV.
IT’S IN THE DETAILS
Believe it or not, the project that brings the highest return on your investment is a new front door. It’s about curb appeal — a new door gives the house a facelift, especially if you’re able to update the entire entryway, fixing any damaged concrete and adding landscaping.
An updated front door will give you close to a 100% return on investment. If you decide to change your front door, look for a door that is energy efficient and well-insulated, has safety glass (if applicable) and is durable.
OUTDOOR SPACES
Who doesn’t love spending time outside on a warm summer day? There’s nothing quite like sipping a glass of cold lemonade and spending time with family. This is why the addition of a deck is such a great investment.
Potential buyers list outdoor space as one of the main features they look for when buying a home, especially a wood deck. The deck needs to work with the size of the home and ideally be big enough for outdoor furniture, like a table and chairs, along with a grill. It doesn’t need multiple tiers and a fancy wrought iron railing to add value.
It also doesn’t have to be wood — composites are also a good option that are more durable and don’t need to be stained as frequently.
THE KITCHEN
Kitchens have a high rate of return, but some people take this a little overboard. There’s no need to spend $50,000+ on your kitchen — unless you want to for your own enjoyment of the space.
When planning your kitchen remodel, take into account the kitchens of other homes in your neighborhood. Your home doesn’t need to have the most lavish kitchen to stand out to buyers, it simply needs to be comparable. Comparable means that if most of your neighbors have updated countertops and appliances, you’ll want to do the same.
Most potential home buyers, especially first-time home buyers, drastically over-estimate the cost of remodeling a kitchen. Most buyers think it costs a minimum of $50,000, when in fact, this is the cost for a completely luxury kitchen remodel. A more simple and functional (yet, modern and appealing) remodel can be done for much less.
If you’re planning to sell your home in the next few years, it’s important to remember to keep the design and color scheme neutral. You may love the bold look of a teal backsplash, but if you’re planning to sell, picking colors that will appeal to a wide-range of potential buyers, like white, grey and cream is a smart move. Of course, if you’re not planning to move, we are completely on-board with you making the kitchen as unique as you are.
EXTRA BEDROOM
Adding an extra bedroom to your house has a high return, and for obvious reasons. The extra bedroom widens your pool of potential buyers to larger families or people looking for hobby or office space.
When considering an extra bedroom, most people think about the basement — but, what if you don’t have one? Finishing and remodeling your attic can be a fantastic option, especially as these bedrooms generally end up being spacious and interesting.
Finishing an attic is a daunting task, and not one we recommend you complete alone (unless you have ample experience). In some houses, plumbing vents run through the attic and out of the roof. There may also be duct work in the attic or electrical wiring that requires a licensed professional.
This is one of the best projects for return on investment, but make sure it’s done by a professional contractor with experience to ensure a quality job.
MASTER BEDROOM ADDITION/REMODEL
Potential home buyers are always drawn to a beautiful, spacious master suite. The most personal room in any home, buyers look for spaces that allow them to relax and unwind in style.
Surprisingly, most buyers would rather have a smaller bedroom and a bigger closet. If the bedroom is already big enough, consider expanding the closet. Walk-in closets are most desirable.
The bathroom is also a draw for new buyers, although, the ROI of a bathroom doesn’t match that of a kitchen. As long as the bathroom is current, there’s no need to rush to remodel. That said, if the bathroom has a pink tub and/or toilet, a remodeling project may be wise.
Like the kitchen or attic, it’s advised to hire a contractor for a master bedroom remodel, whether expanding a closet or remodeling the bathroom. When you move walls, you need to ensure none of them are load bearing and be cautious of the electrical work. With the bathroom, you need to understand how to correctly do the plumbing work in order to prevent issues in the future. A professional contractor is the way to go.
Elite Custom Builders | Residential Contractor | Remodeling | Bridgeport, WV | Surrounding Areas
With 70+ years in the construction industry, we know which remodeling projects are worth your money and which aren’t necessary. If you need to remodel your house to make it work for your family’s needs, give up a call. We can also help if you’re remodeling simply to make your home more attractive to potential buyers.
