Are Remodeling Projects Worth It?
In today’s real estate world, remodeling is a popular go-to when homeowners are looking for a change but are not able to move or simply not interested in moving. Remodeling can be simply changing wall colors, cabinet colors and décor or it can be a total construction re-do/add on. But there’s one thing some people still wonder: Are home remodeling projects really worth your time and money? Keep reading to learn if a remodeling project is right for your home and budget.
Remodeling projects can be costly, time-consuming and stressful. Trying to live through a remodel can be a nightmare. But there are some remodels that are simply worth it.
(ROI = return on investment)
· New Roof: with a typical ROI of over 100% a new roof makes the top of our list.
· Landscaping: another typical ROI over 100%, adding new shrubbery and mulch to your yard can really spruce things up.
· Hardwood Floors: typical ROI sits at 100%, adding these timeless classic floors is a yes!
· Patio or deck: ROI around 100% why not add that sunny deck you’ve been dreaming of.
· Insulation: ROI sits at 95%, plus the added heating/cooling savings. Bundle up your home with new insulation, so you don’t have to sit bundled up on the couch!
· New garage door: ROI around 87%, this can be a great way to add curb appeal to your home, just make sure the style of the new door matches the existing exterior of your home.
· Vinyl or fiber-cement siding: ROI 79-83%, again a great way to add curb appeal.
There are also some remodeling projects that just really aren’t worth it if you’re wanting an ROI and not just an upgrade.
· Major kitchen remodel: with an ROI sitting at 65% make sure this is a remodel you really want. And realize you likely won’t get all back that you put into it. Note that this remodel is a plus if you’ll be selling in the future, as buyers love already updated kitchens, but that ROI still isn’t all that great.
· Bathroom remodel: ROI sits at about 65% as well.
· Master suite addition: ROI again at about 65%. Think twice before you go adding that extra big master, especially if you’re doing it for selling purposes.
· Bathroom addition: with an ROI of only 54%, think twice about adding that extra bathroom. Now if an extra bathroom is really needed for your family, then your personal gain with this addition could outweigh the financial downfall of the addition.
These are all bigger remodeling projects. Keep in mind that some paint and new décor can go a long way! If you are going to update the paint in your home, make sure to use primer and do a good job-or hire someone to do it for you.
Before starting any major projects on your home, make sure you do some research and figure out if it’s a project you are really willing to commit to.