Renovating & Remodeling as well as home additions are the best way to add great value to your home. Some renovations and remodels yield a higher return than others. The highest return on investment might surprise you. The full list is below:
Attic bedrooms come in at #1 for highest return. Average return for an attic bedroom is just above 70 percent. However, the cost of doing one of these renovations is one of the highest that you can do. The average cost for an attic bedroom conversion is right around $50,000. The rule of thumb is any time that you can add liveable square footage to a home, you will yield the highest return on investment. Depending on the home addition, you can add a great deal of value to your home. For instance, adding on a bedroom or living room will yield a high return. Adding on a sun room or play room may yield a lower return.
Kitchen remodels are another high-yielding return renovation and is also one of the most popular. Here at Showcase Remodeling, we do quite a few kitchen remodels and this room is a great place to add value to your home. Not only are kitchens a gathering place in the home, they are a room in which a lot of valuable time is spent so you can spend the money to make them great. Kitchens are also one of the biggest selling points to buyers. Average return on kitchen renovations is above 65 percent.
Buyers love updated bathrooms and they make great selling points as well. Outdated bathrooms are a turn off to home buyers because they view them as major projects that they do not want to take on. The key with bathroom remodels is to make smart decisions when remodeling. Make sure your master bath has two sinks, good lighting, and custom showers. If you like custom tile or high end finishes, the master bath is where you want to put those. The other bathrooms in the house need to be updated but depending on the house and neighborhood, they don’t necessarily have to have custom tile jobs, etc. The average return on bathrooms comes in at just over 62 percent.
Another great value-adding remodel would be a home office. Most buyers like the idea of having a designated room where they can work or run a business from. Don’t break the bank on this renovation as it only yields a 45 percent return on average.
For all remodeling and renovation needs in the Greater Northern Kentucky and Cincinnati area, Showcase Remodeling is here for you. Our remodels will not only allow you to fully enjoy your home, we will add value to your home as well.