Whether it’s installing a new wooden deck to build the ultimate summer patio or merely fantasizing about finally owning the kitchen of your dreams, the question of when and how to remodel your home is a thought that will linger as long as you live there. But even more important than blueprinting essential additions and renovations for your fantasy house is understanding which remodeling projects can actually increase your home value. While the value of home remodeling always seems like it’s in a state of fluctuation, recent real estate trends are showing that the value of remodeling your home has continuously increased in the last few years.
Despite encouraging figures within the industry, it’s easy to understand why there are still many homeowners who are hesitant when it comes to committing to big remodeling investments. According to the National Association of Realtors, while American homeowners spent a whopping $326.1 billion on home remodeling in 2015, over one-third of U.S. homeowners reported feeling “overwhelmed” when it came to attempting such domestic projects, going as far to say they would rather, “move to another home” than commit to remodeling their current house. This is where knowledge is power for homeowners unsure of whether to move forward with home remodeling. Take a look at all the remodeling tips that will not only strengthen the resale value of your St. Paul home, but also leave you satisfied with finally living in the house of your dreams:
Start With the Small Stuff
While major renovations such as upgrading the kitchen, redoing the bathroom, or adding in a new porch to the backyard are the main home remodeling projects that spring to mind, thinking bigger isn’t always better when it comes to adding more value to your home through remodeling. Before you start planning more extravagant and expensive projects, it’s better to go through your house and review all the more minor features and details that could use an upgrade, such as replacing windows, updating insulation, or refinishing wooden floors. According to the National Association of Realtors, when it comes to specific interior projects that produce maximum financial return upon resale, hardwood flooring refinishes ranked first with 100 percent of the project costs recovered upon resale, followed by insulation upgrades with 95 percent project costs recovered, and new wood flooring with 91 percent project costs recovered. These are remodeling tasks that may seem subtle, but will only help increase your chances of covering your remodeling costs and adding extra value to your home.
Differentiate Major Versus Minor Projects
When the time comes to start plotting out all the changes you want to make to bigger rooms such as bathrooms or kitchens, it’s important to evaluate what constitutes a major remodeling project in comparison to a minor one. A lot of differentiating between major and minor remodeling projects has to do with deciding whether you’re merely trying to update or refurbish a particular room, or go all out and rebuild a room from scratch. Let’s use the kitchen as an example: According to Remodeling Magazine’s 2016 Cost vs Value report, the average cost of a “minor kitchen remodel’ project in the Twin Cities region was averaged at $22,775, with a projected costs recuperated figure lists at just under 75 percent. This compares to a “major kitchen remodel” project averaged to cost just under $67,000 with a projected costs recuperated figure projected at 59.1 percent.
The difference between the costs that go into a minor kitchen remodel and a major kitchen remodel comes down to whether you’re trying to update appliances or cabinets, or completely reinvent the aesthetic of the kitchen. General changes associated with minor kitchen remodel projects tend to be replacing cabinet fronts and doors (while leaving the boxes in tact), appliance updates or replacements, or floor and wall replacements. As for determining major kitchen remodeling projects, you can take all the minor kitchen remodeling tasks and add other, more elaborate jobs such as knocking out walls for creating an open kitchen environment, installing new lighting systems, or replacing the entire cabinet frames. Besides reviewing any budget constraints you may have, the important factor in deciding between carrying out a major or minor renovation project has to do with determining whether you’re thinking of potentially selling your house sooner rather than later. If your answer is sooner, then a major renovation project up front will certainly help boost your house’s resale value. If selling isn’t necessarily on your horizons, then minor remodeling projects over time will probably help you get the best bang for your buck when it comes to increasing home value.
Develop A Concept
One of the bigger mistakes homeowners make when it comes to figuring out remodeling projects is straying away from their initial renovation vision. While the term “unique” might seem like a throwaway word realtors use when it comes to describing subpar surroundings, giving your home some character that separates it from the rest of the neighborhood pack will only help your house be more marketable and potentially boost its overall value. Don’t be afraid to think outside the box when it comes to speciality remodeling projects, such as renovating the basement into a personalized man cave, or building porch or patio additions, creating a backyard utopia. Playing it safe when it comes to spending your hard earned money on home remodeling may not only hinder on your potential resale value, but ultimately leave you unsatisfied with putting money into a project that didn’t cater to your imagination.
Perfect Your Kitchen and Bathroom
No matter what extravagant features or accessories your house may promote, in the end there’s no denying how crucial having an immaculate kitchen and bathroom are to enhancing your home’s value. Aside from the fact that these are two of the most utilized spaces in your home, nothing sets the tone for a house’s aesthetic as a whole quite like these two rooms. According to Consumer Reports, surveyed millennials listed a “modern/updated kitchen” as their most ideal home feature, and renovating your kitchen could potentially bump your home’s resale price by seven percent.
You don’t have to go all out and spend a fortune tearing up your kitchen to give a fresh and stylish look. For a few thousand dollars, you could potentially update a number of your kitchen appliances, install striking countertops or update your flooring, or even build some floor-to-ceiling cabinets, features that will only work to your advantage in increasing home value. Sleek materials such as quartz or stainless steel won’t cost as much as expensive materials such as marble or granite, but can look just as striking for your kitchen countertops. As for your bathroom, try to think of all the features that can create a pleasant and peaceful ambiance for increasing relaxation. Modern light fixtures and new windows can add to the tranquility of the space, especially when paired with a walk-in shower or a clawfoot tub. Don’t be afraid to get creative with your bathroom’s wall, floor, and counter designs, and try to stick with a painting scheme that can promote a calming effect, like a cool grey combined with a subtle green, or a beige and aqua combination that can recall memories of the beach.
Exterior and Interior Necessities
While remodeling to enhance a sense of style or aesthetic to your home is the more enticing motive for your next renovation project, it’s easy to overlook how simple exterior and interior accessory upgrades will not only cost you less but also instantly increase your home’s value. Replacing doors and windows after years of wear and tear is always a first when it comes to trying to boost house value. The national average cost recouped percentage for entry door replacement in 2017 is listed at 90.7 percent, according to the latest Cost vs. Value report, while even a garage door replacement averages to 85 percent costs recuperated. As for windows, updating them with more energy-efficient replacements will not only increase your house’s value, but also save you hundreds of dollars by using less energy. These are cheaper remodeling projects to consider that will only help you financially in the long run.
It will also do you some good to consider replacing other overlooked exterior qualities, such as roof rehabilitation, updating gutter services, and repairing any subtle abnormalities within your walkway or driveway. Replacing the roof is crucial when it comes to enhancing house resale value. The National Association of Realtors report that new roofing generally recovers more than 100 percent of initial project costs, and when it came to homeowner satisfaction, surveys indicated that, “new fiber-cement siding, new fiberglass or steel front doors, new roofing, and new garage doors,” were among the top qualities that provided homeowners with fulfillment.
Increase Your Self Value
You can fret over all the remodeling possibilities that could ultimately boost your home’s value, but in the end, it won’t matter if you yourself isn’t satisfied. A successful home renovation project is often worth all the time and money invested just to have the satisfaction of seeing your remodeling dream and vision come true. Don’t take our word for it. The National Association of Realtors 2015 Remodeling Impact Report states that after a particular remodeling project, 74 percent of homeowners have a greater desire to be inside their house, while 64 percent experience a greater sense of enjoyment after project completion. The boost in liveability, confidence, pride and happiness are all factors that will increase your home’s value to the people it matters most to: those who live in it.
Consider Professional Assistance
One of the biggest problems that many homeowners experience with remodeling projects is the resistance to assistance. While it’s easy to think that tackling various renovation tasks around the house will save you money in the long run, the bottom line is that you’re putting your home’s resale value at risk just to save you a little labor costs. It’s important to consider utilizing the services of home remodeling professionals who will not only make it a top priority to achieve and exceed your expectations, but also work alongside with you to produce the final product of you always knew your house needed. Contact Treasured Spaces today to see all the ways you can accomplish strengthening your home’s value, and see your remodeling fantasies become a reality!