If you’re going to spend hundreds or, most likely, thousands of dollars on home remodeling, you want a decent return on your investment. There is some value in the joy you get from your home, but most homeowners are also concerned with the bottom line (home remodeling ROI). Let’s look at which home remodeling projects have the highest ROI so you can plan your upcoming projects.
Kitchen Updates and Complete Kitchen Remodeling
Just about anything you do in your kitchen is likely to have a high return. If your current kitchen is less than 10 years old, you may only need minor upgrades. If the layout, appliances, cabinets and counters are dated, you could see a high return from a complete kitchen remodel.
Make sure the materials you choose are fitting for the neighborhood you’re in, and be strategic with where you splurge. This will keep you from overspending and allow for maximum return.
Bathroom Remodeling, Especially in the Master Suite
When it comes to home remodeling ROI, bathrooms are almost as important as kitchens when it comes to the resale value of your home. Today’s homeowners expect luxurious master bathrooms, so prepare to spend a little extra in this area. Your main bathroom should look nice and updated as well, but the master is where you can dedicate some extra money for a bigger return.
Deck Building and Patio Installation
Outdoor living boomed in 2020 and has remained popular ever since. People are spending far more time at home now than they used to, and they want to utilize every aspect of their property. You can’t go wrong with a beautiful deck, patio, or gazebo installation, as long as it complements your home and is usable for a wide range of activities.
Basement Finishing and Attic Conversions
If you have an unfinished basement, that’s a ton of untapped potential. Attic conversions aren’t quite as common in Anne Arundel County, but they can certainly add value when available. Any time you can increase the square footage of your home or add more living/storage space, you’re likely to see a high return. Basement finishing offers the opportunity to increase your living space by almost double in some cases.
Paint Refresh and Flooring Upgrades
Getting all new floors is a bit of a hassle, but you can see a strong return on investment. Refinished hardwood and luxury vinyl planks are common in Maryland homes, but many homeowners still like having carpet in their bedrooms.
Before you installed new floors, refresh the paint on the walls to make your home feel revitalized. This is a simple change that can boost value right before your house hits the market. Get your drywall repaired and in tip-top shape before diving into the painting.
Quick Tips to Maximize ROI on Home Remodeling Projects
No matter what home remodeling project you want to tackle, these tips will help you yield the highest return:
- Prioritize function, then aesthetics. A confusing layout will suck out all the value of a refinished room.
- Know when to stop remodeling. It’s easy to trap yourself in a loop of “we might as well do this too.” All the little projects add up fast, so stick to your priorities as much as possible.
- Plan your home remodeling in stages. You don’t have to complete everything at once, and you can budget for each stage as it comes.
- Work with a licensed contractor who understand the needs of the area. J&R Pro Service offers basement finishing, deck building, kitchen remodeling, bathroom renovation, drywall, power washing, and other home remodeling services in Anne Arundel County, and the surrounding counties. Our home remodeling company is fully licensed and insured, and we’d be happy to provide a quote for you.
- Set aside 10% extra for unexpected issues. If your bathroom remodel is projected to cost $10,000, have at least $11,000 available at the start of the project. If you don’t use the money, great! But if something unexpected happens, you the funds to address it.
- Check comparable properties to see what buyers may expect. This will keep you from overspending, and it can guide your home remodeling plans.
If you’d like a quote for any of the services listed above, please contact J&R Pro Service.