Everyone knows that a house represents a significant financial investment. It is possible to increase the value of your homes with home remodeling or residential construction upgrades and renovations. It’s important to consider the effect a renovation will have on your home’s value. Some provide more of a return on investment (ROI) than others.
When you look at your bathroom, do you think it is time for a change? It’s possible you want to renovate your bathroom and forgo a new bathtub. In its place, you’d like a large walk-in shower. Many bathrooms are giving space to a bathtub that rarely gets used.
ROI Estimate: It is possible for bathroom renovations to bring as much as 52 percent ROI.
Remodeling your kitchen does not have to be a major renovation. Oftentimes, minor kitchen remodeling will meet your needs while making a significant impact. Consider installing new cabinets and countertops. When people want a major kitchen renovation they often plan installing new flooring, windows, as well as energy-efficient appliances.
ROI Estimate: When a home with a renovated kitchen is sold, it is common to recoup up to 80 percent of the costs of the renovation.
As your life changes, it may be time to add a room to your house. It’s common to add a sunroom — which increases the size of the house up to 50 percent. When a professional remodeling company in Savannah GA adds a family room, it could come with a shingle roof, vinyl siding, skylight, atrium-style doors as well as windows and more.
ROI Estimate: It is estimated the ROI is over 60 percent of the cost of each room.
Making the investment in attic insulation will pay for itself in more than one way. It is something that can provide ROI when a home is sold as well as a significant savings on energy costs. When a person is going to sell a home, the potential buyer will want to know utility costs.
ROI Estimate: When a home has this type of renovation, it is estimated the ROI is over 100 percent after a completed sale. This ROI does not include the savings on energy costs.
Your basement can be turned into a popular space in your home. Home remodeling and residential construction companies in Savannah GA know how to turn a basement into a family room or an entertainment center. It is also common for people to add a partial or full bathroom to their basement.
ROI Estimate: It is estimated this ROI could be up over 60 percent.
Home Remodeling projects that aren’t so profitable
Unfortunately, not every every remodeling project will provide a significant ROI. In fact, it’s possible they may make some potential buyers look elsewhere. Here are the lowest-ranking ROI renovations:
- Posh Upgrades – If you’re in a market where most of the homes have traditional kitchens, bathrooms, and basements, an over-the-top improvement could hurt your home’s potential for being sold. It’s important people keep in mind what is common in their real estate market.
- Specialized Rooms – Having a room dedicated to making pottery may work for a current owner, but may hurt selling prospects. A wine cellar may be good for an owner, but not everyone is a dedicated wine drinker.
- Elaborate Home Office – This is a good idea for people who work at home. The problem is not everyone works out of their home. A home office could be taking up space for an additional bedroom and more.
When considering investing in home improvements, it’s important to consider how the renovations could impact the potential sale of your home. The ROI from home improvements will depend on the value of the home and the real estate market where it is located.
Empire Construction specializes in home remodeling and new residential construction in Savannah GA and they are home renovation professionals. They can