Renovating a house can be a great way to update your living space, improve functionality, and increase the value of your property. However, not all renovations are created equal when it comes to adding value. In this article, we will explore which renovations add the most value and answer some related questions about the cost of renovations, who does them, and what constitutes a major remodel.
The most worthwhile renovation you can do is remodel your kitchen. According to Remodeling Magazine’s 2021 Cost vs. Value report, a minor kitchen remodel has an average return on investment (ROI) of 72.2%, while a major kitchen remodel has a ROI of 62.6%. While a major remodel might entail ripping out the entire kitchen and starting from scratch, a minor remodel might involve changing the cabinet doors and hardware, adding new countertops, and upgrading appliances. The most expensive part of a kitchen remodel tends to be the cabinetry, which can account for up to 30% of the total cost.
A bathroom remodel is another improvement that significantly raises the value of a house. A midrange bathroom remodel has an average ROI of 62%, according to the same report. This may include replacing fixtures, installing a new vanity, and updating the tile. Adding a new bathroom can also be a valuable renovation, especially in homes with only one or two bathrooms.
Another renovation that can increase the value of a house is replacing the windows and doors. Replacing old, drafty windows with energy-efficient ones not only improves the appearance of a home but can also help reduce energy costs. According to the 2021 Cost vs. Value report, a midrange window replacement has an average ROI of 72.3%.
Regarding the cost of renovations, it can vary widely depending on the scope of the work. A simple kitchen redesign may cost roughly $25,000, while a major remodel could cost upwards of $75,000 or more. Bathroom remodels can cost from $10,000 to $35,000, depending on the amount of the remodeling. Window replacements can cost anywhere from $500 to $1,200 per window, depending on the type and size.
When it comes to who does renovations, contractors or construction firms are frequently used. These professionals have the expertise and tools necessary to complete the work efficiently and to a high standard. They can also assist in making sure the renovation complies with all applicable building laws and regulations.
In conclusion, remodeling a home’s kitchen and bathroom as well as replacing its windows and doors will increase its value. These renovations can not only improve the functionality and appearance of a home but also increase its value. The cost of renovations can vary widely depending on the scope of the work, and they are typically done by contractors or construction companies.
If you don’t have any money to remodel your home, you can try some DIY projects that don’t require a lot of money or even go for some inexpensive upgrades like a fresh coat of paint, decluttering your space, adding new lighting fixtures, or upgrading your cabinet hardware to give your home a new look without breaking the bank. You can also consider repurposing old furniture or using items you already have in your home to create a new style.
The particular project and location will determine whether remodeling or construction is more affordable. In general, remodeling is often less expensive than building a new home from scratch. However, it’s important to consider the condition of the existing structure and the scope of the renovation project. In some cases, extensive renovations may end up costing more than building a new home. It’s best to consult with a professional contractor to determine the most cost-effective option for your specific situation.