When considering home remodeling projects, there are two big questions to ask:
- How much will the project increase the usability and/or enjoyment of my home?
- How will the project affect the future resale value of my home?
While only you can answer the first question, we’re here to help you determine which projects will give you the most bang for your buck.
Finished basements top the list.
Unfinished basements present many opportunities to improve your home and its value. The most obvious ways to bump up resale value are to add a bathroom and bedroom(s) in the basement, as homes with more bedrooms and bathrooms command a higher price and appeal to a broader audience. In general, buyers want finished basements so they don’t have to do the work themselves. It makes sense then that, according to HomeAdvisor, finishing a basement project can have up to a 70% return on investment.
Homebuyers are high on home offices.
What do homebuyers want? HomeLight asked realtors that question in 2021, and nearly 60% of them said home offices are No. 1 on homebuyers’ wish lists. That makes sense, with working from home and hybrid working arrangements becoming more prevalent recently. So, if you’re looking for a use for that corner of your basement, it would make sense to convert it into a home office, especially if you’re looking to attract future homebuyers.
Cook up some value with a kitchen remodel.
According to the 2021 Cost vs. Value Report (www.costvsvalue.com), a minor midrange kitchen remodel has a 68% return on investment in the Twin Cities. That includes doing things like replacing countertops, flooring, and appliances; and repainting or refinishing the walls, trim, and ceiling. According to that same report, a major midrange kitchen remodel has a 53% return on investment. However, if you plan to live in the home for a while and want to take advantage of an upgraded kitchen while you do, it’s still a good investment.
Deck out your home.
Outdoor living areas are the third-most desired home attribute, behind a home office and great school district, according to Homelight. Members of Generation X (ages 40 to 56) prioritize outdoor spaces even more. That means that decks are valuable. The Cost vs. Value Report backs that up, saying that a new composite deck addition has a 61% return on investment, while a new wood deck addition has a 60% return on investment in the Twin Cities. Not only do decks increase the value of your home, but also the pool of people interested in it.
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Bathroom remodels have benefits.
If you have an outdated bathroom, remodeling it is a great idea. Bathroom remodels have a 54% return on investment in the Twin Cities, according to the Cost vs. Value Report. Replacing the flooring, fixtures, tile, toilet, vanity, and medicine cabinet; while also painting the walls, trim and ceiling will go a long way toward making your home more valuable and sellable. Expanding your bathroom may also not be a bad idea, as the Cost vs. Value Report states that doing so has a 52% return on investment in the Twin Cities.
What about a home gym?
If you’ve decided you want to finish your basement, but don’t know what to do with all the space, or if you have another empty room, you may want to consider a home gym. According to Homelight, the percentage of buyers wanting a home gym grew from 17% in 2019 to 26% in 2021. Furthermore, agents told HomeLight that the value of a home gym has risen 69% from $3,635 in 2019 to $6,127 in 2021. Adding a home gym is a relatively small investment that could pay off quite nicely.
Quality is king.
No matter what project you decide to undertake, keep in mind that buyers aren’t just looking for improvements; they’re looking for quality improvements. That’s why it’s important to hire professionals to do the work for you. Not to mention that it will save you time, hassle, and stress. That’s especially true if the professionals you choose are from JOE.BUILDER. We’d love to work with you to determine which projects make the most sense for you and your home both now and in the future.