Your home is your biggest financial investment, but what are the most cost-efficient ways to invest in it?
We share insights gathered by Today’s Homeowner in which they determined the average Return On Investment for indoor and outdoor home remodeling projects across the US. They calculated the average cost, expected value added to the home, and the percentage of the project cost recovered (ROI, baby!)
There are so many remodeling projects that can add significant value to your home. In their article, they have dozens of projects listed; from different types of flooring, kitchen & bathroom upgrades, additions, windows, outdoor projects, and more.
Indoor Remodeling Projects
Updating your kitchen is one of the most valuable – and expensive – remodeling projects you can do. A partial kitchen remodel with the best return on value? Getting new appliances and countertops! This upgrade had an average ROI of over 65%, while minor to major kitchen remodels had an average ROI of only 54% (along with a MUCH higher price tag).
An upscale bathroom remodel had the lowest return on investment. Mainly because finding a crazy expensive bathroom in an otherwise plain house did not translate to someone paying more for the property. The ROI on this project? Only 48%
Outdoor Remodeling Projects Adds HUGE Value to Your Home
What we found the most interesting from this in-depth article on the value of remodeling projects for your home was the AMAZING ROI for outdoor projects.
Things like a new garage door (hello 100%), replacing windows, and new siding had an overall average of 80% return on investment.
Several of Build Outdoors’ outdoor hardscaping services are listed as some of the highest cost recovered projects – a screened-in porch, wood or concrete deck addition, and backyard patio.
Not only do you get to hang outside in the shade, mosquito-free, but the potential resale value for these projects averaged 86%. And that’s just a hard number. Add in personal enjoyment and we think it’s closer to 100%!
Create an Outdoor Living Space
Choosing to invest in an outdoor remodeling project like creating an outdoor living space can be a great way to increase your home’s value. This can include many different things like adding a deck or screen-in porch, an outdoor kitchen with a fireplace, resurfacing a deck around a pool, or creating a gorgeous statement with hardscaping.
How do you decide which remodeling project is right for your home? It really depends on how long you plan on living in your home and what areas of your home you enjoy the most. Be sure to do your homework and check out reviews before choosing a contractor to ensure that your remodeling project is completed without a hitch.
Here at Build Outdoors, we take great pride in building beautiful outdoor spaces. Having spectacular return on investment data that confirms our own personal experience makes our work even more fulfilling.
If you choose to invest in an outdoor remodeling project with us, be sure to do your research first by checking out our Google Reviews from real clients. If you like what you see, then contact us to get started!
Our thanks to Today’s Homeowner for publishing an article with detailed data on recent home remodeling statistics.