For most homeowners, a well-maintained house is one of their most valuable assets. Every year, Americans invest thousands of dollars in home improvement projects to keep the value of their homes stable and growing over time.
Any homeowner who’s had their fair share of renovation projects have had to consider the question of whether there will be a decent return on their investment. After all, no one wants to spend huge sums of money on their house if they’re not adding any substantial value to it! Now, the question is, how exactly can a kitchen or bathroom remodel in Chicago add value to your home?
The Value of a Kitchen Remodel
Kitchen remodeling has always been known to produce a quality return on investment. It’s one of the most attractive rooms in a home that any potential buyer will immediately look at and scrutinize.
According to the National Board of Realtors, a minor kitchen remodeling project that costs around $20,000 can produce a national average payback of 79.3%. This means spending that much money on a kitchen upgrade will increase the overall value of your home by roughly $15,000.
If you want to get the most of your project, you need to focus on what specific kitchen upgrades you need to invest in. Here’s a great tip if you’re planning to embark on a home improvement project: try going around and tour model homes that are roughly twice the value of your own home. That’ll give you a good idea of what features can be found in a fancy kitchen like that! You can then imitate some of those features in a cost-effective way in your own kitchen.
Some remodeling ideas you should consider are:
- Installing new flooring;
- Painting or refinishing cabinets;
- Replacing tile backsplash;
- Buying new appliances; and
- Upgrading countertops to stainless steel or stone.
The Value of a Bathroom Remodel
More often than not, custom home builders in Chicago also recommend a bathroom upgrade as a good investment for your home. It’s basically the most trafficked room in a home, making it even more valuable and attractive to home buyers when house shopping. Bathrooms affect their occupants’ comfort level more than any room in the house, and it’s subject to more wear and tear on a daily basis.
There are two ways you can do bathroom remodeling; building an additional bathroom or renovating the old one. A mid-range bathroom remodel costs around $15,000 and will roughly add $10,000 to the value of your home. That’s more or less a return of 65%!
Some of the most profitable bathroom upgrades are:
- Upgrading plumbing fixtures;
- Adding vanity upgrades;
- Installing a rain shower head with glass shower doors;
- Installing new lighting fixtures;
- Installing new tile flooring; and
- Replacing the toilet.
Every homeowner will have to consider which type of renovation project will add the most value to their home while keeping in mind the return on their investment. Even if you don’t have any plans of selling your home, it’s never a bad idea to spruce it up a little bit if that renovation adds comfort and beauty to your home.
Whether you need home restoration or you want to embark on a remodeling project, Green Construction Holmes Builders LLC is here to serve you. We are a family-owned-and-operated business working as one of the best custom home builders in Chicago. Our forensic building consultant, together with our build team, will make sure to implement your vision for your home. Give us a call and partner with us today!