It may be that your house hasn’t seen any home improvement for quite some time: the bathroom is covered with wallpaper, the kitchen appliances are avocado green, and the shag carpet in your living room keeps asking you to a Gloria Gaynor concert. It just may be time for renovation.
Renovating your home not only makes it a more enjoyable and comfortable place to live, but it is a wise investment. However, not all renovations are worth the time, the effort, and the cost of improvement. According to a report by US News, there are certain renovations that offer larger returns than others.
Kitchens and Bathrooms
Most realtors will tell you that bathrooms (specifically the master bathroom) and the kitchen are typically the most important rooms of the house. The kitchen, in particular, is the first area potential home buyers notice. This is where people tend to congregate, thus it needs to be both welcoming and modern.
Bathrooms, on the other hand, aren’t really known for crowds. Instead, they are known as places where people can relax and pamper themselves. When a bathroom remodel is done correctly – with a custom shower, dual sinks, stellar lighting, or granite countertops – they can yield an average investment return of 62 percent.
Additional Notable Areas
Other renovations that are worth the investment include adding more livable square footage and new windows. When it comes to the former, more is definitely better. Turning an attic into a bedroom or finishing a basement can have a positive effect on the selling price of your home. People are drawn to homes that offer larger areas in which to play, rest, or simply hang out.
Adding windows can also be quite profitable. New windows may be expensive, but they add value to your home in several ways. They are aesthetically appealing, but they are also practical. Old windows tend to leak, letting in cold air in the winter and warm air in the summer. This leakage can sky rocket the cost of heating and air conditioning.
Home Offices and Sunrooms
On the flip side, home offices and sunrooms aren’t typically the best investments. While working from home has become commonplace in the job force, most people don’t require a full office to do it. Usually a computer and some storage cabinets can suffice. Home buyers often find that there are other things they would rather do with this space.
A sunroom renovation may be equally futile. This is particularly true in areas where the weather is extreme. In states with winter weather, sunrooms are usually too cold; in states with hot summer weather, sunrooms can get way too stuffy to be comfortable. Thus, they are really only good investments in areas where the weather is mild for most of the year. There’s no point to a sunroom if you can’t use it.
To Build or Not to Build
Making the choice to remodel, modernize, or build an addition is a big decision. It takes a significant amount of commitment and money. However, as demonstrated above, certain updates may well be worth it. Renovating may also be necessary.
According to CNN, remodeling is surging among homeowners, who are hopeful with the surge in home values. In fact, spending on home improvements reached $131 billion in 2012. This was the highest mark since 2006. With so many improvements, homeowners might have to renovate merely to keep up with the Joneses.
This article was contributed by Chase Roberts, home & garden connoisseur, personal decorator, and all-around handyman. Chase recommends Remedy Roofing for homeowners in Dallas looking to make a great long-term investment in their home.
Bruzzese Home Improvements specializes in kitchen and bathroom renovations, additions, window replacement and pretty much all your home improvement needs. Give us a call or shoot us an email to schedule your free in home estimate! ~Gary B.
Budget Home Improvements: Seeing Home Repair as an Investment