Spring is often the best time of year for a home renovation due to pleasant weather. If you are trying to decide whether or not to begin a home renovation project, consider the ROI (return on investment) for the room(s) you are considering renovating. For example, remodeling a kitchen tends to yield the greatest return without having to add square footage to your home. The average ROI on a kitchen remodel is 80-100% so it’s an ideal room to renovate as you and your family can enjoy it in the short-term and you’ll realize the ROI in the long-term when you are ready to sell your home.
According to HGTV.com, the number one home update is a minor bathroom remodel. By updating a few, key elements such as the tub, tile areas, floor, vanity and fixtures, you will earn an average of 102% on your investment. This is based on an average cost of $10,500 to replace the tub, tile surround, floor, toilet, sink, vanity and fixtures.
The primary reason that kitchens and bathrooms have higher rates of return than other areas of the home is because of the time and expense required to renovate them. When prospective buyers tour an open house and see an outdated kitchen or bathroom, all they see is red: the money they’ll need to bring those rooms up to their standards. When they walk through a home and love the kitchen and bathrooms, it’s easier for them to picture themselves living and enjoying those rooms with their families. There is a compelling emotion to buy based on the perceived comfort and the fact that they won’t have to invest additional expenses beyond the costs of buying a new home and moving.
Many people assume that the replacement of a roof, siding or windows will garner great returns, however home buyers expect that all of them will be in decent shape without any need for repair or replacement. The average ROI for these projects range from 40-50%.
If your overall goal is to increase the value of your home, consider a renovation of your kitchen and bathroom first, if needed, and then evaluate whether or not other rooms truly need to be remodeled. If you decide that a kitchen renovation is necessary, consider exquisite cabinetry from Berloni America. Their U.S. Customer Service and Distribution Center make the buying of Italian kitchens and furniture more affordable and accessible through a network of quality dealers around the country.