Top 8 Home Remodeling Projects with High ROI Part 2: Interior
Our previous blog post described exterior remodel projects that made it on our top 8 list. Now we are moving inside: Kitchen remodels, bathroom remodels, and basement remodels are the interior projects we selected that add the most value to your home. According to Kermit Baker, director of the remodeling futures program at the Joint Center for Housing Studies at Harvard, kitchens and bathrooms are the first things people look at when considering buying a house. How you approach each of these projects should depend on what your goal is. In general, if you are selling, you should keep things simple. If you are planning to stay in your home, but think it needs a makeover, pay attention to little things you encounter on a daily basis. Making a list of things that you would like to change or things that bother you will help your design and build team determine the best solutions for your home.
Kitchen remodeling ranked #5 on our list. Kitchen remodels come in different sizes: major and minor.
Remodeling magazine's cost versus value analysis revealed that for a mid-range home, refreshing a kitchen has a higher return on investment than a complete remodel.
A Major kitchen remodel implies 'starting from scratch.' Features people look for in a modern kitchen include: an island, double sinks, custom cabinets, and fancy ventilation systems.
Refreshing a kitchen would include things like upgrading appliances to more energy-efficient models, replacing the front of cabinets, refinishing/repainting surfaces, replacing countertops, installing new sinks, and refurbishing or upgrading the flooring. This type of minor kitchen remodel costs $19,885 on average in New England, and 71.7% of the cost is recouped when the home is sold, compared to a major kitchen remodel, which has an average cost of $58,982 and returns 63.7%
(remodeling cost vs value report 2011-2012: http://www.remodeling.hw.net/2011/costvsvalue/division/new-england.aspx)
See our gallery of kitchen remodels for inspiration and before and after comparisons.
#6 Bathroom Remodel
Bathroom remodeling ranked #6 on our list. Kitchen and bathroom upgrades are some of the most expensive interior remodeling projects, but a home with an upgraded kitchen and new bathrooms is far more appealing to potential buyers. Many potential Connecticut homebuyers appreciate the charm that comes with an older home, but do not want to live in a home that is plainly antiquated.
Remodeling your bathroom yields an ROI of around 50-60% and the cost will depend on how much you change. Homebuyers expect much larger bathrooms now than they did fifty years ago. You probably need professional advice to determine whether or not it will be cost effective to expand the walls of your bathroom, but even if you cannot, there are things you can do to modernize your bathroom.
Replace your toilet: Replacing your floor-mounted toilet with a wall-mounted toilet will give you more space. If your budget does not allow for a new toilet, we recommend replacing the toilet seat. You can find decent toilet seats for under $25.
Turn the Bath into a Shower: Think of the word bathroom itself. It is not called a 'shower room' because traditionally, bathrooms had bathtubs. Many old bathrooms in CT only have baths, but contemporary century buyers and owners expect showers. Converting a bath into a shower is easier than you might think. Luxury Bath Systems offer solutions to convert your bath into a shower in just one day with a single piece shower enclosure that eliminates the need for shower curtains, which retain mold, mildew, and disease.
Replace your faucets, light fixtures, and hardware: These are great moves if you are working with a small budget and can only make a couple upgrades. Fresh, modern hardware can make a huge difference, especially if you match it to the finish of the faucet and light fixtures.
Re-Caulk: Re-caulking is another good, inexpensive move. Discolored caulking makes the bathroom look dirty, and it probably is. New caulking can resist mold better and freshen up the look of your bathroom.
A basement remodel ranked #8 on our list. Many basements in Connecticut are unfinished storage areas, but many homeowners are discovering that their basement can be repurposed. Remodeling the basement of an average home has a higher ROI than the same upgrade for a luxury home, likely because the extra finished space is more sorely needed in smaller homes. Consider converting your basement into a guest area, game room, gym, or home office.
Basement remodels are also fun because you can be creative. Think outside of the box, and please contact us to share your ideas and get our advice. We have converted basements into offices, gamerooms, kitchenettes, movie rooms, and family rooms. Take a look at some of our completed projects.
Download our guide to help you plan your next home remodeling project! We are here to answer your questions and advise you on how to maximize the value added to your home.