Return on Investment, or ROI, is a measurement of the efficiency of an investment. For renovation aficionados everywhere, a good ROI is the holy grail of home improvement. Who doesn’t want to beautify their home and recoup some of their hard-earned money in the process? If you’re looking to refresh your home and earn back some money in the process, there are a few elements to consider to get the most bang for your buck.
Follow Your Heart and Remodel for Your Unique Home
No matter what the ROI of your renovation, you can’t put a price on joy. While wise investments certainly have their appeal, the most crucial part of the custom home remodeling process is making your dream home a reality. Every region, neighborhood, and home all come with their own unique elements. If you’re looking to remodel, there are some high-impact factors to keep in mind such as the Neighborhood dynamics and locale. No matter how dynamic your renovations are, your home is usually only as valuable as the price ceiling in your area. Even the most innovative or luxe upgrades won’t typically coax homebuyers to buy above the neighborhood price ceiling. In order to make back your investment, you’ll need to renovate within the bounds of your neighborhood’s average selling price. Make the most of your money by investing in renovations that work for your unique home and locale.
Every year, Remodeling Magazine conducts a survey to determine the hottest renovations that are most likely to create some serious ROI. According to the experts, these are some of the best renovation choices:
Bathroom Remodel or Renovation
At 81%, the bathroom addition handily sits in the top 3 home improvements. Many a charming older home lacks the bathroom space to accommodate the modern family. Investing in an extra washroom is an excellent way to clean up when it comes to earning back your investment.
Kitchen Upgrade Renovation or Remodel
With an estimated 87% ROI, an upgraded kitchen is a solid choice if you’re looking to elevate your home’s look and value. Less is more when it comes to remodeling your kitchen. Sprucing up your cabinets, countertops, and appliances with a minor refresh can entice buyers just as much as a major overhaul.
With an 83% ROI, a second story can add serious value to your home. Buyers are often looking for a little more space to roam, and a second story can add some eye-catching curb appeal!
Take2 Remodeling can make your remodeling dreams come true!
Take2 Remodeling can make your remodeling dreams come true with our expansive custom options and quality service. Contact us today to make the most of your home with custom renovations and home improvements!