Home renovations have been on the rise, correlating with the rise in virtual school and remote work. Families are making changes to the place they call home, adding value and making the space more livable for all its residents. Many renovations add value to your home, even though they may seem costly. When making the decision to renovate your home – whether you are making changes to a kitchen or bath, adding a home office, or increasing outdoor living space – it is important to know the return you can expect on your project. The expert team at Perillo Construction can help you with renovations – from the planning phases to the completion stages – to ensure you get the most value for your efforts.
Home Renovations Delivering Excellent ROI
There are all kind of remodeling projects, but some offer a considerably higher return on investment (ROI) than others. It is important to keep in mind that construction costs include materials, labor, as well as subcontractor expenses. With that in mind, here are some of the home renovation projects – large and small – that offer the greatest value for homeowners including the addition of resale value when the time comes.
You probably won’t be surprised to learn that a significant kitchen remodel is on the top of the list when it comes to adding resale value to your home it is on the list with up to 77 percent of costs recouped – resale value to renovation costs. Not only does creating a fresh, contemporary, and functional kitchen increase the value of your home for you and your family as you prepare, cook, and share meals with family and friends; it also delivers when it comes to resale value. A mid-range remodel may include new energy efficient appliances, new or refaced cabinetry with new hardware, new countertops with an upgraded sink and faucet, and new flooring as well as painting.
Upgrading the master bedroom, whether by renovation or addition, provides the next greatest resale value in the South Atlantic Region, with increased resale values of 50 percent to 60 percent or more of the overall cost. Bathroom upgrades and additions are also high on the list for adding resale value compared to overall costs with resale values of 54 percent or more of the remodeling costs.
While kitchens, master bedrooms, and bathroom home renovations are larger, more costly projects, homeowners also uncover significant increase in resale value through mid-price range renovations. Among the most common upgrade is the replacement of siding on the home. Old, worn siding reduces resale value and curb appeal, so it is easy to see why siding replacement (fiber-cement or vinyl) is a great way to add resale value to your home. For fiber-cement siding replacement, you will likely recoup 77 percent of the renovation cost when you sell your home. When replacing vinyl siding the resale value increase is estimated at nearly 75 percent of the cost. Vinyl siding, a more budget friendly solution compared to fiber-cement siding, still offers a considerable addition to renovation resale value while increasing your home’s overall curb appeal. Similarly, window replacement is another renovation which offers up to 73 percent recouped cost related to resale value. In addition, completing the renovation with low-emissivity (energy savings), simulated-divided light vinyl windows, custom colored to complement your home’s exterior will also save you money on energy costs until the time comes to sell.
Some smaller, lower costs renovation projects with an excellent ROI include adding stone veneer accents to your home’s exterior or replacing your existing garage door. Either project promises to recoup costs around 95 percent. Crafting a stone veneer accent to replace vinyl siding around your home’s entryway adds curb appeal to catch the eye of a potential buyer and increases your resale value when the sale is closed. In like manner, replacing a worn garage door with a new one, increased curb appeal and draws buyers to your home for a potential sale.
Considering a Home Renovation Project?
If you are considering a home renovation project – large or small – call on the team at Perillo Construction to get your project started.