When it comes to changing one’s home, there are many directions one can potentially go in. Should you put on additions, or invest your money in a new kitchen design? What abut a kitchen remodeling service vs. finally spending on some bathroom improvements? For those commissioning or constructing a custom home, the possibilities are even more endless. Capping it all off is the consideration of how much the home can be resold for. This is known as the return on investment — how much money you earn back from your investment when you sell your home, thanks to the renovations.
As homeowners, how can we maximize the return on our investment in a home? We’ve compiled a list of statistics regarding the common desires and wishes of people buying homes, and how those may translate into substantial returns on investment for you. By orienting your quality remodeling decisions around these facts, you will be likely to have a great return on your investment in your home.
- Modifying your existing kitchen design might seem like a hassle, but kitchen design remodeling projects tend to net a 81.8% return on investment.
- An addition will almost certainly pay off, with every 1,000 square feet jacking up a home’s resale price by 30%.
- Although buyers appear to prefer a single-story home to a two-story one, 66% of buyers want to have a full or partial basement.
- Even smaller fixes, like getting a replacement steel door, can net as much as 98% return on investment.
- Some quality home improvement projects might in fact be a must; 45% of homeowners consider it a necessity to have a full bath on the main level of the house.
Home renovations and remodeling additions can be challenging and laborious, yet they are ultimately quite lucrative in terms of securing a high return on investment in your home. Comment below with your opinions, experiences and questions.