Renovating Your Home’s Value: 4 Projects That Will Give You a Great ROI

Increase the value of your home with these projects

While your home is where the heart is, it’s also where a sizable amount of money is stored. We’re not talking about the cash you might have hidden under the floorboards, but the actual house itself. Chances are that your home is your biggest investment, and even modestly-sized houses – especially if they’re in desirable areas – are valuable.

But there are always things that could be done to raise your home’s value. Even if you have no plans to move, these projects are worth the costs. In addition to raising its value, they will also let you get more enjoyment out of your home for as long as you live there.

1. Kitchen remodel

The kitchen is usually the hub of the house, which is why an upgrade is always a good idea. However, this doesn’t mean the entire room has to be gutted and then built up from scratch. In fact, according to a recent study, it makes more financial sense to do a minor remodel compared to a major one.

On average, a smaller remodel will recoup about 81 percent in resale value, as opposed to around 54 percent for a bigger one. Doing things like adding energy-efficient appliances, putting in new countertops, and replacing the flooring are all good ways to update a kitchen.

2. Bathroom remodel

While it’s not usually a hangout spot in a home, you can never underestimate the importance of a beautiful bathroom. But – like the kitchen – the best option for a remodel is to think a little smaller.

New fixtures and medicine cabinet, along with the addition of a vanity counter, can do wonders for its look and your ROI. According to that same study, a mid-range bathroom remodel will get a return of 70 percent, while a major one will only garner about 52 percent. Another thing that will benefit you (or future buyers) would be to make a bathroom universally accessible. This means adding support bars, widening the doorway for a wheelchair, and perhaps installing a walk-in shower.

If you’re not remodeling to add value to your home but for yourself, think of your needs and what you’d like to have in your dream bathroom.

3. New deck

A new deck is an excellent way to add extra living/entertaining space to your home without having to add another room. It’s important, however, that it is the right type of deck.

While composite is usually cheaper, wood is the best option. A composite deck brings an average return of about 64 percent, but with a wood deck, it’s almost 83 percent. The ideal deck is 16-feet by 20-feet, but the size will, of course, depend on your home and how much space you have to work with.

4. Finished basement

Again, you don’t have to put on a completely new room to get more livable space in your home; you can just work with the space you already have. If your basement is little more than a spot to store stuff, finishing it can give it a whole new life. In addition to another bedroom or living room, there are countless ways to use a finished basement, including as a game room, movie theater, playroom, or man cave. A finished basement generally brings in a return of about 70 percent, but that will pale in comparison to the enjoyment it will bring you.

If you’re thinking about a remodeling project, it’s important to find the right contractor. At Tandem Contracting, we work with you and keep the lines of communication open to make your vision a reality.

Interested in adding some upgrades to your home? Get in touch with the pros at Tandem Contracting. We can tackle any of the above projects and many others. Call us at 973-864-3100 or send us a message through our online contact form.

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