Home remodeling improvements not only enhance your life, they add value to your home. Knowing the value of remodeling projects can help you prioritize and plan. Here are the remodeling projects that deliver the largest return on your investment.
If you have an unfinished basement, refinishing it can enhance your use of your home and value. Typical basement remodel jobs run $71,000 and return just shy of $50,000 at sale time. You’ll recoup 70 percent of your expenses and expand your living space. You may remodel the basement into a separate apartment, which you can rent out or use to house adult children, aging parents, or weekend house guests.
It should come as no surprise that kitchen remodels deliver the most impact. Replace outdated appliances with energy-efficient models, replace old cabinets with custom solutions, toss old linoleum flooring for a natural material and upgrade countertops. A minor kitchen renovation costs $20,800 and returns over $16,600 in value — a return on investment of more than 80 percent. A major remodel will run about $60,000 and bring a return of $48,000, not so bad!
Hardwood floors are a classic investment that never goes out of style. If you’ve got faded floors, revitalize them to make your home gleam. The average refinishing job costs $2,500 and returns the same amount in value. If you don’t have hardwood floors, consider laying them down. You’ll add value to your home now and when you go to sell; new floors return 91 percent of the cost to install.
Remodeling tends to focus on the home interior, but you can see a huge boost in home value by updating your landscaping. Homebuyers want to see landscaped gardens and pristine walkways of natural stone. A basic landscaping refresh comes with an ROI of 105 percent. Outdoor living enhancements, such as a stone patio or pergola, can bump value up further, while opening up your yard to entertaining and relaxation.
Both deck and patio additions return more than 100 percent of their cost when you sell your home.
The average patio costs $6,400 and returns over $6,500. Deck additions cost almost $9,500 when pressure treated, but return over $10,000 at sale time. A synthetic deck can easily run north of $30,000. Yet this too brings the return and is becoming “expected” by buyers looking at homes that boast a new deck. If your Hudson Valley home lacks a deck or a patio, adding one helps you make the most of summer entertaining and recoup your costs later on.
If your existing deck or patio is in poor shape, is too small, or is otherwise not to your liking, here’s the excuse you’ve been waiting for to redo it.
Remodeling for Value
While these projects return the largest value, choosing the right contractor is key. It’s important to choose a contractor who has the skills, knowledge, and ability to execute your remodel to best practices. The right contractor should be able to design your remodel so it integrates with the style of your home and exceeds standards. It may cost more upfront to hire a skilled contractor, but you will save money in the long run by getting a premiere design and build package.
Here at Kehoe Kustom, we offer comprehensive remodeling services that take inspiration from classic and historic styles while leveraging the technological and product enhancements available to modern contractors. To learn more about our work, browse our portfolio or contact us for an estimate.