At some point in time, homeowners look to make improvements to their homes. Regardless of the reason, making smart decisions on what to renovate and when can not only make a home feel fresh and new, but increase the value and ability to sell. Watch the video and take a look at the additional information below to learn more about the costs of renovating and the life expectancy around the home. The handy infographics below were created by Glotech Repairs.
1. Kitchen Renovation
Kitchens are often referred to as the ‘heart of the home’. They are a gathering place for families and a place where a good amount of time is spent. When planning a kitchen renovation, think about the materials you would want for the next decade and if your budget doesn’t allow for certain materials today, think about placeholders. As an example, instead of installing a granite countertop right now, select a laminate that looks similar at half the cost until you can afford the upgrade.
Average Kitchen Renovation Costs – $20,000
Average Return on Investment – $18,000 or 87%
2. Window Replacement
Windows provide more functionality to a home than just letting in sunlight or allowing you to spy on the neighbors. During the winter, they can help hold in heat from the sun shining through. On the other hand, drafty windows can increase your energy bills by 10% to 25%, according to Energy.gov, Replacing old windows with new energy-efficient ones can reduce your heating and cooling bills and increase home value.
Average Window Replacement Costs – $15,000
Average Return on Investment – $11,000 or 72%
3. Bathroom Renovation
Even though bathrooms are usually among the smallest rooms throughout a home, fully renovating them is anything but a small task. In some instances, getting rid what’s there may require tearing out dusty plaster, concrete, and cast iron which might uncover any number of problems. And the design process during rebuild may have as many choices as redoing the kitchen. However, a newly renovated bathroom can help a home feel more luxurious and entice potential buyers.
Average Bathroom Renovation Costs – $18,000
Average Return on Investment – $11,000 or 61%
4. Basement Renovation
Finishing a basement can significantly increase home value for owners and potential buyers. Unfinished basements are blank canvases, allowing freedom to add a bathroom, create recreation space or even an additional bedroom.
Average Basement Renovation Costs – $69,000
Average Return on Investment – $44,000 or 64%
5. Additional Renovations Around the Home
If you are starting a new renovation or searching for help with an existing project, reach out to us by contacting us above and we can guide you through the process. If we didn’t touch on the room in your home you are renovating, don’t worry, here are the additional graphics created by Glotech Repairs!