Whether you want to update your home, customize it, or integrate smart technology into your design, you can’t go wrong these high-value home renovation projects:
1. Remodel your kitchen
Kitchen renovations are the most common remodeling projects being undertaken right now, with 81% of remodelers working on kitchens and 80% on bathrooms, according to the National Association of Home Builders.
On average, a minor kitchen remodel costs $20,830, with homeowners recouping 80.2% of the cost at the time of sale. Major kitchen remodels average $62,158, with a significantly lower resale value of $40,560 (65.3% of the cost).
Before you dive into your renovations, award-winning interior designer Kerrie Kelly suggests taking the time to consider the kitchen work triangle – the space between your sink, range and refrigerator.
“Any homeowner can create a safe and enjoyable kitchen space with a work triangle that plays well both functionally and fashionably,” says Kelly, adding that key concepts to take into account during the design phase include lighting, traffic patterns, work surfaces, storage and streamlining.
“By knowing the tips and tricks designers use to enhance the functionality of the kitchen triangle, you can create your ideal kitchen without limiting its visual allure or practicality,” she adds.
2.Upgrade your bathroom
Bathroom remodels cost $18,546 on average, with homeowners typically replacing fixtures and surrounding tiles, shower controls, the toilet, sink and vanity, cabinets and vinyl wallpaper. Upgrading a bathroom to a more accessible universal design (e.g. widening the doorway, adding grab bars etc.) costs slightly less at $15,730. In both cases, homeowners may recover 64.8% of the job cost when they sell.
Regardless of your design, toilet placement is an important but often overlooked aspect of a good bathroom layout, according to Kelly.
“The toilet can be considered the ‘problem child’ of the bathroom because of its unwavering ability to impact all the other design elements, like whether or not a larger vanity can be accommodated or if certain plumbing can be shifted around,” explains Kelly.
And since it’s rarely economical to move existing toilets, Kelly recommends smart fixes like building a separate water closet within your bathroom to keep it out of line of sight, or opting for an in-wall toilet to provide extra space.
3.Add extra rooms to your home
Room additions can be costly, ranging from $43,232 for an extra bathroom, to $176,108 for a two-story addition. However, up to 71.1% of these costs can be recovered, depending on the nature and design of the renovation.
PROJECT JOB COST RESALE VALUE COST RECOUPED
Master suite addition $119,533 $77,506 64.8%
Family room addition $89,566 $62,055 69.3%
Bathroom addition $43,232 $23,283 53.9%
Two-story addition $176,108 $125,222 71.1%
One of the biggest mistakes that Voitek Klimczyk, owner of SimplyAdditions.com, warns homeowners against when they take on home addition projects is buying into trends.
“Every day, new materials and the latest gadgets for a remodeling project or room addition come to a store near you. But unless it’s a tried and true classic, then you may want to avoid it,” he cautions.
If you’re looking at home and design trends for inspiration, be sure to consider the functionality and resale value of these solutions as well.
4.Replace your windows and doors
Replacing your front door has the second-highest return on investment when compared to other remodeling projects. According to Remodeling’s 2017 Cost vs Value Report, homeowners who spent an average of $1,413 recouped 90.7% of the cost. Garage door replacement jobs recovered 76.9% of the cost, while upscale window replacement projects recovered 73.9% and 73% for vinyl windows and wood windows, respectively.
In addition to improving curb appeal, upgrading windows and doors typically makes homes more energy efficient, which you can finance with the help of provincial credits and grants if you live in Canada, and local, state or federal tax credit programs if you live in the United States.
5.Finish your basement
If you’re looking for a cost-effective way to add extra living space to your home, a basement remodel can offer a 70% return on investment, in addition to being a flexible space as far as functionality. Whether you convert it into a rental unit, home gym, or multi-functional living space for the whole family, home improvement expert Alex Pascal says that you should factor soundproofing into your plans.
“You should soundproof your basement, not only because you’re going to turn it into a studio or an entertainment hub. But most of the house’s mechanical systems are underground and near your basement,” Pascal insists.
What home renovation projects are you taking on this summer?