Is Remodeling Cost-Effective?
Cost Vs. Value: It’s the underlying question that any homeowner contemplating a remodel asks themselves. Is it worth the investment to begin this project? Will we recoup enough of what we spend? What updates add the greatest resale value? These are all excellent questions!
Thoughtful homeowners want to make a wise investment and get the biggest bang for their buck; we completely understand, after all, your home is your most significant monetary asset. Fortunately, there’s a trove of quality resources and advice available to guide your decision! One great tool is the yearly Cost Vs. Value report put out by the website, Remodeling.
In addition, we recommend keeping these three general ideas in mind:
Keep it Simple. Often the most simple projects and home improvements provide the greatest payoff. Things like replacing windows, installing new siding, or adding attic insulation will always contribute to a home’s greater value. In fact, according to the 2016 Cost Vs. Value Report, replacing attic insulation has a 95.3% investment return in the Twin Cities, while new siding has a 61-70% (depending on the type) recoupment rate!
First Impressions Matter. The most obvious visual changes are almost sure to increase buyer incentive. These kinds of projects are usually about curb appeal; putting your home’s best face forward! Upgrades could include buying a new front door, applying a fresh coat of pain, basic landscaping TLC, or even a new mailbox or stylish house numbers. Again, 2016 Cost Vs. Value data reports that installing manufactured stone veneer has a 97.0% home investment return.
The Kitchen is King. If you’re going to remodel any room in your home, the kitchen should be your first priority. When it comes to recouping investment on a remodel, kitchen projects consistently come out on top. Nothing stands out more than a dated kitchen – and no feature shines brighter in online realtor photos. The kitchen has become the center of the modern home, it’s a natural place to get any home revamp started! In Minneapolis, minor kitchen remodel’s have a 74.8% investment return, while major kitchen projects report a 56% cost recoupment.
Still riddled with design questions or remodel confusion? Check-out our process page for more information, or give us a call, we’re happy to answer any questions you might have!