Measuring Cost and Value in Home Construction ProjectsMay 1, 2019
Your home is your space and legacy. You’ve worked hard to get to this point and have made many sacrifices along the way. Now, it’s time to make your home your own, but where do you even begin? The kitchen? The bathroom? Finishing the basement or attic? The choices are seemingly endless, and this is where homeowners run into trouble when beginning their home improvement journey. A good place to start is knowing the cost of the project and the return on investment (ROI) that it will bring to your home.
According to Remodeling magazine’s recently released Cost vs. Value Report for 2018, here are a few projects that are ranked the highest:
The ROI for a deck addition can range from 71.2% – 80.7%
As summer is right around the corner, you’re probably looking forward to spending time outside your home. Adding a deck addition (whether composite or wood) to your property opens your home up to many outdoor activities on the weekends and in the evening. Options range from creating a proper grilling area to hosting friends and family throughout the summer to just enjoying quiet, private space outside. Or maybe you’re thinking of installing a flagstone backyard patio behind the home. There are so many ways to get creative with outdoor spaces. While a deck addition or backyard patio is one of the most popular renovation projects, keep in mind that it also comes with an excellent ROI.
The ROI for a kitchen remodel can range from 63.3% – 87.1%
The kitchen is the heart of the home. It’s where the family comes together at the end of the day to enjoy a meal. Designing a kitchen that works for you and your family only makes sense. You want a kitchen that is big enough for a growing family, where you can teach your kids and have them help make dinner. Most people also struggle with storage in the kitchen, so installing additional and larger cabinets is a must. Maybe you’re in need of a new countertop or are looking to expand your work surface with an island. Another item to consider is upgrading outdated appliances for eco-friendly options that reduce your utility bills. While kitchen remodels make a big daily impact for homeowners, it is also sure to be a great return on investment if and when you’re looking to sell.
The ROI for a bathroom remodel ranges from 60% – 72.2%
Another popular remodel is updating the bathroom. Like the kitchen, your bathroom sees the most traffic every day so it’s important to make changes to accommodate your changing lifestyle. As certified aging-in-place specialists, we can also help with adding a universal design for your home. Some suggestions are adding grab bars to the walls to help you get in and out of the shower with ease or installing a curbless shower. Another improvement for homeowners is widening the doorway and removing the threshold to make trips to the bathroom safer and easier. If you’re planning to age in place, then a bathroom remodel is one of the most important places to start. When determining a budget, know that a bathroom remodel also comes with a very good ROI.
Becoming more strategic and planning your home projects will bring added value to your home. At Thomsen Construction, we are dedicated to our clients’ projects and believe in clear communication throughout the process. If you’re looking to increase the value of your home through renovation projects, then contact Thomsen Construction at 978-890-7444 or visit our website at https://thomsenconstruction.com/.Tags: Aging in Place, bathroom, bathroom remodel, Budget, cost, cost vs. value, deck, deck addition, Future planning, Home, Home Exterior, home interior, homeowner, house, kitchen, kitchen remodel, Lifestyle, lifestyle change, Plan, Planning, Project Planning, Remodel, remodeling, Return on Investment, ROI, value
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