According to a survey by Harvard’s Joint Center for Housing Studies, the total amount Americans will spend on home remodeling projects will increase from $332 billion in the last quarter of 2020 to $337 billion in the second half of 2021.
Unfortunately, that doesn’t mean that these projects are giving back at the same rate. A survey of real estate professionals by Remodeling magazine found that the average return for 21 of the most popular renovation projects was 66.5%, compared to 68.6% in 2019.
However, with the effects of COVID-19 still not over, most real estate agents believe that home renovation projects will continue to increase. The important factor is to know which home upgrades add the most value.
The following renovation projects not only add value but also improve your family’s quality of life.
According to HGTV, a kitchen remodel project has an ROI of about 60%-120%. This, of course, doesn’t mean you need to go overboard. Sometimes, simple upgrades are all you need for the busiest room of your house.
The average price of a kitchen remodel can range from $5,000 to $75,000, or more. But you can start with changing the color of the walls. Applying a fresh coat of paint in modern tones can go a long way. Moreover, paint is the cheapest upgrade option available.
You can also switch out old appliances with energy-efficient upgraded ones. Since these consume less energy, they will also help you save money in the long run.
Adding A Bathroom:
If you only have one bathroom in your house, you can invest in adding another one. According to HGTV, whatever you spend on a bathroom has an ROI of 80%-130%.
If you want to add a half-bath, you need about 18 square feet. For a full bath with a shower, you’ll need around 30 square feet. A bathtub will require an extra space of 35 square feet.
Adding a new room to your house can be costly. It’s easy to go overboard with the expenses for such a project and cause other problems. Instead, you can reinvent your existing rooms to save on the cost.
You can complete a basement renovation or repurpose the attic as a bedroom.
According to Remodeling Magazine’s annual Cost vs. value report, the average basement remodel can cost anywhere up to $64,000. However, it has an equally high return on investment.
If you’re looking to add any of these upgrades to your home, you need an experienced home renovation contractor Ottawa to guide you.
Tremblay Renovation provides home renovations for residents in Ottawa and nearby places at the best prices. Get in touch with them to learn about their services.