Most homeowners can agree that their home is an investment, building equity until an eventual sale. In the meantime, homeowners thoughtfully upgrade their home to better suit their lifestyle and help increase their return on investment. Attention homeowners – major renovations and additions are not the only answer to increasing home value. Smaller scale renovation projects will also often bring about a significant return on investment.
Here are two popular renovation ideas right now:
• Reconfigure: Rather than adding on a whole new addition, make the most of the space you have. As one example, we recently completed a remodeling project in Wall, NJ, where the homeowners’ 3-bedroom, 2.5-bathroom house was not functioning as well as it could for their family. To increase their livable space, we took an extremely large bathroom on the home’s second floor and used that same space to create both a hallway bathroom for their children to share and a fourth bedroom. Anytime you’re able to add a bedroom to your existing footprint, you create resale value.
• Open Up: While moving walls to create additional rooms can make sense for second-floor renovations, sometimes a first-floor renovation means taking down walls. If your home’s first floor is choppy, you might consider a renovation to create a more open concept. While it increases the function of your home, open concept spaces are highly sought after on the market and will increase the value of your home.
How Much You Can Recoup on a Remodeling Project?
According to a report conducted by Remodeling and based on data collected from 29 different renovation projects, homeowners receive an average 64.3 cents back for every dollar spent on a home renovation. Regardless of budget, simple renovation projects such as our recent project in Wall are ideal for homeowners who want to improve the functionality of their living space while continuing to add value to a key investment.
Rely on a Trusted Contractor
If you’re interested in learning more about how to make the space you have work better for you and your family, consult with a qualified home improvement contractor. Their experience will not only be invaluable to understanding your options, but a seasoned contractor will also be able to share insight into an anticipated return on investment. Our job is to ensure every renovation increases the function and value of your home.