Home prices are skyrocketing and the housing market is struggling to keep pace with demand. In this market, many homeowners are choosing to take on major renovation projects around the house.
These major projects probably require a contractor, though the handiest of fix-it people might try to take these on themselves.
Here are popular projects based on the value they add to your living space.
Basement renovation: few renovation projects add square footage as efficiently as a basement remodel. There are lots of ideas for how to do it, but full agreement on why: usually the infrastructure is in place for an economical expansion. Better yet, basement renovations often yield high returns on the investment. Homeowners who later sell often realize more than 70% return on their investment in a basement.
Kitchen renovation: kitchen renovations are among the most complex, costly, and time-consuming projects a homeowner can take on. At around $100 per square foot, they can really set a homeowner back. Nationally, owners report that they only return between 50% and 60% on their investment in a sale.
A kitchen remodel almost always means working with electricity and water, so often the work involves coordinating multiple professionals and managing their schedules. Unfortunately, many homeowners must plan to leave their house for a period of time for a kitchen renovation.
Adding a room: Adding new space can be an attractive way to renovate your house. Adding a mudroom, breakfast nook, or even a full guest room over the garage, can be accomplished without adding expensive foundation elements. There are lots of ideas for where and what to add, and a wide range of costs. Picking the project that will be most useful for your family is important.
Renovating a bathroom: Bathroom renovations can be almost as powerful as kitchen renovations in shaping your quality of life. There is not another room where you are certain to visit at least twice a day, and no space knows you as intimately. Making the space larger, warmer, and adding storage are common adaptations. Expect a bathroom renovation to return nearly 70% on investment, according to Zillow.
Remember, despite information about the return on investment, there are even better reasons to take on these renovations. They simply make your space better.
More than one homeowner has taken on a major renovation to prepare for a sale, and decided to stay. They found that their new space was better than any house they might find on the market.