When prioritizing home remodel upgrades there are two schools of thought:
- What will give you the most joy and enhance your lifestyle?
- How much bang for your investment buck you'll get in return?
If there's the possibility of you moving from your current residence in the near future, knowing the kind of home improvement cost vs. value is ideal.
If one project nets you a 10 or 20 percent ROI over another project, it's far more beneficial to you to perform those higher rate-of-return renovations first. But what new construction upgrades add the most value to your Pittsburgh metro home? Here's everything you need to know before settling in on your next renovation project.
The Boring Renovations
There are all kinds of renovations you can do around the house. Some of these renovations are easy to get excited about, like a new kitchen or basement movie theater. Others, well, let's just say not everyone is concerned about a new garage door. And yet to make sure you have the most accurate list of ROI home renovations, we'll give you both the exciting and not-so-exciting upgrades.
Bankrate recently released information on what home upgrades boost property values the most, and a new garage door actually took the top spot. It brings with it an almost 94% ROI. Now, if you don't need a new garage door there's no need to rip out your current one just to see some improvement value. But if you've been putting this repair off, now is the time to do it.
New windows and new siding are also near the top. Vinyl window installation can instantly net you a ROI of almost 69%. As for siding, it depends on the material. If your home uses vinyl siding you can expect about a 68% ROI, while fiber-cement siding jumps to 69%, and upgrading your vinyl for manufactured stone veneer will not only transform the look of your home, but you can see return on investment values push to over 92%.
Home Deck Installation
Outdoor living space is a major bonus. You can truly go as small or as big as you'd like for these kinds of renovation projects. Wooden decks are easier to install and instantly give your house a boost in property value. Now, if you think you'll be living in your current home for a while then go big and consider revamping your outdoor space with a stone or concrete patio, fireplace or fire pit and an outdoor kitchen. However, if signs point to you potentially moving soon, a wooden deck doesn't take as long to install, doesn't cost as much, and you can see a return on investment of possibly 72%.
When it comes to items that increase in value over time, one of the best big renovations (and one of the more exciting upgrade projects) is a brand-new bathroom. While there are ways to add new rooms to the side of your house, the best way to maximize your return on investment is to install a bathroom in an unfinished basement or even attic. According to This Old House, a bathroom addition will see a ROI of up to 81%. This is for a bathroom that is built in an already existing part of the house. The ROI would likely drop if a new room needed to be physically built on the side of the house, but even so, it not only adds to the value of your house, but when listing the house you can add another number onto the listed bathrooms, which is always a selling point.
Major Kitchen Remodel
There are small kitchen remodels, which often entail changing the floors, perhaps the backsplash, painting the current cabinets and touching up the fixtures. However, a major kitchen remodel will essentially give you an entirely new kitchen. You'll rip out everything and build something brand new. A major kitchen remodel can see a return on investment of up to 80%.
Now, it is important to note that higher-end materials may not see as much of a ROI as general building materials. That is because some solid surfaces like marble, granite and quartz that are popular now might not be as trendy five or 10 years down the line. But you can get around this by working with your design- build firm to make "timeless choices." The best way to future proof your upgrade is to discuss the project with us, and we'll help forecast the longevity of certain materials.
Begin Your Next Home Renovation Today
With this information now in your back pocket, it should be easier to pinpoint a renovation that's just right for your home and just right for your lifestyle. And when you do decide what your next project will be all you need to do is give us a call. We'll dive head first into the planning, designing, and preparation of your home renovation. We'll help bring the biggest bang for your buck while also assisting you in realizing your dream renovation. After all, your home remodeling in Pittsburgh isn't just about maximum investment potential. It's about maximum lifestyle enjoyment, as well. Give us a call, and we'll start on both right away.