A Home Renovation Should Add Value to Your Life
House Logic, a free source of information from the National Association of Realtors, has released their “Cost vs. Value 2015” report, which calculates the cost of residential renovation projects compared to the added value when a home sells. The detailed data was condensed in “The 6 Best Time-Tested Remodeling Projects — and the Worst,” which lists the most consistent ROI for home improvements, as well as projects rebounding after the recession and new trends that address the way American families are changing.
The goal of any home remodel is to make the right choice for the long term, which is why many homeowners are searching for low maintenance options and energy-efficient upgrades. For the past few years, the ROI for remodeling a bedroom into a home office has plunged to 48.7 percent nationally. Mobile devices allow any room to temporarily shift to a workspace. Comparatively, the ROI for converting an attic space into a bedroom has skyrocketed to 77.2 percent nationally. The increased living space is ideal for either young children or for elderly family members who need at-home care.
Overall, exterior improvements consistently have the best ROI, most likely due to the curb appeal of these upgrades. Specifically, deck additions are making a comeback, with around 65 percent ROI in the Kansas City area. With an “ever-increasing love of outdoor living,” House Logic highlights that added deck space costs $8-$30 per square foot, “a bargain compared to the $150 to $300-per-square-foot cost of a new home addition.”
Still, many homeowners are not focused on placing their house back on the market. Instead, they are crafting renovations to showcase some personality and improve quality of life in a home they love. A major kitchen remodel, which includes replacing fixtures, wall coverings, flooring, cabinets and countertops, has a 55.6 percent ROI in Kansas City. Still, these upscale renovations remain extremely popular. “Over the last 10 years, homeowners have spent more on kitchen remodeling than any other home improvement category,” according to House Logic.
Wineteer Construction has mastered designing creative, yet practical, specialty projects, like large decks, room additions and upscale kitchens. Contact us for a consultation on your unique renovation with customized special touches.