Bathroom and kitchen renovations are the most popular home improvement projects. You can expect to get back 75% of your investment (according to the Canada Assessment Institute). Replacing an outdated dressing table, old plumbing fixtures and lighting or adding a new tile floor will guarantee a lot for your money and give your bathroom a modern and updated look. An outdoor kitchen that goes beyond the grill with features such as cabinets, countertops, a bar and a small sink or refrigerator enhances the luxury and charm of outdoor dining and entertainment.
Our agents say that buyers especially like a combination with a grill, sink, fridge and bar (46%), as well as a retractable awning or awning for shade (34%). A Bank of America survey revealed that more than 70% of Americans tackled home improvement projects during the COVID-19 pandemic, with millennials spending the most. For nearly 20 years, Remodeling Magazine has conducted a comprehensive study of 22 remodeling projects, ranking them according to the highest performance. The list is based on several factors, including agent interviews, existing home sales, local gross domestic product and housing start-up.
The database classifies projects nationally, as well as by region, city and zip code in 150 metropolitan areas. You can add a shower bench and a curbless shower to show potential homebuyers that they can “age in place. And remember, even with real estate renovations that are known to add value, you're very likely to spend more money than you'll get on resale. According to the same report by the National Association of the Remodeling Industry, realtors estimate that homeowners can recover up to 57% of the cost of renovating a bathroom if they sell their home.
Certain home renovations offer a sizeable investment, often recovering 80% or more of their cost on resale, including complete kitchen renovations, upgraded hardwood floors and bathrooms, as well as ceilings, siding, doors, windows, and energy upgrades. Adding attic insulation is one of the best investments in the home, often recovering its entire value-added cost for the home. I want you to remember to SELL IT WELL, which means making improvements and renovations correctly for your homebuyer. A kitchen redesign is one of the most important improvements you can add that are almost guaranteed to add value to your home.
For example, if none of the other homes have ceiling moldings and high-end countertops, adding these amenities to a repair-and-flip project is unlikely to result in a significantly higher selling price. Karin Provencher, one of the top real estate agencies in Manchester, New Hampshire, says that new siding or trim often adds between 5% and 10% in value because they change the look of the home. The addition of a wooden deck falls on the economic side of remodeling projects, but it is one of the most valuable. A screened porch or backyard, especially one that includes an outdoor kitchen with a built-in grill and small fridge, is a wonderful additional entertainment area.
In addition to a built-in grill, outdoor kitchens often include features such as cabinets, a bar, a sink, standard kitchen appliances, and sometimes a flat screen TV. According to Remodelling Magazine, you can expect a 75% return on investment for your basement renovation.