Beyond just the personal joys of having an updated look and feel to your space, remodeling and renovations bring several other benefits to your home including a more functional and enjoyable use of your square footage, increased space, energy savings, increased property value and greater buyer interest when it comes time to sell.
At Great Northern Builders, we’ve helped many homeowners bring their visions to life through renovations and remodels of kitchens, patios, decks, bathrooms, windows, garages, additions, and outbuildings. We’ve learned how these projects add tremendous value to your home, and we are going to cover some of the key ways to add value to a space and the benefits you achieve as a homeowner.
According to HGTV, remodeling projects that yield the top returns this year include:
- Bathroom remodel with an average return at resale of 102%
- Kitchen remodel with an average return at resale of 98.5%
- Vinyl siding, paint, and updated front entry with an average return at resale of 95.5%
- Attic bedroom conversion with an average return at resale of 93.5%
- Major bathroom remodel with an average return at resale of 93.2%
- Deck, patio, or porch addition with an average return at resale of 90.3%
- Basement remodel with an average return at resale of 90.1%
- Window replacements with an average return at resale of 89.6%
Increase Property Values
There are many factors that go into the appeal of a home for a potential buyer. It really comes down to putting yourself in the buyer’s shoes and remembering what makes a home that much better when you are living in it. Let’s cover some of the important factors that buyers are looking for in today’s market, and then we will discuss trending remodeling projects that are yielding the highest returns.
Any real estate agent will tell you that the more spacious a place feels, the better. Having lots of natural light will sell more quickly than a space that feels dark and cramped. Remodeling projects that benefit smaller houses are those that open up the floor plan, and give a small space the illusion of a large living area. If taking out walls isn’t your thing, simply widening doorways can make a home feel more spacious. Replacing windows can also make a huge difference in the feel of a space. A popular renovation is replacing windows with French doors that open to the backyard, which provides more light and makes the room feel bigger and less cramped.
First impressions matter. It’s going to be really hard to get a buyer to consider your home when they don’t even want to step inside because the outside is dated and dreary. Replacing older features like the front door, windows, garage door and siding often yields much better returns in attracting buyers than other remodeling projects. Even adding shutters, a new driveway, or walkway to your home can also lead to great returns because it makes the home welcoming. Of course, don’t underestimate the appeal of attractive landscaping around your home.
Outdoor Living: Decks and Patios
As we all know, being outside is very popular in Minnesota’s nicer months, so adding or renovating a deck or patio in the backyard will provide a great place for you to entertain friends or hang out you’re your family. It will also provide greater appeal to buyers down the road. According to HGTV, homeowners recoup 65%-90% of their investment by adding a deck or patio.
Kitchen Remodels Provide Max Returns
Everyone gravitates towards the kitchen, and for that reason one of the best ways to add value to your home is through a kitchen update or remodel. Remember to add space, have plenty of counters and cabinet space, windows, and stainless-steel appliances for the best returns. If done correctly, kitchen remodels can yield close to 100% return on investment.
Commodes are a Commodity
Bathrooms are a hot commodity. According to HGTV, if your home only has one bathroom, you can recoup 80%-130% of your addition costs merely by adding a new bathroom. This is why both adding and updating bathrooms yields considerable value for your home. Half-baths can easily be created out of closet space for spaces with too few bathrooms. For those spaces with plenty of bathrooms, adding things like ceramic flooring, whirlpool tubs, and skylights can add great value to a home. Remember to keep the look consistent to your home’s theme.
Reinvent Your Space: Additions and Renovations
If you have an attic or basement or spare room you’re not using fully, remodeling these spaces into bedrooms, entertainment areas, or home offices can yield great returns. Turning these parts of your home into usable space is always a win. Need more space for your toys? An additional garage can help you save indoor space by providing extra storage.
Reduce Energy Bills
Remodeling can help you save on energy bills. A good remodeler should help you integrate ways to save energy and provide recommendations to integrate cost-savings into your next project.
- Added insulation in walls or attic (71%)
- Insulating windows (66%)
- High efficiency furnaces (59%)
- Lighting (56%)
- A/C units (50%)
Replacing old appliances with energy-efficient models is also a big energy saver that also increases your home’s appeal, should you decide to sell down the road. Energy Star rated appliances use less energy, save you money, and are better for the environment. Who wouldn’t be interested in that?
Hiring a Remodeler
If you decide to hire a contractor, shop around before you choose someone to work with. Make sure you get at least three quotes from the contractors you interview. Thoroughly check references for the contractors before you agree to a contract or work order. Look at their reviews, their testimonials, and their work performed. Be aware of home improvement repair scams.
Call the experts at Great Northern Builders at 651.455.9371 for a free estimate on your next project!
Great Northern Builders is a local leader in residential and commercial remodeling and restoration projects throughout the Twin Cities, Minnesota and Wisconsin. As a licensed general contractor, we can help you with any renovation or remodel project including kitchens, patios, decks, bathrooms, windows, garages, additions, and outbuildings. With a Better Business Bureau A+ rating, numerous happy customers, and rave reviews, we help you achieve your vision with expert crews, unrivaled customer service, and quality workmanship. Great Northern Builders is a proud member of the Builder’s Association of the Twin Cities, National Association of the Remodeling Industry, an EPA Lead-Safe Certified Firm, and an Energy Star Partner.