Remodeling can be incredibly satisfying, especially when your remodel improves your property value and offers a return on your investment when it's time to sell. If you're thinking about selling within the next five years, these home remodeling projects can boost your home property value, while also improving your quality of life.
Kitchen Expansion
Kitchen expansions are one of those home remodeling projects that can vary greatly in cost and scope. The average Connecticut kitchen remodel runs at about $36,000, but with a potential return on investment around 168%, the rewards are great. Fortunately, you can tailor your kitchen remodel to your budget and needs. Whether you're thinking about replacing countertops and refinishing cabinets, undertaking a full-scale kitchen expansion and remodel, or a “bump-out”, your investment will ultimately be shown in your overall property value.
In-Law Apartment/Addition
With the economy still in recovery, many families are searching for ways to help each other and save money. In-law apartments and traditional home additions are becoming increasingly popular as U.S. families increase the number of generations living under one roof. In-law apartments vary greatly in price and scope, depending on the location and the number of changes that need to take place in order to make the space habitable, but this increase in living space almost always results in an increase in the value of your home.
Going Green
“Going Green” or making environmentally friendly choices in your home, can happen in a variety of ways. From plumbing and electricity upgrades to new appliances and fixtures, homeowners have their choice of green options. Green housing is becoming increasingly popular among homebuyers because they are not only the socially responsible purchase to make, but one that will save them a great deal in energy costs.
There are so many ways to go green that pinning down the costs and return on investment can be difficult. As an example of some of the ways that going green can be beneficial, homeowners that install solar panels on their home can recoup as much as 100% of the cost at the time of sale. Meanwhile, energy-efficient windows have an ROI of 72%.
Upgrading Your Bathroom
Bathroom upgrades are in the same league as kitchen upgrades in terms of their potential return of investment. The cost of this type of remodel hovers around $16,000, but the ROI is again around 168%. The best way to recoup these costs is by keeping the remodel practical. For example, pricey upgrades like hot tubs may be luxurious, but to an average homeowner they can be unattractive due to the higher energy bills that come along with it.
Basement Remodel
Basement remodels add value to your home by increasing usable square footage. This is both attractive to buyers and also convenient for you while you live in the home. The price varies greatly depending on the square footage of your basement, but the national average for finishing an unfinished space runs around $8,000, with a 75% return on investment at the time of sale.
Key Takeaway
For over 20 years, Litchfield Builders has been breathing new life into people's homes in New Haven and the surrounding areas. Get started on your project today! Request a free consultation with a member of our team to explore what our skill and expertise can bring to your home remodeling project.
References: Digiorgiinc.com | Huffington Post | Calfinder| Forbes | The Preferred Realty | Consumer Reports| Red Beacon
