The Cost of Remodeling & The Value of Upgrading Your Home
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Your home is your castle, but investing in a remodeling project can cost money, time and effort, but the rewards are well worth it. Let’s take a look at why increasing your home’s ROI through upgrades and remodels is well worth your time, hard work and cash:
- Moving is expensive and stressful, especially if you have young children or will need to relocate your job.
- It gives you a sense of control over your space, even when the rest of the world seems like it’s out of control.
- Your sense of style may have changed in the past several years.
- Replacing out of date pieces can provide a much-needed change of scenery.
The National Averages
Upgrade the following to drastically increase the value of your home:
- Siding Replacement (Vinyl) – 80.2% ROI
- Window Replacement – 78.8% ROI
The East Coast Region
In areas like Virginia Beach, Richmond and Northern Virginia, the highest and lowest ROI projects are a bit different than the national averages.
Highest ROI Home Improvement Projects:
- Window Replacement – 109.8% ROI
- Stone Veneer Accent – 99.3% ROI
Lowest ROI Home Improvement Projects:
- Bathroom Addition – 55.7% ROI
- Sunroom Addition – 56.6% ROI
- Home Office Remodel – 46.5% ROI
Home Improvement Don’ts:
A few home remodeling projects you should consider very carefully, due to their lower than expected ROI include, adding a second story, upgrading the kitchen and creating a home office.
Even if you have no plans to sell anytime soon, you will sell someday. You may also decide to refinance or take out a home equity loan, for which you’ll want the best possible appraisal of your home. So always consider home improvement projects that will generate the highest ROI and resale value. By choosing smart home improvement projects, buying quality projects and working with reputable contractors, your chances for recouping a healthy payback is very possible.
Contact the pros at Paramount Builders to learn more about how you can increase the value of your house while making it a place you’re proud to call home.
