According to Harvard’s Joint Center for Housing Studies, home renovation projects revenue will increase by over $5 billion during the second half of this year. Although COVID put a damper on many industries, home remodeling has been moving along at an even quicker pace around the nation. Unfortunately, the average amount that those who undertake remodeling projects in Augusta will recoup during resale is declining.
This year alone, the average return on the most popular 20 projects is down by about 2% since 2019. But due to the low inventory in popular areas for home sales, many are opting to deal with their own home and make it what they want instead of heading out into the real estate jungle.
The key to deciding what you should undertake renovation-wise is to understand what type of return you will get on your investment. These are the upgrades that will not only enhance your livability personally, they will also increase your home’s value for the least expense out-of-pocket.
Open Floor Plan one of the Best Remodeling Projects in Augusta!
If you are feeling a little cramped in your living space, you might be considering moving and trading up. But often, all you have to do is knock out non-load-bearing walls to make your space more appealing. Living room, kitchen, and dining room spaces can usually be opened up to make for a better flow, more engaging entertaining, and fewer obstacles for everyone.
Add Stone to Your Home’s Exterior
Instead of redoing your vinyl siding with like-kind, consider adding a stone veneer. Stone veneer costs about $9,500 for a 300-square foot section. And according to Remodeling magazine, the rate of return for enhancing your curbside appeal is about 96%. Use things like dynamic colors, rounded textures, and slim lines help to make your home look more luxurious and unique.
Replace Your Door
Your entry door is the first impression that you make to the world. Replacing it with a steel version will make your home more energy-efficient, and it will also help to block the cold. Once more, there is no need to repaint it, making it very low-maintenance. Replacing your current door with a steel one will recoup anywhere from 70% to 91% of the cost if you should decide to resell your home.
Swap out Bathroom and Kitchen Fixtures
Nothing can bring your bathroom or kitchen new life more, for very little, than replacing fixtures and hardware. Consider adding new drawer pulls, knobs, and faucets for an upgraded look. Check out popular home magazines to find the most trendy look that will also match your existing decor.
Partake in Minor Remodeling Projects Rather Than Large Ones
To remodel a 200-square-foot kitchen will cost you about $20,000, of which you will likely recoup about 77% during resale. When you compare that to only recouping about 58% when you do an entire kitchen remodeling project, that is a significant difference. Instead of ripping everything out and going for new, consider things like changing out the fronts of cabinets. And the same goes for a bathroom remodel, think lower budget by not adding things like heated towel racks, body sprays, glass doors, and heated floors. Make a list of priorities and forget about the extras that won’t be missed once the bathroom is complete.
Replace Old Windows
Replacing your old windows will not only make your home’s exterior much more appealing; it will save you a whole lot on your monthly energy costs. When you replace your windows, studies show that you can recoup as much as 74% of the cost. That is a win-win situation for homeowners all the way around.
Spruce up Your Laundry
One of the least favorite features for prospective homebuyers is going up and downstairs to do laundry. The newest trend is to move your laundry room close to the master bedroom, to make it super accessible and convenient.
The key to home renovations, especially if you aren’t sure how long you are going to stay put, is to put out the least investment and get the greatest rate of return. You don’t have to pull everything out and start new. These are some really great smaller projects that will make a huge difference to the equity of your home, while not putting too much of a dent in your pocketbook. At Clean ’n Brite, we handle both small and large remodeling projects in Augusta with perfection. Contact us today to discuss how we can make your vision a reality.