Updating your home will create a more functional and enjoyable space while increasing your property value. Popular home renovations are kitchen and basement renovations and both have a good return on investment. If you plan to sell your home in the future, having an updated kitchen and finished basement will make your home more marketable to buyers.
EK Custom Renovations in Edmonton are experienced contractors that offer kitchen and basement renovations. They share more about the value of these important home upgrades:
Value of a Kitchen Renovation
Any experienced realtor will tell you that the kitchen is the most important room in the house when trying to sell your property. It’s so important because the kitchen is considered the heart of the home and is probably the most used room in the house. Having an updated kitchen will increase your personal enjoyment of the space, it’s function and visual aesthetics. It will also boost resale value if you want to sell.
According to Remodelling’s cost vs. value report for 2018, a minor kitchen renovation can recoup 81.1% of it’s renovation cost at resale. That is a great return on investment, especially when compared to other interior home renovations. If you spend $21,000 on a kitchen remodel you can expect to increase your home’s value by at least $17,000.
Value of a Basement Renovation
You can nearly double your functional living space with a basement remodel. Whether you’re updating a retro basement or finishing a basement from scratch, you will see a return on that investment. You can use your basement for a family or rec room, home theatre, extra bedrooms, fitness room, home office, storage or earn extra income by putting in a secondary suite.
According to the same report, basement remodel will give you an average of $0.70 on the dollar in returns. So if you spend $70,000 for a professional basement remodel or to finish your basement, you can add about $50,000 to your home’s value at resale. Combine that monetary return with the functionality and enjoyment you’ll get from the space and that is a great return on investment!
Basement and Kitchen Renovations in Edmonton
If you’re considering a home renovation, contact the professionals at EK Custom Renovations. They are renovation contractors that cater to your specific needs and can repair or remodel what you need on a timely schedule. They will look after the entire project from demolition to completion!
Ready to remodel? Contact EK Custom Renovations!