When most homeowners renovate their homes, their primary consideration is improving their lives. However, it’s wise to consider renovations as investments in your home’s market value. If you decide to sell your house in the future, these upgrades often significantly affect the appraisal and final selling price.
NRD Construction in Ottawa is a general contracting company specializing in home renovations. They share the four kinds of remodels that offer a high return on investment.
Kitchen Renovations
Complete kitchen renovations and certain kitchen upgrades have a high investment return. In fact, according to Remodeling Magazine, minor kitchen remodels (midrange) had the third highest ROI and recouped 71.2% of their cost. Furthermore, major kitchen remodels (midrange) recouped nearly 56.1% of the total cost, with upscale major kitchen renovations close behind at 52.5%.
Essentially, this means there is significant potential to increase the value of your home by upgrading your kitchen. For example, high-quality kitchen counters are an excellent investment that really pays off. Installing new countertops can give your kitchen a much-needed facelift and attract potential buyers.
Basement Development
An unfinished basement is a waste of space. Especially since it has so much potential! Renovating your basement increases the functional space in your home and can be used for just about anything. You can rent it out, host visiting family, build your dream man-cave, or create the home theatre of your dreams. Furthermore, finishing the basement also increases the value of your home.
RE/MAX found that basement remodels are one of the top three renovations if you’re hoping to get a lot out of your investment. In fact, it often has an ROI of 75%!
Deck Addition
Adding a deck to your home offers a fantastic ROI. Notably, installing a wood deck on your property had the eighth highest return on investment in 2021. You can expect to recoup nearly 65% of the overall cost. A composite deck, on the other hand, promises an ROI of 62.1%.
Overall, decks are a great way of attracting potential buyers and improving your own quality of life in the meantime. They add value to your home, increase curb appeal, and expand the liveable area on your property.
Bathroom Renovations
Bathrooms can be like spa-like retreats or the most terrifying room in the house. Choosing to renovate doesn’t just improve your own life. It also makes your home more appealing to potential buyers. A midrange bathroom remodel recoups more than 58.1% of its total cost, while adding an upscale bathroom recoups 51.5% of its cost.
Good design and quality countertops are your best bet for securing a high ROI when it comes to your bathroom remodel.
General Contractors in Ottawa
NRD Construction is your one-stop shop for home renovations. Their team of highly-trained contractors delivers outstanding results, no matter the size or scope of your remodel. They specialize in bathroom, kitchen, and basement renovations. In addition, they are also expert deck builders. You can rely on them for excellent customer service and workmanship!
Contact NRD Construction today for your free consultation!
