When homeowners renovate, upgrading the style and function of their home are often top of mind. Nevertheless, increasing home value is another reason to renovate. You might consider increasing your home’s value as an added bonus to renovating. Or maybe higher property value is what’s driving you. Either way, be sure you understand what renovations will give you the best return on investment before you make plans.
Using recent cost vs. value information, this article from Four Elements Construction in Edmonton explores three home renovations that can offer you the best return on investment.
Kitchens
It’s no wonder kitchen renovations in Edmonton are among the most popular home interior renovations. The kitchen is the heart of the home, and kitchen remodels offer many benefits. And according to the cost versus value report mentioned above, kitchen remodels also provide the greatest ROI for interior renovations. This report shows that you can recoup 85.7% of your costs at resale with a minor kitchen renovation. In other words, if you invest $50,000 in your kitchen renovation, you should expect to receive almost $43,000 back upon your home’s resale.
When you’re ready to do a kitchen renovation, choose an experienced contractor who will keep your ROI in mind. Four Elements in Edmonton are kitchen renovation experts! They will ensure you love your kitchen, and buyers will love it too!
Bathroom renovations
The next category that offers a good ROI on renovations for interiors is bathrooms. When you hire an experienced contractor to do a mid-level bathroom, remodel, you can expect about 66.7% of your investment back, per the same cost vs. value report we shared earlier. True, this ROI isn’t as high as what you’ll receive for a kitchen renovation. However, this is still an excellent return for bathroom renovations in Edmonton.
Something to note is that the benefits of interior renovations, like a bathroom redo, don’t stop at your ROI. An experienced contractor, like Four Elements, can build you a bathroom that resists mould, is more energy efficient and has the aesthetic appeal you’ve always wanted.
Doors
It may not be what first comes to mind for many homeowners, but garage door and front entry door replacements offer a high ROI. According to the same report, a garage door replacement has a 102.7% cost recoup on the investment. Garage doors can get old and lose their mechanical edge. When you use general contractors in Edmonton to update your garage door, your new model will offer improved function and aesthetics that provides a return beyond the value of the replacement.
Homeowners can also expect a cost recoup of 100.9% for entry doors. It makes a lot of sense to include an entry door renovation in your renovation plans.
Call Four Elements today to learn how they can upgrade your home with renovations that will offer the greatest return on investment!
