A home remodeling project can be a significant undertaking. However, with any luck your initial outlay will pay off in an improved home value. While projects will vary individually, kitchens and bathrooms have a great national average for a homeowner’s return on investment (ROI). According to the 2011-2012 Remodeling Cost Vs. Value Report the Twin City’s average ROI for kitchen and bathroom renovations are as follows:
As you can see, in the Twin Cities, the average bathroom or kitchen remodeling project recoups 39 – 55% of its project costs. In addition, in the same report, a minor kitchen remodel tied for the number 4 spot on the top 10 list of home improvment projects in terms of return on investment. While it is important to keep in mind that many factors go into a project’s expense and resulting ROI, here are a few tips for maximizing your project’s return.
Strive For Classic Designs: While you will likely be enjoying your renovation for several years before you attempt to cash in on your home’s increased value, your renovation will only pay you back if it is done in such a way that an outside buyer can appreciate it as well. With that in mind, avoid overly unique or funky designs and instead strive for classic or neutral colors and styles.
Invest In Quality Materials: It may be tempting to pad your project’s budget with cheap materials. While this may do the trick for a short-term fix, it is certainly not the best approach if you are looking for a long-term investment. Instead, choose materials that will stand the test of time and add to your kitchen or bathroom’s overall quality.
Work With A Pro: An experienced and professional contractor can help you make the very most of your project budget. For example, our team can assist you in designing a custom solution for your space, helping to ensure that you will get the most bang for your project buck!