Thinking of Upgrading? How to Get the Most Out of Your Home Renovation
Date: December 5, 2018
Experts predict that American households will take on nearly 10.5 million remodeling jobs this year. An estimated 65% of households are remodeling to maintain their homes, while the remainder are doing so to improve the value of their home for resale.
Regardless of your reason, if you’ve been thinking of remodeling your West Chester or Liberty Township home, now is a great time to get started (yes, even with the holidays approaching!).
But you don’t want to renovate your West Chester or Liberty Township home for sale without some understanding of the payoff it’ll generate. After all, you want to be able to recover that investment when it comes time to sell.
Here are the three renovations with the biggest returns:
An attic bedroom has a return on investment of 73%. However, it’s one of the most expensive renovations to undertake, with an average cost of $50,000.
Kitchens offer an average return of 66% depending on the scale of the renovation. A mid-range, minor kitchen remodel can return upwards of 72% at a cost of just under $20,000.
Bathrooms offer an average return of 62% at an average cost of $16,500 for a mid-range remodel.
Renovating on a Budget
Those costs aren’t insignificant! Here are some tips to help you stick to a budget when planning to upgrade your West Chester or Liberty Township real estate for sale.
First, if the elements of the room are still in good condition, save money by painting the walls, refinishing woodwork and installing new features. This will freshen up the look of the room and prevent you from undertaking a costly overhaul.
Second, prioritize the urgency of each project. You may want to renovate multiple rooms in your home, however, your wallet and your sanity may not allow it to happen simultaneously. Start with the project that needs the most attention right away.
Third, outline everything that the project entails, including your anticipated costs. The best way for West Chester and Liberty Township homeowners to stick to their budget is to make a plan for what needs to be done and how much it will cost. Be sure to shop around for local contractors! Once you have an estimate of your costs, set aside an additional 15-20% as a contingency in case things don’t go according to plan.
Finally, decide whether you will tackle the project by yourself or if you plan to hire professionals. There are several great West Chester and Liberty Township contractors out there, eager and willing to take on home improvement projects. You might be able to save money by doing some, if not all, tasks on your own. However, if you’re not handy with a hammer or if the project is more extensive (and especially if it involves any plumbing or electrical work), we recommend hiring a professional.
Once you’ve made your plan, stick to it! Adding other projects will increase your costs and dig into your budget.
Ready to get started? Give us a call. We can give you detailed advice on what home improvement projects will give you the biggest bang for your buck. We can even connect you with West Chester and Liberty Township contractors to assist with your renovations.