Unless you already live in a turnkey home, renovation is a crucial step for many homeowners. In doing so, you have to make careful considerations to ensure that your money is well spent on components that increase the value of your home. This includes pricing, design trends, materials, time management, and much more.
This article intends to help you make informed decisions on renovation. That way, when you sell, you can rest assured knowing that your investment went up in value. Keep reading to discover lessons that we’ve learned from thousands of renovations.
When determining what updates to make, it starts with your home’s location.
What is it about location that matters so much in real estate? Anything can be changed within your home, but the location always stays!
Your location holds key insights into the best ROI renovations. By looking at comparable properties in your area, a realtor can estimate what your home will sell for with certain updates or features.
Do these houses have hardwood floors? Are there new light fixtures? Should countertops be made of quartz, marble, or granite? What paint colors are they using?
In a high-end neighborhood, marble might be expected by buyers, whereas in another area it might stick out like a sore thumb. These factors have to be considered prior to renovating in order to determine what’s worthwhile for your house.
Common areas for home renovations
The first step during renovation is careful planning as you think about your upgrades. Let’s start by focusing on the most popular choices: The kitchen, bathroom, and living room.
It’s only natural that you or any other homeowner would want to show off your house to friends and family. These areas are also where you spend the most time: whether it's watching the Superbowl on the big screen in your living room or doing your best Gordon Ramsey impression in the kitchen. All of these areas are communal spaces for entertaining and making your home more inviting to guests.
Kitchens are the most popular option for renovation as well as the most expensive one--with good reason! It’s the heart of your home. An updated kitchen will entice potential buyers, so it’s only natural to start here.
Most of your money is likely spent on the kitchen. On average, renovations cost $150 per square foot. Upgrades vary depending on the quality of your materials and size of the kitchen. Realistically, projects could cost anywhere between $10,000 (smaller projects) and upwards of $30,000 (larger projects).
Generally speaking, when you start knocking down walls to reconfigure the space, the price goes up. In contrast, updating fixtures and salvaging cabinets rather than replacing them outright can save money. Since each home is different, this will vary based on your situation.
If you’re going for a complete rehaul of the kitchen, it’s a lengthy process. The whole kitchen remodel may take between 3 to 5 months to complete. Smaller upgrades such as swapping the cabinets, painting, or adding new appliances may only take weeks. Regardless of the size of your renovation, we at Revive complete projects in 4 to 6 weeks total. Our in house design, quick decision making, streamlined process, with no unnecessary delays has enabled us to expedite the process.
Boosting your kitchen remodel ROI
The kitchen has some straightforward methods of boosting your Return On Investment (ROI). This means boosting the value of your home for every upgrade that you make. Start with matching your appliances so you create a theme throughout the kitchen. Refinishing your cabinets with a new coat of paint and investing in new counters make the kitchen look fresh. Lastly, you can replace your kitchen faucet which isn’t too time consuming or costly.
Bathrooms are another popular choice for makeovers. You can spruce up your bathroom with several approaches as well. Anything from changing the vanity to adding storage space and fixtures is common.
On average, the cost of a bathroom renovation may cost anywhere between $5,000 to $20,000. These could be improvements towards fixtures, flooring, paint, and plumbing. Some bathrooms might require an entire remodel, while others may need a few improvements.
Depending on the extent of the project, it can take 3 to 4 weeks to complete a bathroom renovation. Plumbing and electrical should take about two days each to complete with a skilled professional. Drywall, paint, and tile work should take no more than two days each to finish. We work with service providers to ensure projects are completed in a timely manner with no delays.
Boosting your bathroom remodel ROI
Flooring and trim are quick and easy ways to boost your ROI in the bathroom. A new coat of paint on the walls and the vanity are also fantastic choices. They can help bring your bathroom from dated to contemporary.
Homeowners should approach the living room with a set plan in mind to avoid pitfalls. Your living room is personalized probably more than any other section of your home. When renovating with the intent to sell, though, you need to focus on neutral colors and trending styles. This will help cast a wide net and appeal to a broader audience than having your stuffed deer hanging from the wall!
A complete remodeling of the living room costs $6,705 to $7,823. The living room is less expensive compared to the bathroom or a kitchen. Small improvements like fresh paint and updated flooring can really make a difference without costing you too much.
The timeline of a living room renovation probably varies the most out of any room in the house. An overhaul could mean structural raises and expansion which is your most complex option. In smaller instances, this may include replacing furniture, adding decorations, or painting the walls to create a theme. Overall, the living room could take between 1 month and 6 months.
Contrary to industry averages, our team renovates entire houses in 4 to 6 weeks.
With our in-house design, we take the guesswork out of aesthetics and ensure the latest trends are implemented into the living room.
Boosting your living room ROI
Your best bet for getting the best return for living investments is to keep it simple. Shy away from customized renovations like expanding the size. Work with what you already have. Accessorize where you can with attractive elements such as cushions, curtains, and mirrors. You can also focus on ambient lighting to really set the mood. Ceiling fans, pendants, and chandeliers compliment lighting nicely.
Completing successful renovations
There’s always something to do when it comes to home repairs and renovations. However, not all projects are created equal. When you’re investing money into renovations, it’s important to understand which ones generate the highest ROI. Working with industry experts can make this a seamless process.
We have an extensive network of real estate professionals including agents, and contractors. If you go with a pro by using a concierge service, you can trust our expertise. We’ve handled thousands of renovation projects for homeowners and know how to get the job done in a timely manner.