Over time, even the nicest home can become outdated. If you want to keep your home looking good – and ensure it increases in value alongside the market – you need to invest in regular remodeling projects. The good news is that you don’t have to do everything at once. Take them one at a time, and you’ll be just fine.
The Annual Cost vs. Value Report
Each year, Remodeling Magazine releases an annual Cost vs. Value Report. The report crunches the numbers, analyzes trends, and reviews statistics for different geographical markets across the country and determines which home renovation and remodeling projects yield the greatest return on investment for homeowners.
The 2016 report is now up, and it’s wise for any homeowner in the Minneapolis, Twin Cities, and Greater Minnesota areas to check out the West North Central data for an idea of which projects will offer high returns this year.
Using data from this report, as well as insights from industry experts around the country, let’s take a look at some of the top remodeling suggestions for 2016.
1. Minor Kitchen Remodel
A minor kitchen remodel is almost always a more valuable investment than a major remodel. According to the Cost vs. Value report, the average minor kitchen remodel in the West North Central region costs $20,368 and adds $14,768 in resale value (72.5 percent ROI). On the other hand, a major kitchen remodel costs roughly $60,729 and increases home value by an average of $34,490 (only a 56.8 percent ROI).
Minor kitchen remodels typically involve tasks such as adding new hardware, replacing wall ovens and cooktops with newer models, replacing laminate countertops, installing a superior sink, adding a backsplash, and replacing flooring. Depending on your personal needs, you may only need to take on one or two of these tasks to add significant value.
2. New Front Door
Surprisingly, one of the most valuable things that you can do is install a new front door. It may seem like a simple addition, but it’s actually one of the highest returning projects. Depending on whether you go with a steel or fiberglass replacement, you’re looking at a 68-69 percent ROI. The upfront cost generally runs anywhere from $1,300 to $3,200.
3. Bedroom Addition
Bedroom additions may be costly, but no other project will add as much value to your home. In most cases, bedroom additions come in the form of turning an attic into a bedroom or adding a bedroom suite to the basement. While each comes with its own set of pros and cons, they’re both high-returning. And, if you’re able to include a bathroom addition as well, you may be able to add tens of thousands of dollars to your listing price when it comes time to sell.
4. Fireplace Addition
According to the National Association of REALTORS, a working fireplace with a traditional design and mantle can add as much as $12,000 to the value of a home. Considering that it only costs between $600 and $3,000 to install a gas fireplace – or between $1,200 and $1,500 for an electric one – the decision to add a fireplace should be an obvious one. And, if you have an existing fireplace with an unusable chimney, you should be able to reline the chimney for less than $5,000.
5. Vinyl Siding Replacement
Is the outside of your home flaking or peeling? Well, you may consider installing vinyl siding. It requires less maintenance and yields a pretty healthy ROI. It’s also less costly than wood siding or manufactured stone. According to this year’s Cost vs. Value report, you can expect to spend roughly $12,624 on a vinyl siding replacement. With a cost recouped value of right around $7,050, the ROI comes in at 55.8 percent.
6. Remove Restricting Walls
Whereas older homes have heavily portioned layouts, most modern homebuyers are looking for open floor plans with less restriction. In order to update your floor plan, consider talking with an architect or contractor to determine if it’s feasible to remove any non load-bearing walls. Not only will this add value to your home, but you’ll also gain a lot of personal enjoyment from opening things up.
7. Install a Kitchen Backsplash
Do you not have a lot of money to spend but still want to give your home a facelift? Adding a simple kitchen backsplash can transform a dated kitchen into one of the focal points of your home. Whether you want to pay a contractor to install an intricate design, or you want to take a DIY approach, there are plenty of options. And, the good news is that many backsplashes can be installed for just a few hundred dollars.
The Key to Successful Home Remodels
While a variety of factors comes into play when attempting to take on a remodel project that enhances the value and aesthetic appeal of your home, there’s one that’s considered more important than any of the others: hiring the most qualified remodeling contractor you can afford.
The construction and remodeling industry is littered with contractors and self-proclaimed “experts.” Unfortunately, many of these contractors leave customers unsatisfied with shoddy results. Before investing in a remodel project, make sure that you’re working with an experienced, trained, licensed, and insured contractor with plenty of positive references and referrals. While it may cost a little bit more to find a qualified contractor, the premium that you pay will be worth it when you see the finished product.
Contact Iron River Construction Today
At Iron River Construction, we’re widely known as the premier roofing, siding, and remodeling contractor in Minneapolis, the Twin Cities, and Greater Minnesota. Whether your project is big or small, time-intensive or quick, urgent or drawn out, we can help.
Iron River Construction has been family owned and operated since 1992 and is fully licensed, bonded, and insured. For additional information regarding our remodeling services – or any other need – please don’t hesitate to reach out, and contact us today. We’d be happy to provide you with a free in-home consultation and quote.
