Renovation RIO-What You Need to Know

They say home is where the heart is, but sometimes it’s also where a homeowner’s savings plan comes into account. Many homeowners have a long wish list of renovations and projects they want to get completed, but never seem to get around to it. While return on investment (ROI) may not be the biggest consideration in a homeowner’s mind when deciding which projects make it to the top of the list, knowing which projects can get you the largest ROI may be helpful in narrowing down what to get done first.

The most common remodeling job request projects in the United States are in the bathroom. For those needing a bathroom remodel, the cost averaged $16,724 with an ROI of 70 percent. Upscale additions and remodels naturally did not see as high of an ROI due to the costs, but were able to still get a 58 percent to 59.8 percent, respectively. Bathroom remodeling projects that were big in 2015 included custom vanities, feature floor tiles, bigger showers and plant life. Kitchen remodel job requests accounted for 69 percent, the second most common in the U.S. A major mid-range remodel averaged at about $56,768 with an ROI of 67.8 percent. Trends in 2015 included built-in coffee centers, dual-fuel ranges, Italian cooking gadgets, designer dishwashers and wine refrigeration.

Not all projects, of course, are room-centered. Window/door replacement accounted for 44 percent of home remodeling job requests in 2015. The list could just go on and on. The moral of the story is, the more you invest into the beauty of your home. like higher it is valued. In today’s market, upgrades can really expedite the sale of your property as well as reward you with a higher sales price. Did we mention that you  would also enjoy living in an updated home?