During the COVID-19 lockdowns, numerous homeowners worked on their homes. The projects ranged from those loose curtain rods that always seem to be fixed to complete renovation efforts.
Houses are a practical way to grow net wealth. An American homeowner’s average net worth is about ten times higher than what it is for households who rent.
When you want to maximize your property’s value, modernization and remodeling investments can provide massive equity boosts.
These are the most frequent home renovations happening in NYC today, and what you see in the city is a similar trend found across the United States.
List of the Top Home Renovations Performed Today
1. Kitchen Cabinet Refacing
The cost of all-new kitchen cabinets is often beyond what the average homeowner wants to spend. A complete remodeling project without replacing the appliances or sink could still be over $15,000. This project is a cost-effective way to create an updated look without an intrusive renovation effort. You’d install new drawer fronts and cabinet doors while covering exposed frames with a new veneer.
Installing in-drawer organizers, such as a knife rack pull down, adds even more equity when included as part of this effort.
2. Bathroom Remodeling
Although the average bathroom remodeling project may cost close to $10,000, homeowners can reduce that expense by focusing on the essentials. Updating the toilet, bathtub, and sink while keeping the tile and flooring changes minimal can transform the visual aesthetics of this space. If you have enough room in the budget, consider adding a vanity upgrade into the mix.
If you want to transform a small space into a master bathroom, you’ll earn a higher resale return with this investment.
3. Roof Renovations
The cost of repairing a roof is about $1,000 for the most simple jobs. When this part of a home’s structure nears the end of its life, you could find the cost rise to $25,000 or more. It all depends on the materials you select to protect your assets. This essential project cannot be ignored.
Instead of opting for asphalt shingles, considering having a metal roof installed – if your HOA allows it.
If you want to maximize your property’s value with this renovation effort, use copper trim, slate shingles, and multilayer products. Prices can range anywhere from $65 to $350 per square, depending on the desired style and materials.
4. Building a Deck
If you have a backyard to use for your property, a deck is an essential way to enhance your outdoor space. It adds value to your property, increasing the usable living space, and doesn’t come with the expense of adding an additional room. Most decks fit into a price range of $2,000 to $7,000, depending on factors like total cost, building materials, and trim extras.
How much equity you receive depends on the steps taken before the building process begins. You may need to check with your local assessor to determine what needs are required before starting this project. Permits, inspections, and more may be costly surprises that reduce the impact of your investment.
The average lifespan of entry-level carpet is 5-7 years. Many families try to extend this investment’s lifespan through careful care and management, but it eventually wears out. When you replace the flooring, you could opt for more carpet, the transition to hardwood, or pick something in the middle, like laminate.
Hardwood floors tend to retain their value longer because the product remains viable for decades with proper care. You’ll find that some simple maintenance and the occasional refinishing project can keep your home looking fantastic over the long-term.
Additional options to consider are tile, linoleum, vinyl, and stone. The materials you choose depend on the room renovation project you start.
One word of advice: keep carpet out of the bathroom. The pad underneath retains moisture, leading to mold and mildew development that could adversely impact your subfloor.
6. Full Kitchen Remodel
Most homeowners should consider spending between 5% to 15% of their home’s value on a kitchen remodeling project. The final cost depends on how many structural changes are necessary during the renovation effort. If you need to install granite counters, hardwood floors, and high-quality appliances, it won’t take long to top $30,000 for the project.
If your home can satisfy your needs, a renovation isn’t 100% necessary. When you want to upgrade its value, enhance your comfort, or repair something, these projects make sense. If you need any help with your home, contact our team today for a competitive quote on your remodeling efforts.