As we approach the end of our current year and the beginning of the new year, it’s time to start thinking about resolutions you can make for your home. One is to consider are upgrades that you’ve wanted to make. It’s important when planning home upgrades to think not only about what you will enjoy but whether the upgrade is cost-effective and gets you a good return on your investment.
We’ve made this list of some of the most cost-effective and lucrative upgrades you can make in your home, along with some other ideas!
Upgrade Your Kitchen
Your kitchen is another excellent place to renovate inside of your home. We spend so much time in the kitchen cooking, preparing, and enjoying meals with loved ones, so making it a space that you love is crucial. It’s even better when it’s a space future home buyers will love as well.
If you’re thinking of tackling a minor remodel, we recommend making these changes:
Painting or resurfacing existing cabinets
Installing matching appliances
Updating the sink and fixtures
Replacing the flooring
A kitchen remodel like this one will average nearly $15,000 and get you a return of $14,691, a return of 98.5 percent.
If you want to go for a renovation that’s a bit more major, add these upgrades to your checklist.
Replace the cabinets entirely
Install an island
Upgrade the sink
Build a breakfast nook
A remodel like this will cost around $44,000 and give you a return of roughly $40,000, a return rate of about 91 percent.
Upgrade Your Bathroom
Bathroom remodels, because of how often they’re used and how crucial they are to the layout and function of your home, typically earn the best returns on investment!
Some of the best upgrades you can make inside of your bathrooms include the following:
Upgrading the bathtub
Replacing old and outdated tile
Changing the fixtures, focusing on aesthetics but also water efficiency
Additional aesthetic upgrades
Experts estimate that these costs will hover around $10,500 and get you a return of approximately $10,700, a return rate of about 102 percent.
Now, you don’t have to stop with these changes. If it’s in your budget and your desire, consider going for a major renovation which could include the following:
Changing the footprint of the space or expanding it
Relocating plumbing such as the tub, shower, or vanity
Replacing flooring and countertops
Adding designer features
These upgrades would bring your renovation total to over $26,000, which would bring in about $24,000 at resale, a return rate of 93.2 percent.
Upgrade Your Outdoor Living Space
After the last few years, we’ve had, learning how to social distance and enjoy our friends’ company in different settings, we used our outdoor spaces more than ever before. Repay it by giving it the upgrade it desperately needs. Some of our favorite additions to outdoor living spaces include:
Lots of lighting
Fire or water feature
The cost of these upgrades will vary greatly but will generally come to a return rate of 90.3 percent.
For all of the plumbing, HVAC, electrical, and home upgrades you plan on making this upcoming year, don’t wait to contact our team of experts! At American Mechanical, we pride ourselves on our performance and insight. Give us a call at (757) 347-8549, or visit our website to learn more about how we can assist in your home upgrade journey this new year!