When it comes to interior home renovation, the scope of a project is usually based on the homeowner’s desire to create a living space that suits their needs and aesthetic tastes. With exterior renovation, personal tastes and curb appeal come into play.
Typically, the decision to renovate isn’t usually based on the singular goal of maximizing ROI down the line. But, as a homeowner, if you’re looking for that determining factor in the decision whether to renovate the kitchen first or update your home’s exterior, then you may want to consider the project that retains the highest value first.
So, which renovations offer good ROI? Many people think that kitchen and bath renovations will provide the highest value. Well, they do provide significant value…But, if you are really just focusing on the numbers, read on.
According to the Remodeling 2021 Cost vs. Value Report (www.costvsvalue.com), among New England 2021 national averages, garage door replacement was the project where 95% of cost recouped. In comparison, the cost recouped for a midrange minor kitchen remodel was 25% lower than that, and a midrange major kitchen remodel cost recouped nearly 40% lower than that of garage door replacement.
All things considered…
If you’re contemplating a kitchen remodel because you want “the heart of the home” to be a beautiful, functional gathering space for family and friends…or you’re looking to remodel your master bathroom because you desire a relaxing, luxurious space to enjoy every day for years to come… then these renovations are invaluable.
© 2021 Zonda Media, a Delaware Corporation. Complete data from the Remodeling 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.