kitchen remodel

To Renovate or Not to Renovate – That’s Not the Only Question

To Renovate or Not to Renovate – That’s Not the Only Question

To Renovate or Not to Renovate?  It’s a question countless homeowners have asked themselves over the years. Another question they ask themselves… WHICH space(s) should I renovate? In terms of older homes, all of the living spaces can begin to seem really outdated right around the same time. So, depending on your motivation to renovate – such as an upcoming move or a desire to add more space for a growing family – there are ways to determine the best renovations to pursue to fit your family’s needs and budget.

 

In May 2018, the National Association of Home Builders (NAHB) released figures for Improvements to Owner-Occupied Homes 2018 estimates by state – also known as renovations. In the state of Georgia alone, out of 2,370,584 owner-occupied homes, more than 680K were estimated to undergo improvements. That’s more than a quarter of all owner-occupied homes in the Peach State. The average cost was estimated to be $8,007/improvement. The total amount spent on renovations in the state of Georgia for 2018 was estimated to be 5,456,000,000. So, what do all of these numbers mean…? It means that home renovations are still a very viable way to increase the value and personal enjoyment of one’s home.

 

If renovating for personal enjoyment, you must weigh your options, determine a budget and decide the best changes to incorporate to fit the collective needs, tastes and personality of your family. If renovating to prep a home for resale, it’s wise to select those updates based on return-on-investment. According to the 2018 Remodeling Cost vs. Value Report for Atlanta, Georgia (www.costvsvalue.com), the top five performing projects with regard to costs recouped are:

  1. Garage Door Replacement – Cost recouped 110%
  2. Manufactured Stone Veneer – Cost recouped 109.8%
  3. Minor Kitchen Remodel (average job cost $21,230) – Cost recouped 91.6%
  4. Wood Deck Addition – Cost recouped 87.7%
  5. Siding Replacement – Cost recouped 87.2 %

Following closely behind are Upscale Grand Entrance, Composite Deck Addition, Universal Design Bathroom, Vinyl Window Replacement, Roofing Replacement, Wood Window Replacement, Bathroom Remodel (midrange), Major Kitchen Remodel (upscale), Entry Door Replacement, Master Suite Addition, Bathroom Addition (upscale), Bathroom Addition (midrange) and Bathroom Remodel (upscale) – all offering anywhere from 63.1% to 80% cost recouped.

 

Another question many homeowners ask themselves is WHO should I get to help me with my home renovation project. Whether seeking the best return-on-investment from a real estate standpoint or selecting more “fun” remodeling investments – such as the incorporation of a sprawling home theater with connecting game room, outdoor living space with swimming pool and fireplace, in-law suite with kitchen above a detached garage, finished basement with a full bar and additional bedroom(s) and so much more – Highlight Homes welcomes the chance to help you make it happen. To schedule a no obligation consultation regarding your upcoming remodeling project, contact us at 678-874-9234 or info@highlighthomesga.com. You can also elect to complete our convenient online contact form. To view our work and learn more about our other capabilities (we are one of Atlanta’s premier custom home builders!), we encourage you to visit www.highlighthomes.com.

 

Sources: NAHB – Improvements to Owner-Occupied Homes 2018 estimates by state

Remodeling Cost vs. Value Report 2018 © 2018 Hanley Wood Media Inc. Complete data from the Remodeling 2018 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.

Top 17 “Bang for Your Buck” Renovations for 2017

Top 17 “Bang for Your Buck” Renovations for 2017

Plans and Tape Measure shutterstock_283662473 (lo res)Any professionally-executed renovation to your home calls for an investment on your part – of time, space and (of course) money. That’s why it’s important to know which renovations could potentially add value to your home – proving a good return on investment on all counts. Besides the “wants” like a dedicated man cave or luxury home theater, there are a number of renovations that have lasting value – a very good thing when it comes time for you to list your home with a real estate professional.  According to Remodeling Magazine’s Cost vs. Value Report, here are the Top 17 “Bang for Your Buck” Renovations for 2017 nationwide:

  1. Fiberglass Attic Insulation: ROI = more than 100% (meaning you can easily recoup your costs!)
  2. Steel Entry Door: ROI = 90.7%
  3. Manufactured Stone Veneer: ROI = 89.4% (an excellent way to upgrade the look of your home’s exterior!)
  4. Minor Kitchen Remodel ($20.8K or less): ROI = 80.2%
  5. Garage Door Replacement: ROI = 76.9%
  6. Siding Replacement: ROI = 76.4% (are you noticing the trend toward exterior upgrades?)
  7. Wood Deck Addition: ROI = 71.5%
  8. Second-Story Addition: ROI = 71.1% (an excellent ROI, particularly when you consider the fact that you just doubled your living space capacity. As a matter of fact, it’s trending up from last year’s ROI percentages
  9. Basement Remodel: ROI = 70% (been considering finally having that basement finished? That ROI should help do some convincing… again adding to your living space capacity and the overall enjoyment of your home!)
  10. Family Room Addition: ROI = 69.3% (an improvement over last year’s ROI percentages)
  11. Roofing Replacement: ROI = 68.8%
  12. Universal Design Bathroom: ROI = 68.4% (the term “universal design” refers to the incorporation of certain elements – such as wider wheelchair-friendly doorways, walk-in showers, grip bars in bathrooms and more – to make your home more universally accessible to people with/without disabilities and older adults.)
  13. Major Kitchen Remodel ($62K+): ROI = 65.3% (trending up from last year’s ROI percentages)
  14. Composite Deck Addition: ROI = 65.2% (an improvement over last year’s ROI percentages)
  15. Upscale Bathroom Remodel: ROI = 64.8% (is it time to update YOUR master bathroom? It’s amazing what a soaking tub, new shower, granite countertops, new flooring and a fresh coat of paint can do to help you reimagine this space into a tranquil room worthy of the name “restroom”.)
  16. Upscale Master Suite Addition: ROI = 64.8% (we mentioned this trend a couple of years back, but the addition of a second master suite – or expansion of your current master – continues to remain strong, particularly among families with multiple generations co-existing. This year’s ROI shows an improvement over 2016 numbers.)
  17. Backyard Patio: ROI = 54.9% (with three of the top 17 renovations falling into this category, can you detect a continuing trend towards outdoor living?)

As trusted experts in Atlanta luxury renovations since 2005, Highlight Homes welcomes the opportunity to help your incorporate any and all of the remodeling projects listed above to your home.  Contact us today for a no-cost, no-obligation consultation at 678-873-9234 or info@highlighthomesga.com To learn more about us and view the full list of services we offer – including custom home construction – please visit us at www.highlighthomesga.com.