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 In terms of older homes, all of the living spaces can begin to seem really outdated right around the same time.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:
- Garage Door Replacement – Cost recouped 110%
- Manufactured Stone Veneer – Cost recouped 109.8%
- Minor Kitchen Remodel (average job cost $21,230) – Cost recouped 91.6%
- Wood Deck Addition – Cost recouped 87.7%
- 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 email@example.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.