Are you thinking of doing a remodeling project here in Austin, TX but you don’t know where to start? Are you afraid that a full home remodel is too expensive and are looking for the best value for money investment? If yes, this is the guide for you. We will take you through the best value for Austin home remodeling projects.
What You Can Remodel in a Home
There are many types of remodels but majority of the people only recognize three, kitchen, bathroom, and full home remodeling.
Others include exterior renovation, garage refinishing, roof renovation, general interior renovation, deck and curbs renovation, and home additions. So, your home remodeling in Austin should not be just about the popular areas. You can also remodel your office, dining area, living area, house storage, HVAC, and so on.
What Parts of Your House Are Worth Remodeling?
For a better understanding of this, let’s look at what is important in a renovation project.
Value for money for Austin home remodeling
We look at this when we are looking to renovate to sell or add value to the house. It will make sense to spend $50,000 on a kitchen upgrade that adds more than $40,000 to the value of the property. However, it will not be value for money if the additional valuation of the home or property is only $30,000. It will look like you just lost a quick $20, 000.
Return on investment
This is used by investors in the real estate industry. They look at the amount of money they buy the house, the amount of money they will use to renovate, and the potential market price of the home in the market.
It will make sense to invest $400,000 to buy and renovate if comparable homes in the market are listed for over $500,000. But if the overall cost is $470,000, it will be a big risk to try to do any renovations. It would be best to sell as it is.
Comfort and functionality
As an Austin, TX homeowner, you can do a home remodeling if it improves the overall comfort and functionality of a home without looking at value for money or return on investment. This is because comfort and functionality may be hard to put a price on them.
For example, you can spend $5,000 on new cabinets without too much thought into it as long as you feel they add what you want in your home such as additional storage space, decluttering places, or organizing things better.
Austin home remodeling projects and potential benefits
This part will look at various Austin home remodeling projects in terms of cost, return on investment, and overall impact for the homeowner.
Kitchen Remodel
The average Cost is $25,000 to $50,000. The price can go higher or lower depending on the extent of work required. In terms of return on investment for an investor, expect a 60% to 80% return.
For family homes, you can recoup up to 100% of the return on investment, but you have to nail the functionality, comfort, and aesthetics for the target price point. A $25,000 Austin kitchen remodel will yield around 80%. High-end kitchen renovations only fetch 50-60%.
A good kitchen has been known to improve the overall mood in the house, improve energy efficiency, and bring more inspiring cooking memories. As you guessed it, you can’t put a price tag on that.
Bathroom Remodel
It will set you back $10,000 to $20,000. Again, it can go lower or higher. A bad-looking bathroom will knock down your home value for more than the $10,000 you spend on. And a functional bathroom can be exhilarating, to say the least. Most homeowners say that it is a great price to pay to enjoy.
If it is done, the return on investment will be 60% to 75%. Again, for budget homes, the return on investment can be 100% since people are looking for a place ready to move in as soon as possible. Minor bathroom upgrades tend to be the most rewarding with bathroom renovations of around $15,000 yielding up to 75% returns. A full bathroom renovation will not have such high returns, with 60% a good expectation despite costing generally north of $60,000.
Master Suite Addition or home addition
Whether you are doing an up or side home addition, expect to dig deep. Sometimes it is better to just move to a bigger house. The average cost is $100,000 to $250,000, and the returns on investment are not so good.
Expect a ROI of 50% to 60% and sometimes even lower. However, the alternative is usually to move to another house. The cost of moving, loss of community, change anxieties, and other inconveniences are certainly worth more.
Curb Appeal Enhancements or outdoor living space
The average cost varies wildly depending on what you want to do. You can spend for as little as $5,000 and as much as $25,000. Think of first impressions. You don’t want someone to dislike your property before they even see the good things.
While a curb appeal may not have a fair price to it when it comes to home valuation, it certainly brings the feel-good factor that makes people bid for the home or even view the home among other listed alternatives.
A home with a good outdoor living experience will have more viewers, more bids, and less time in the market.
Curb appeal renovations don’t bring great returns on investment, but you can expect to reap 65-75%. Upgrades may include doors, gardens, fences, walkways, tree service, exterior painting, and pressure washing. If the changes are barely noticeable, the return on investment might be below 50%.
Energy-Efficient Upgrades
A single appliance upgrade can improve your monthly running costs by a big margin. The cost will vary widely depending on the upgrades that you want to do. Such upgrades may include, insulation, windows, HVAC, or kitchen appliances.
The big advantage is that you will now have fewer bills to pay every month. The other advantage is that you can recoup up to 75% of the cost.
Additional Living Space or Storage Space
This is the same as a home addition. Compared to what you will be forced to do; it makes a lot of sense. Finishing a basement into a home office, game room, man cave, extra bedroom, storage room, or a rental will prevent you from spending far more to get a home that already has that functionality within your neighborhood.
Also, you will most certainly reap up to 75% of the investment you put into it. You can add living space into the attic, basement, garage, downstairs, and other spaces around the home.
Flooring Replacement in an Austin Home Remodeling project
A floor replacement, just like the bathroom will also determine a lot about how people view your home as ready for moving in. The type of floor you go with will dictate the amount of money you pay. A high-end floor mated with a fine paint job and great staging can do the trick. However, it must match the value of the home. Doing a luxury floor on an average home will only land you half the returns on investment.
So, What Parts of Your House Are Worth Remodeling? As you can see, when it comes to various Austin home remodeling projects, it is what you want to achieve that matters.
For all your Austin, Texas home remodeling projects, call Local Contracting LLC.