As prices continue to rise in Boulder Country, more home owners are considering home renovations as a more cost effective way to curate the home that best fits their needs. Even though renovations can be a more cost effective way to expand or improve vs. moving, renovations can still be costly. That’s why I’ve put together a quick list of the home renovations that pay off.
The average return on investment for a basement remodel is just over 90%. Right now the average basement in the U.S. costs about $50,000 to finish (likely a tad higher in Colorado) and for that you would get a wet bar, 5X8 bathroom, and laminate flooring. Basements are a fantastic way to create breathing room for your family, add a mother-in-law-sweet, or a place for entertaining. Make sure to address any drainage or foundational issues. Need a home inspector to take a look before you make things more permanent? Call my friend Lou over at Amerispec.
Doing a minor kitchen update can completely change the look of your home. For about $15,000 you can reface about 30 feet of cabinetry (or heck with IKEA you can replace them), replace appliances, and update your fixtures. Minor kitchen updates like this, have on average, a 98% rate of return.
Adding some curb appealing landscaping can certainly make your house pop. And for some people, updating the look and functionality of your landscape can even give you some outdoor square footage. The average American spend a little over $3500 on landscaping about $1400 for a designer. Speaking of landscape designers, call my friend Abby if you want to update your outdoor space, but don’t know where to start!
Family Room Addition
Adding a family room is a great way to add square footage to your home if it’s too costly to move and it makes sense for your floorpan. The average rate of return is about 80%. A sunroom is only counted in your total square footage if the room is heated and cooled year round. An addition shouldn’t be obvious. Make sure it has an open transition. A wider interior doorway and more substantial steps visually connect the addition to the rest of the house.
Updated bathrooms really stand out, and with a 102% rate of return, a minor bathroom remodel is the #1 most bang for your buck as far as home renovations are concerned. It costs about $10,500 to replace the tub, tile surround, floor, toilet, sink, vanity and fixtures.