If you’re considering home improvement projects for 2023, you could be wondering exactly which home renovations show a promising return on investment. After all, many remodeling projects can cost thousands of dollars or more. So how do you know whether you’ll be able to recoup any of that investment down the road?
The good news is that you don’t have to guess. Home remodeling experts in Orange County and across the country have a good idea which home renovations will pay off now AND in the future. Let’s take a closer look and then you can decide what projects should be at the top of your home improvement list for the next year.
How to Decide Which Remodeling Project to Do Next
First, you’ll want to take a detailed look at your current living situation and how well it suits you and your family. Are you planning to sell your home in the near future and move elsewhere? If so, you’ll definitely want to choose projects from the list below that will pay off financially.
Next, it’s wise to think about what your family needs. Let’s say you anticipate staying in your current home for several more years or even indefinitely. You have three children, one on the way, and just two bedrooms for kids. In this scenario, it could be that a room addition may meet your family’s needs better than an outdoor landscaping project. It could also add value to your home at the same time so your house might be more attractive to potential buyers in the future.
If your immediate needs are met but you simply want your home to look or feel different, it’s certainly okay to consider home renovations that are more cosmetic in nature. After all is said and done, you DO want to enjoy the space in which you live!
Lastly, evaluate your remodeling budget. For example, if you really want a whole house remodel but your budget isn’t big enough to make it happen, you’ll need to choose some less expensive projects that will still give you a return on your investment.
Home Renovations That Give You the Best Bang For Your Buck
Now that your wants, needs, and budget are all in line, let’s see where to put your money to get the most out of it now, later, or even both.
1. Kitchen Remodel
While it’s true that kitchen remodels are often more expensive than other home renovation projects, they typically offer a significant return on investment. In fact, some estimates say you can recoup up to 77% of the cost of a kitchen remodel if it’s done right.
What does ‘done right’ mean? In most cases, it means using high quality materials that are made to last as well as high quality workmanship. Additionally, you should pick an overall design that isn’t too trendy. That way, it will appeal to more potential buyers should you choose to sell your home in the near future.
If you plan to stay in your current home for many more years, go ahead and make your kitchen remodel more personal! Choose paint colors, cabinetry, flooring, fixtures, and appliances that suit your fancy and meet your family’s needs. If you do end up selling down the road, you’ll still recoup some of your investment. In the meantime, you’ll get personal enjoyment out of a space that’s uniquely you.
2. Bathroom Remodel
Arguably, the bathroom is one of the most important rooms in your home. It’s something that’s used by every family member every single day. That’s why it’s hard to go wrong with a bathroom remodel when you’re considering home renovations that add long term value.
Renovations could include adding a small powder room that’s easy for guests to use. Or, it could be something more extensive such as a master bathroom remodel that upgrades an entire master suite. In any case, choose a style that fits your home and matches your family’s needs and wants.
While some experts estimate a 55-65 % return on investment with a bathroom remodel, your actual figures depend on your specific situation. For example, if your home already has three bathrooms, adding another may not add significant value. On the other hand, if you only have one bathroom currently, installing another could certainly make a difference when you go to sell, not to mention for everyday use. And, if the bathrooms you have are very outdated, giving them a redesign and facelift can bring big benefits as long as doing so fits with the overall home’s design.
3. Outdoor Living Improvements
Creating attractive and useful outdoor living spaces can also be home improvements that offer a great return on investment. While you’re living in the home, you can enjoy additional places for your family to play or entertain. But when you go to sell, these spaces also add curb appeal.
Outdoor living improvements can include many things. In areas where water or rainfall is plentiful, a beautiful landscape with annuals, perennials, trees, and shrubs could be the perfect addition to your home. In drought-ridden California, however, outdoor improvements may be more hardscape oriented like an outdoor kitchen or California room.
4. Interior or Exterior Cosmetic Improvements
If structural changes or more expensive home improvements are not in your current budget, don’t worry. There are still plenty of other ways you can add value to your home without spending as much money. We’re talking about cosmetic improvements. Repainting rooms inside or updating fixtures can give your whole home a facelift. And on the outside, repainting or updating siding or veneer can add visual appeal while also keeping your home in good condition.
Expert Home Renovations in Orange County
At Sea Pointe Design & Remodel, we’ve been helping homeowners in Irvine, Laguna Beach, Dana Point, Corona del Mar, Lake Forest, Newport Beach, and all over Orange County get more bang for their buck for over almost 40 years. How do we do it? We have a talented team of design-build experts that combine award-winning designs with master building techniques to create valuable spaces that are both functional and beautiful.
Take a closer look at our work by browsing through our online portfolio of completed projects. Or, register for one of our upcoming remodeling webinars to get helpful remodeling tips from the pros.
Then, when you’re ready to start planning your own home improvement project, simply give us a call at (949) 861-3400 or fill out the form below to schedule your complimentary design consultation.