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Renovate Your Home to Boost Your Home’s Value

For homeowners, there are a number of reasons and benefits when it comes to deciding where or not to undertake a home remodeling project. Not only do home upgrades often boost the overall value of a home, but they can go a long way towards ensuring a home continues to stand for many years. For example, sometimes homeowners take on a home remodeling project to fix things like weakening foundations and leaky roofs. However, often times people decide to remodel their homes for cosmetic reasons, such as giving an outdated kitchen or bathroom a face-lift with new counter tops and cabinets. Whatever the reason, home remodeling projects are common. So common, in fact, that the Joint Center for Housing Studies at Harvard University believes American household spent nearly $340 billion on remodeling projects in 2018 alone.

With home remodels as common as they are, what rooms are homeowners working on? Well, according to data from the National Association of Home Builders, about 81 percent of homeowners and builders reported that kitchens were the most common room remodeled in home renovation projects, closely followed by bathrooms at 80 percent. Room additions are also quite common, such as the addition of a master suite, bonus rooms, and sun-rooms. It’s important to note that home remodeling projects aren’t cheap. A simple bathroom remodel alone can run homeowners close to $19,000. More upscale renovation projects can hit numbers as high as $61,000.

Another popular area in a home that is often remodeled are basements. For homeowners with unfinished basements, finishing the space and transforming it into liveable space can not only add a great deal to a home’s square footage, but it can add a lot of dollars to a home’s overall value. However, to qualify as finished living spaces, basements have to meet certain legal requirements, including egress windows. Egress windows are used in the case of emergencies when a person residing in the basement needs to escape in a hurry.

Fortunately, if you or someone you know is thinking about undertaking a home renovation project, there are many portland home remodeling companies and remodeling contractors skilled at helping you map out a plan to get the home of your dreams.

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