Thinking about selling your home? Or simply want to maximize your investment? Smart renovations can significantly boost your property’s value.
The Spokane area housing market is somewhat competitive, with the median sale price of a home increasing between 3.1% (Spokane) and 10.1% (Coeur d’Alene).
With this information in mind, making strategic improvements to your property can make a major impact to your home’s value.
The ROI of Renovations
Return on Investment (ROI) in home renovations refers to the percentage of renovation costs recouped when selling your home. Therefore, it is important to consider the ROI of various renovation projects, to ensure your money is focused on giving you the biggest bang for your buck. Kitchen and bathroom remodels, siding replacement, new windows, and new flooring consistently rank high for ROI. Consider simultaneous projects, which could help lower some costs, as the crew will already be at the site.
Kitchens are often considered the heart of the home. A modern, updated kitchen can significantly enhance resale value, with studies showing an ROI of almost 75-100%.
A Few of Our Kitchen Remodels:
Transform your outdated bathroom into a spa-like retreat and indulge in a relaxing oasis. Factors such as location, project scope, material choices, market trends, and workmanship can affect this ROI. The national average for a bathroom remodel is around 60-70%.
A Few of Our Bathroom Remodels:
Planning for Maximum Impact
- Enhance Daily Living: We focus on renovations that optimize your home’s functionality, creating spaces that truly improve your lifestyle.
- Market-Minded Renovations: We help you make renovation choices that appeal to a broad range of potential buyers, enhancing your home’s long-term value.
- Craftsmanship and Premium Materials: We prioritize exceptional craftsmanship and use only the highest-quality materials for lasting results.
- Enduring Results: We partner with skilled professionals and source premium materials to ensure your renovations stand the test of time.
Avoid These Common Mistakes
- Avoid DIY Disasters: Certain projects, like electrical rewiring, plumbing overhauls, and structural changes, demand licensed professionals. Attempting these yourself can lead to safety hazards, code violations, and costly repairs.
- Trendy vs Timeless: Opt for neutral color palettes, classic materials like natural stone and hardwood, and simple, elegant features. Avoid overly specific trends that may quickly become outdated.
- Neglecting Necessary Repairs: Always address foundational stability, roof integrity, plumbing leaks and pipe condition, electrical wiring and panel upgrades, and HVAC system efficiency before any aesthetic improvements.
Energy-Efficient Upgrades
Today’s homebuyers are increasingly prioritizing energy-efficient homes. Upgrades that reduce utility bills and environmental impact significantly enhance property value and marketability. For example:
- Energy-Efficient Windows and Doors: Upgrading these systems reduce heat loss and gain, lowering energy bills and enhancing comfort.
- Enhanced Insulation: Upgrading the insulation helps to maintain consistent temperatures, minimizing HVAC reliance and maximizing energy savings.
- High-Efficiency HVAC Systems: Optimizing heating and cooling performance, reducing energy consumption and utility costs.
- Solar Panel Installation: Increasingly, homeowners are considering producing their own energy with solar installations, generating clean renewable energy, significantly reducing or eliminating electricity bills and increasing property value.
There may be federal, state, and/or local programs offering tax credits and rebates for these upgrades.