Remodeling your home is an exciting time as you visualize your new space and imagine all the possibilities. While style might be the first thing on your mind, it’s also important to think about the return on investment (ROI) for your renovations. Whether you plan on selling your home in the near future or not, understanding ROI renovations can help you choose which projects are worth the investment.
Planning a remodeling project and not sure where to start? James Barton Design-Build has more than 30 years of experience transforming homes in the Twin Cities. No matter what area of your home you want to renovate, we’re here to help. Contact us to schedule a consultation today.
ROI Home Remodeling: What to Consider
There are many reasons to remodel your home, from making the space more functional for your family to removing eyesores or boosting your property value. When renovating with ROI in mind, you’ll need to consider different factors than you would when renovating for your own enjoyment.
Here are a few questions to ask yourself:
- What features are in demand in your neighborhood? If you live in a historic Minneapolis or St. Paul neighborhood, preserving vintage charm might be more important than making modern upgrades. The opposite may be true if you live in a suburb with dated split-levels.
- Will your upgrades match the neighborhood? Making drastic changes that go above what’s typical in your neighborhood could potentially make your home stand out negatively.
- How soon are you selling your home? If you plan to stay in your home for a while, prioritize upgrades that your family will enjoy rather than projects intended solely to boost your property value.
- Do you need to improve your home’s energy efficiency? When it comes to home remodeling, Twin Cities houses often benefit as much from upgrades to windows, doors, and insulation as they do from more stylistic upgrades.
Twin Cities Remodeling Projects with the Best ROI
In the Twin Cities, you’ll notice that projects with the highest ROI help your home withstand the elements better. With freezing winters and hot summers, it makes sense that weatherizing your home is one of the best investments.
Here are the 10 most valuable upgrades you can make in the Twin Cities, according to the latest Journal of Light Construction Cost vs. Value Report.
- Garage door replacement: 225% ROI
- Steel entry door replacement: 198% ROI
- Manufactured stone veneer: 177%
- Fiber cement siding: 103% ROI
- Midrange kitchen remodeling: 95% ROI
- Vinyl siding replacement: 81% ROI
- Composite deck addition: 79% ROI
- Midrange bathroom remodeling: 77% ROI
- Basement remodeling: 74% ROI
- Wood deck addition: 74%
Keep in mind you don’t always recoup 100% of your investment for a remodeling project. It’s rarer still to get more out of a project than you put in, but you’ll find this is often the case with door and siding replacements in the Twin Cities. That said, ROI is merely one factor for determining where to spend your remodeling budget.
Have a remodeling project in mind? Whether you want to improve your exterior or renovate your kitchen, bathroom, or basement, you can count on James Barton Design-Build’s award-winning designs. Browse our project gallery for inspiration or contact us for a design consultation.
Tips for Getting the Greatest Return on Your Renovation
In the Twin Cities, you can’t go wrong with energy-efficient upgrades and projects that make your home more weatherproof. Projects that maximize your outdoor space, such as deck additions, are also a selling point for homebuyers in the Twin Cities.
No matter the project you’re planning, keep these tips in mind:
- Choose materials suited to Minnesota’s weather. Steel entry doors are popular for their unmatched durability, while wood is susceptible to warping and becoming weathered.
- Think about how your home’s curb appeal will look year-round rather than just in summer. If you end up selling your home in the winter, upgrades like a new entry door or exterior lighting will help your home stand out.
- If you’re selling in the near future, avoid overly personalized styles that might not appeal to buyers.
- Work with a contractor who knows local zoning laws and permitting requirements. Having work done that’s not up to code can actually lower your property value.
- Don’t do a project just for the ROI. For example, the bathroom remodeling ROI tends to be lower on paper, but it might be your favorite upgrade to your home.
Maximize Your Home Improvement ROI with JBDB
Deciding what renovations to do for the greatest return on your investment is not easy. When you work with James Barton Design-Build, you don’t have to be an expert. With decades of experience in the Twin Cities housing market, we know what upgrades will make the biggest impact on your home’s value.
Contact us today to set up a consultation and let us show you why our design process sets us apart with exceptional results.
