Thinking about investing in a home renovation project?
Then this blog post is for you! Read on below for professional advice from Abby Luebbert, owner of the Springfield-based interior design studio Heirloom Design Company, on how to get the best returns on your home renovation's investment this season.
Today I’ll be writing about one of the highest return on investment home improvements…major and minor kitchen and bathroom remodels. Maybe you’ve heard the old adage “kitchens and bathrooms sell homes,” and this is especially true when discussing high ROI home improvements. As of 2021, major and minor kitchen and bathroom renovations still retain some of the highest ROI values, as they recoup around 50-75% of their initial investment. Factor in the pure delight that a well functioning space brings and this investment becomes even more appealing!
How to Choose Between a Minor or Major Remodel
1. What is the perceived value of your home? If undertaking a major renovation, would this update fit in with the rest of your home? If not, a minor renovation may be a better fit.
2. How does your home size up with other comps in your neighborhood? How would a major renovation affect that status? Check in with your realtor to find out.
3. Check your budget: Experts estimate that your investment should cost no more than 15-20% of your home’s value…spend more than this and you could end up cutting into your home’s equity.
Advice from a Professional Interior Design Standpoint
Need help with an upcoming home renovation project? We've got you covered! Reach out to your agent today to get advice on your project, or request to book a free 30-minute online design consultation with me!