A home renovation project involves many decisions and considerations. For example, does your investment property need interior or exterior home renovations? The following sections will help you decide which renovations your property needs.
Why Do You Want to Renovate?
Before you commit to a project, ask yourself why you want to renovate. Are you planning to sell the property soon and want to increase the resale value? Does the property need structural repairs? Maybe you just want to make the home more functional or energy efficient. Understanding your reasons for renovating will help you decide whether to choose interior or exterior home renovations.
Interior Home Renovations
Property owners often renovate the interior because that’s where people will spend most of their time. From kitchen remodeling to new lighting, interior renovations result in changes that can improve our everyday lives.
Kitchen Remodel
One of the more popular interior renovations is the kitchen remodel. This renovation will likely add value to your property, but the cost may be more than the increased value. Kitchen cabinets alone can cost $20,000. An entire kitchen remodel may give you a return on investment (ROI) of 60 percent, with an average cost ranging from $25,000 to more than $100,000.
Bathroom Remodel
A bathroom remodel can really spruce up a home interior. The average cost of a bathroom remodel ranges from $6600 to more than $28,000, with an average ROI of 60 to 67 percent after resale. Materials and the project’s complexity are major factors in determining the cost.
Exterior Home Renovations
Besides adding curb appeal, exterior renovations can improve energy efficiency and save money. Examples include new siding, patios or decks, and structural upgrades. Here are some of the more popular types of exterior renovations:
Window Replacement
New windows will quickly improve your property’s curb appeal. More importantly, they can end energy waste from drafty windows. New windows can make it easier for your heating and cooling system to maintain a comfortable temperature. An upgrade to energy-efficient windows can reduce heating and cooling costs by an average of 12 percent. That can mean annual savings of $500 or more.
Door Replacement
Door replacement is another way to improve energy efficiency and curb appeal. Old, worn-out doors can be as drafty as old windows and easier to break into. Door replacement can make a dramatic improvement in the appearance of a home. If you’re replacing your front door, consider a style or color that will refresh your property’s exterior.
Small Repairs
Even small, relatively simple repairs can significantly affect a property’s appearance. If you’d rather not pay for an entire kitchen remodel, try replacing the faucets or installing new lighting for an updated look. The small repairs may even give you ideas for more extensive future projects.
An experienced general contracting professional is essential when it’s time for interior or exterior home renovations on your Boston-area investment property. Contact RH Blanchard today for a free quote.
