Is remodeling your West Chicagoland home worth it?
Simply put, remodeling your home raises the value of your home in two major ways. A home remodel builds joy in your home, improving the fit, function, and flow of your everyday life. Remodeling also raises your home’s monetary value. While we encourage you to think more about the personal value of your project, it’s still important to look at the practicality of your remodel — namely, the return on investment. This is especially true when working with a fixer-upper, or flipping a property to put on the market.
So, where should you start with your Chicago home remodel? What parts of the home give you the greatest return? How can you raise your home value through remodeling? In this guide, we’ll review how you can craft a beautiful custom remodel while getting a great return on investment.
Finishing a Basement
Do you have an unfinished basement that’s basically being used as a storage unit?
Finishing your basement is the most straightforward way to add value to your home with a near-guaranteed return on investment. Many of our clients finish their basement to accommodate a growing family, add extra rooms in the homes, and even add customized specialty rooms like home theaters or wine cellars.
With more usable square footage, you now have more value within the existing square footage in your home. You’re essentially building an entire new floor of your house! According to NerdWallet, a simple finished basement that has an entertainment area and basement bath raises a home’s value at an average of $50,000. Although basement finishes cost more than $50,000 on average, this is still a positive value for your home’s equity! Basement finishing yields an average of a 70 percent ROI, according to Zillow.
Remodeling Your Kitchen
Kitchen remodels are also a great way to raise the value of your home. According to North Chicago Community Bank, minor kitchen remodels like replacing flooring, cabinets, and fixtures, yield an 80 percent return on investment. Major kitchen remodels have a lower ROI (averaging 60 percent) but fare well in the resale process, adding a lot of personal value in the meantime. If you’re not selling right away, you should also think about the personal value of a kitchen remodel. Kitchens are often the heart of the home, and a remodel will transform and modernize an otherwise outdated main floor.
Beyond the numbers, you should also think about what’s trending and what buyers are looking for. For instance, opening up your floorplan will be more attractive to the average buyer than a closed-off main floor layout. If you’re preventing a buyer from needing to renovate and knock down walls themselves, your home will be more attractive than your neighbor’s. You can also replace carpeted areas with hardwood floors. If you’ve renovated your kitchen, we’d recommend replacing the flooring throughout the main floor to have a consistent flow of upgrades.
Remodeling or Adding a New Bathroom
Bathrooms may be the smallest rooms in your home, but you shouldn’t underestimate the value they can add to your home!
If you’re remodeling an existing bathroom for resale value, we recommend sticking to neutral, accessible, and universal features. According to North Chicago Community Bank, you’ll get up to a 70 percent return on investment for a bathroom remodel.
You can also raise your home value through a bathroom addition. As we mentioned before, the more features you can put into a finished basement the better. So, if you’re adding guest bedrooms to your basement, adding a bathroom or powder room will make your basement more accessible. You’ll see an average of nearly 60 percent return on investment for bathroom additions.
Tips for Raising Your Home Value While Remodeling
If your remodel is intended solely to raise your home value for resale, your approach to design will differ from when you’re designing for personal value and use. The goal with remodeling for resale is to avoid features that homeowners would have to undo or remodel themselves.
Some tips to help your design appeal to the average buyer:
- Choose a neutral palette with a wide appeal
- Improve accessibility in your home
- Open up the floor plan and knock down walls between main floor rooms
- Repair or replace any old plumbing and lighting fixtures
- Create energy efficiencies, like double-paned windows, solar panels, and other energy-conscious efforts
- Add smart technologies throughout the home — lighting, thermostats, Bluetooth, and more
Add Value to Your Home with FBC Remodel
When working with a remodeling partner, make sure to be up-front about the intentions behind your project. Every remodel falls under one of the goals of:
- Custom-building a space to your personal aesthetic, fit, function, and goals
- Remodeling an outdated space with the goal to sell down the line
- Directly remodeling to raise the home value and resale
At FBC Remodel, we’ll work with your budget and ROI goals to craft a space that works for the average homeowner. Our design team works in partnership with you to create an accessible, efficient, and beautiful design that is sure to wow at every showing. From there, FBC’s construction team takes care of the project timeline, schedule, and trade partners working in your home. That way, busy homeowners don’t have to worry about construction and, instead, can focus on the end product.
Start Your Naperville Home Remodel Today
We’d love to work with you on your home remodel. We specialize in all rooms in the home, and with 24 years in the business, you’re in experienced hands.
Get in touch with our team to book a complimentary design consultation with our Naperville team. We can’t wait to show you what’s possible!