A Comparison of ROI
So you’re thinking about remodeling your home, but don’t know where to start. We’ve all heard that kitchens and bathrooms sell houses, but is that really true? You want to invest in the renovations that will yield the highest return for your remodeling bucks. We have uncovered some interesting data comparing the ROI of common remodeling projects in Houston. You will find these facts very useful for deciding which Houston remodeling projects to prioritize.
Before you consider what projects would be a good investment, you must also assess your home’s condition compared with comparable properties in your area. If there are certain areas of your home that stand out (in a bad way), you probably need to address them first.
If you’ve saved money with the intent on investing it in remodeling projects to increase the value of your home, you need also consider your budget. This is because remodeling the cost of remodeling projects vary dramatically in Houston. Your budget, home’s condition, and goals should all be considered along with each remodeling project’s ROI. The Greater Houston Builders Association (GHBA) actually cites kitchen and bathroom remodels as the most requested remodeling projects in Houston. But, which give you the highest return on your hard earned investment?
The 3 Highest ROI Houston Remodeling Investments
#1–Attic Bedroom Remodel
Topping the list of the best home remodeling investment in Houston is an attic bedroom remodel. No, it’s not a kitchen remodel. This is a surprising find, as most people wouldn’t consider this project to yield such high returns. With an initial investment in a mid-priced home of about $47,000, a Houston home owner can expect to recoup just over $36,000. A Houston attic bedroom remodel yields homeowners an 83% ROI.
This attic bedroom remodel should include an extension of existing hvac to the new unit, a 200sqft bedroom, a 3-piece bathroom, windows to make the bedroom legal, and full electrical wiring and outlets.
The second best investment for your Houston home is a wooden deck addition. Despite our unforgiveable summers, Houston affords us 9 months of comfortable outdoor living. An initial investment of $10,000 on a quality wood deck addition will yield homeowners a 77% ROI ($7,500). That’s a healthy return on your Houston remodeling investment.
This wooden deck addition should include at least 300 sqft of pressure treated wood, anchored by concrete piers. This structure should be sound and include full safety railings and steps that comply with Houston code specs.
#3—Entry Door/Garage Door Replacement
The third best home remodeling investment for ROI in Houston is a close tie between a garage door and entry door replacement. If either of these home elements needs to be replaced, now is a great time to do them considering the ROI. Replacing your front door with a steel door costs about $1200, and yields a 76% ROI of $870. Replacing your garage door should cost about $1400, yielding a 76% return of $1070.
When to Renovate
If your home is showing signs of wear, it’s time to start thinking about renovations. All three of the remodeling projects mentioned above are practical because of their ROI. The second are third are more attractive then the first because of their low initial investment cost. However, the best ranking remodeling project for ROI in Houston (attic bedroom remodel) is priced higher than the others by far.
If your home is in need of maintenance remodeling, go ahead and tackle those projects before beginning elective remodeling jobs that are more for cosmetic reasons. Maintenance remodeling keeps your house in good working order, preventing further damage caused by neglect.
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