Taking on the challenge of remodeling your home might seem like a daunting task. When it comes to home remodeling in Texas, there’s a lot to consider. Many homeowners often ask themselves to find themselves wondering whether or not home renovations pay off?
Is Remodeling your Home a Good Investment?
Yes, remodeling or renovating certain areas of your home is a good investment, as these minor fixes and upgrades can double the value of your home. However, before we jump into figuring out the best renovations for your Texas home, it’s essential to get a good understanding of a few terms.
You’ll often hear Realtors talk about something called an ROI(Return on Investment). This is a simple concept we use to measure the performance of a particular investment. Mathematically, an ROI equates to the current value of investment (X), subtracted by the cost of the investment and divided by the cost of the investment. To give you an example, if the amount invested in a particular renovation project is $1,000 and the amount returned to you, the investor was $2,000, then the ROI is 100%.
So, why do we care about the ROI of an investment? Well, it’s important to know that renovation projects in Texas will each provide you with a different ROI. And, the ROI itself will influence the resale value of your home.
The Renovations that will Increase the Value of Your Home
Ready to renovate your Dallas home? To help you figure out where to start, let’s take a look at the 2021 Cost Vs. Value Report from the Remodeling Magazine. These statistics aid Dallas homeowners can use when attempting to determine what home renovations in Texas bring the best resale value.
Guest Bathroom Remodeling in Dallas
Adding a new bathroom to your home is not only going to provide you with a great ROI, but it’s also going to be an appealing aspect to potential home buyers. Agape Home Services offer homeowners guest bathroom remodels at an affordable cost! They can range anywhere from $20,000 and up to $30,000 in Dallas, Texas. The ROI for a midrange bathroom addition averages 55%; in contrast, an upscale bathroom addition can average 65 to 70%.
Master Bathroom Remodel in Dallas, Texas
Remodeling a master bathroom is yet another way homeowners can boost the value of their property. When we talk about master bathroom remodeling in Dallas, we tend to focus on key upgrades. These can include tub to shower conversions, vanity replacement, or even tile replacement and painting. But, the good thing about a bathroom renovation is that there is something out there for everyone! And, you don’t need to spend a lot to boost the value of your home.
Agape Home Services offer homeowners the opportunity to spice up their master bathroom in many ways. The average cost of an upscale master bathroom renovation ranges from $40,000 to $60,000 and this will provide you with an ROI of 55% to 60%. A bathroom renovation project that utilizes a universal design can cost up to $60,000. But, it can provide you with an ROI of 70%.
Minor Kitchen Remodels Vs.Major Kitchen Remodels
A kitchen can be the centerpiece of your home. It’s a place where families can gather to cook, dine, and enjoy each other’s time. For these reasons, buyers tend to find an upgraded-functional kitchen to be of high value. There are two types of kitchen remodeling options available to homeowners in Texas, and these are often classified as major or minor renovations.
A major kitchen renovation in Dallas can include updating countertops, appliances or completely re-structuring the entire kitchen. In contrast, a minor kitchen remodel may involve making small upgrades. These can involve resurfacing kitchen cabinets or simply upgrading a kitchen backsplash. Regardless of what you choose, kitchen renovations often yield an ROI averaging 60% TO 70%.
Ready to renovate your kitchen? Agape Home Services offer exceptional kitchen remodeling services all throughout Frisco, Allen, Grapevine, and more! Our upscale kitchen remodels can range anywhere from $50 to $75,000 and of course, there are several factors to account for when it comes to cost.
Talk to us today to learn more about kitchen remodeling in Frisco, Texas.
Home Loans for Renovations: Renovation Mortgage in Texas
There’s no doubt about it; renovations can cost a lot of money and time. But, don’t worry, there are plenty of financing options available for homeowners seeking to renovate their homes.
Homeowners in Dallas can finance their renovation projects by obtaining a home improvement loan from their local lender. These renovation loans allow homeowners to make repairs on existing structures or enhance certain home features.
Check out our article to learn more about the 3 different types of renovation mortgages and loans you can get!
