When you decide to tackle a home remodeling project, the next step is to choosing what you’ll do. There’s the bathroom, kitchen, the basement and more. Of course, a big part of your choice comes from what job is the most cost effective. You don’t want to complete a project that’s cost far outweighs its value. That’s why Remodeling comes out with a cost versus value trend report every year. The information can help you make an educated decision about what projects to complete, whether it’s transforming an outdoor living space or building an addition.
Now’s the time
The report found that the general value of remodeling projects has increased and now stands at a cost-to-value ratio of 66.1 percent. The ratio compares the cost of the project against how much money you’ll make reselling after the work you’ve done. If the cost of remodeling is higher than the value, the ratio is less than 100 percent. The inverse will be higher than 100 percent.
Remodeling from top to bottom
Attic to bedroom projects may have become popular because they are relatively inexpensive, and yet add extra living space to the house. Deck additions and sunrooms present the opportunity to create covered outdoor spaces for the home without a significant investment.
Getting the most out of remodels
You must still decide what type of features you’d like to include in these renovations. Here’s a few ideas for some of the projects with high cost-to-value ratios:
- Attic to bedroom: Converting an attic to a bedroom can be difficult. First of all, it has to have been constructed in the right way. An open space with high beams is the best option. If you peek in your attic and see tons of cross beams, then converting the space to a bedroom would be too costly. However, if you do have enough open space, go ahead with the project. You’ll need to make considerations for natural ventilation and building codes.
- Basement: Finishing your basement is a good project to add living area to your house. Be sure you have plenty of egress windows to add light and provide an emergency escape route. The foundation should be in good condition before adding flooring. Insulate well and ensure that you don’t have any leaks. A finished basement is a great space, but it’s harder to clean in the event of a flood.
- Deck: Decks are an outdoor living space on which you can enjoy your yard, grill and entertain. Make it a relaxing spot by covering your deck and installing retractable screens. The screens will keep the bugs out, block harmful ultraviolet rays and provide natural ventilation all within your backyard.
- Sunroom: Enjoy fresh air and the warmth of daylight inside of a sunroom. These spaces have plenty of windows, intensifying the heat of the sun. Add retractable screens so you can control just how many rays you’ll be getting.