DFW Remodel Ideas: What Projects Yield the Best ROI
When remodeling your home, it’s important to think about the future. Is the money you have budgeted for updating spaces in your house going to pay off? Is your remodel going to have mass appeal? These are just a few factors to take into consideration.
If you’re looking to update and renovate your DFW home, you are likely overwhelmed with abundant remodel ideas that populate magazines and social media sites. When remodeling your home, it’s important to think about the future. Is the money you have budgeted for updating spaces in your house going to pay off if you ever decide to sell? You might already be looking to sell your home and know you need to update some features to get the best price when you ultimately put your house on the market. You may not be sure how much money should be allocated to each project. These are just a few factors to consider when deciding how your remodel ideas will make the most of your time and money. Following are some helpful insights on which rooms and the type of updates yield the best ROI (return on your investment).
Updates with the Highest ROI
In 2014, Remodeling Magazine published the “Cost vs. Value” report that detailed what updates, on both a national and regional level, yielded the best returns on investments. Comparing the national and regional data shows that certain projects are more likely to increase a home’s appeal to future buyers. For instance, the West South Central region’s data, which includes all of Texas, shows that purchasing and installing new front doors average almost a 100 percent ROI. In fact, outdoor updates including the installation of new, energy-efficient windows and new siding also have a favorable ROI — although the figures vary depending on the region and types of materials chosen. All in all, on the national and regional level, mid-range updates in bathrooms and kitchens have consistently yielded good ROIs, some even as high as 95 percent.
Know Your Neighborhood and Your Target Audience
Overdoing it on a remodel will likely not produce a great return. If you live in a largely middle class neighborhood, pouring excessive money into a kitchen or bathroom will not increase the value of your house to that of a costly neighborhood with the similar fixtures and finishes. For instance, you wouldn’t want to spend $75,000 on a kitchen remodel in a home that’s worth $200,000. US News and World Report actually recommends that you spend about 25 percent of your home’s value in your kitchen and about 12 percent in a bathroom. For the Dallas-Fort Worth Area, Remodeling Magazine’s regional report shows that remodeling home offices or adding sunrooms is hardly salable. Based on the numbers alone, improved entry doors, siding, kitchens, and bathrooms are far more alluring to buyers.
Another issue to consider in your remodel is design trends. A safe bet to stick with is traditional wood cabinets, natural stone countertops, and stainless steel appliances, says HGTV. This means that you may want to avoid an ultra-modern industrial look in your kitchen and baths if you plan to sell in the near future.
Now that you know where to put your money and have a rough estimate of how much to spend, you can narrow down remodel ideas to timeless yet chic looks that will make your home more appealing to you, your family, and buyers in the future.