Thinking about investing in a home renovation project?
Then this blog post is for you! Read on below for professional advice from Abby Luebbert, owner of the Springfield-based interior design studio Heirloom Design Company, on how to get the best returns on your home renovation's investment this season.
Today I’ll be writing about one of the highest return on investment home improvements…major and minor kitchen and bathroom remodels. Maybe you’ve heard the old adage “kitchens and bathrooms sell homes,” and this is especially true when discussing high ROI home improvements. As of 2021, major and minor kitchen and bathroom renovations still retain some of the highest ROI values, as they recoup around 50-75% of their initial investment. Factor in the pure delight that a well functioning space brings and this investment becomes even more appealing!
How to Choose Between a Minor or Major Remodel
Well, the short answer is that it depends mostly on your budget and timeline. The long answer is that there are several factors to consider when choosing an appropriate and attainable project scale:
1. What is the perceived value of your home? If undertaking a major renovation, would this update fit in with the rest of your home? If not, a minor renovation may be a better fit. 2. How does your home size up with other comps in your neighborhood? How would a major renovation affect that status? Check in with your realtor to find out.
3. Check your budget: Experts estimate that your investment should cost no more than 15-20% of your home’s value…spend more than this and you could end up cutting into your home’s equity.
Advice from a Professional Interior Design Standpoint
Answering the questions above can help you to decide whether a major or minor renovation is the best fit for your home goals, but I always like to remind my clients that no matter which route you choose, remember that functionality is timeless. While trends may come and go and your stylistic preferences may change, kitchens and bathrooms are hard-working spaces that at their basis, have to perform well (whether that be for you, or to anyone else you sell your house to down the line!). My best advice is to do your research on all aspects of your project, try to plan out as much of your project's details before you begin, and always consult multiple professionals- whether that be your real estate agent, kitchen and bathroom product specialist, or even me, your local interior designer!
Need help with an upcoming home renovation project? We've got you covered! Reach out to your agent today to get advice on your project, or request to book a free 30-minute online design consultation with me!
Abby Luebbert Principal Designer/Owner Heirloom Design Company