When you’re mulling over a whole home remodel, a pressing question is: what’s the best ROI in home remodeling in Austin? The average ROI for renovations can vary greatly depending on the market, project, location, and the quality of the work. In this blog, we’ll discuss the information recorded in Zonda's Cost vs. Value (CVV) report, intrinsic ROI, and whether or not you can truly trust an ROI calculator. Let’s get started!
The highest ROI on a full home remodel is typically when you flip a house. However, if you invest in a custom remodeler and make upgrades and changes to your current home, the ROI calculator changes somewhat. There are two main ideas in whole home remodeling ROI in Austin: intrinsic ROI and the universally behooving financial ROI. At TrueLux Fine Homes, we want to remodel your home in the way that benefits you the most. Let's start with financial ROI and what you should focus on.
According to Zonda's latest Cost vs. Value (CVV) report, exterior improvement projects continue to lead the pack in terms of ROI. This trend has persisted for several years, with projects like garage door replacements, window replacements, and siding replacements offering some of the highest returns. Outdoor renovations draw people into the home. Potential buyers may or may not like your personal style or the improvements done to benefit your family.
Per Zonda's CVV, the practical remodel of replacing a roof with asphalt shingles is one of the highest-yielding ROIs. When planning your whole home remodel, don't forget that practical exterior remodels drive people into your house. While a roof isn't something you typically consider in an entire home remodel, it is something that potential buyers notice.
This is another simple remodel with a high ROI that you can't forget when planning out your project. Upgraded window styles and energy-efficient features give your home that new, refreshed flair that buyers are looking for. When you're remodeling your home, don't shy away from investing in windows you love. It's worth it.
Don't forget the siding! Siding replacements are yet another renovation your house needs when doing a full remodel. While siding replacements aren't glamorous or exciting, they're an excellent way of freshening up your home. Buyers are more likely to believe that the inside has a freshly remodeled glow if the outside is pristine and updated.
But what about interior renovations? The same principle that increases the ROI of an exterior remodel applies indoors. Remodels that benefit everyone universally have the highest ROI. The two spaces that provide the highest ROI in an Austin remodel are also the most notably outdated. We're talking about kitchen and bathroom remodels.
There are countless reasons to remodel a kitchen, but a high ROI is yet another one. A mid-range kitchen remodel has an average ROI of 49%. These are national numbers, and your financial ROI may be less in an area like Austin. However, kitchen remodels are universally loved and needed, making the most used part of the home a more convenient and beautiful space.
A bathroom remodel has an average ROI of 45%. The more deluxe the bathroom, including the materials, the more your ROI changes from significant financial to intrinsic benefits. However, everyone loves a freshly remodeled bathroom, and today's bathroom trends cannot be missed.
A primary bedroom suite can bring an ROI of around 25%, depending on your specific region. Of course, a more luxe remodel might have a lower financial ROI but a higher personal ROI. If you've been debating one as part of your whole home remodel, this is your sign to invest in a primary suite addition.
With a whole home remodel, you want to prioritize the parts of your home that you care about most, but it can also be valuable to know the most expensive part of remodeling a house. Our home remodeling services are available for your perusal and can help you ascertain what is right. Here are a few examples below:
When remodeling a house, the most expensive part is often the kitchen remodel. This is because the kitchen is one of the most complex areas in a home, involving a range of trades, including plumbing, electrical, and carpentry. High-end finishes, appliances, and custom cabinetry can significantly increase the cost. For example, a major kitchen remodel in Austin can easily reach six figures, especially when premium materials and state-of-the-art appliances are chosen.
Another significant cost factor in home remodeling is structural changes. Moving walls, adding extensions, or altering the home’s layout requires extensive labor and materials, driving up the overall cost. For homeowners considering large-scale renovations, it is essential to plan carefully and budget for unexpected expenses that may arise during the construction process.
While the financial ROI of your remodel is a crucial consideration, it’s also important to consider a renovation's intrinsic value. How will the remodel improve your quality of life? Will it make your home more comfortable, functional, or enjoyable for you and your family? These questions, while not quantifiable, are just as important when planning a renovation. Our process will help you decide the right moves for your family and home.
Ultimately, the decision to remodel should be about enhancing your lifestyle as much as it is about increasing your home’s value. While the ROI for home remodeling projects in Austin is generally high, the personal benefits can be even more rewarding. Whether it’s the joy of cooking in a modern kitchen, the comfort of a luxurious bathroom, or the pleasure of relaxing in a beautifully landscaped yard, these improvements contribute to your family's overall happiness and well-being.
When you invest in your home, you invest in your future and your lifestyle. Working with the right remodeler who understands building trends and has experience transforming homes is a crucial part of the process. Your home remodel should ultimately be most valuable to you and your household. If there's a remodeling project that you want to complete on your home that will benefit your family, that's a remodeling project you should invest in.
If you're considering a whole home remodel in Austin, TrueLux Fine Homes is ready to help.
Contact us today for a quote and to see what we can do for you.