With the state of the housing market across New England, and especially the limited availability of homes in Connecticut, many Homeowners are remaining in their existing homes much longer and asking one question: Is now the right time for home remodeling? If you’re planning on staying in your home, (Or selling in the future) it may seem tempting to remodel your existing space to suit your needs better, or to inject a bit of value ahead of a sale, but depending on your goals, remodeling may not always be the right move.
Popular Remodeling Projects
- Kitchen Remodels: Modern, functional kitchens with energy-efficient appliances, open floorplans, and smart technology integration are common requests.
- Minor, Midrange Remodels usually cost around $30,000, and return ~85% of costs down the line.
- Major, Midrange Remodels usually cost around $80,000, and return ~40% of costs down the line.
- Major, Upscale Remodels usually cost around $170,000, and return ~31% of costs down the line.
- Bathroom Renovations: Current trends are towards luxurious, spa-like bathrooms with eco-friendly fixtures and water-efficient toilets.
- Midrange Bath Remodels usually cost around $30,000 and return ~30% of costs down the line.
- “Universal Design” remodels focused on mobility or accessibility usually cost around $45,000 and return ~40% of costs down the line.
- See our CAPS page for more information about Universal Design and Aging in Place
- Home Offices: Dedicated and well-equipped home office spaces are common requests in remodels, reflecting the rise in remote work trends.
- Energy Efficiency Improvements: Upgrades like high-efficiency windows, insulation, and HVAC systems for better energy use are all common upgrades. They not only cut down on energy costs and heating expenditures, but oftentimes save your time by requiring less maintenance than outdated appliances.
Popular Remodeling Projects in 2024
In the realm of home remodeling, not all projects are equal, especially in the context of Connecticut’s unique market. Projects vary on cost, scope, and their expected return on investment, and understanding these relationships can be vital to keeping your budget low, or your investment profitable.
With costs being so high, homeowners are increasingly drawn to projects that not only enhance the aesthetic appeal and functionality of their homes but also promise a favorable return on investment (ROI). Kitchen and bathroom renovations continue to dominate the remodeling scene, offering the dual benefits of improving daily living experiences and somewhat boosting property values.
These spaces are often the focal points of a home, and modern, updated versions can sway potential buyers’ decisions, making them worthwhile investments. Unfortunately, over customization is an issue, and we usually recommend remodeling these core spaces only if you intend to remain in your home for 5+ years, as they tend to have a lower return on investment than other projects.
Moreover, as the pandemic reshaped the way we live and work, the demand for functional outdoor living spaces and dedicated home offices has surged. These projects not only cater to the immediate needs of homeowners but also appeal to future buyers looking for versatile homes that accommodate both work and leisure. Energy efficiency improvements, while less visible, offer long-term cost savings and environmental benefits, aligning with growing eco-consciousness among consumers. By prioritizing these high-ROI projects, homeowners can strategically enhance their living spaces while ensuring their investments contribute positively to their home’s financial valuation in the competitive real estate market.
About the Author: David Perrotti
