Millions of people around the world think about initiating some kind of remodeling to their homes. According to Statista, the US home improvement retail market is projected to exceed $600 billion by 2025. Despite this growth in the market, there are still numerous people who are not sure about implementing a renovation project because of the potential expenses involved. In an article published by the Architectural Digest, Aaron Enfinger, the National Association of the Remodelling Industry (NARI) secretary stated that the scope of a project is the primary drive behind the cost of any renovation venture. As such, one of the best ways of implementing a successful remodeling venture when working with a mitigated budget is by targeting specific rooms, reducing the scope of the home improvement venture.
Choosing the Best Room for a Remodel
Multiple aspects need to be considered when hiring Framingham MA Remodelling Contractors for a home improvement project. A primary issue in this category is the rooms to focus on with the process. According to Today’s Homeowner, the kitchen and bathroom are the most popular rooms when it comes to US renovation projects, representing approximately 50% of the market. The ideal room for a remodel will depend on the primary objectives of the intended venture. Individuals focusing on enhancing functionality are advised to start with the kitchen and bathroom. These sections can be described as the heart and soul of a home because of their importance to the quality of life enjoyed by a household. Decks, patios, and landscape projects are also popular with aesthetic endeavors. Bathrooms are generally cheaper to renovate compared to kitchens, while the lounging areas of a house will cost a great deal less to upgrade when compared to exterior alternatives such as deck installation.
Potential ROI Enjoyed
Home remodeling ventures offer several financial gains for individuals looking to place their house on the market or rent it out. Exterior projects have recently gained popularity due to the high return on investment (ROI) offered for minimal upgrades. Exterior renovations represent an excellent choice when looking to enhance overall curb appeal or don’t want to focus on one area. Painting the walls, for instance, has an impact on a residence as a whole while featuring a potential 55% ROI. According to Today’s Homeowner, garage doors (105%) and wooden window (95.5%) replacements offered the highest ROI for external remodeling projects. Screen porches, siding replacement, and inground swimming pools were also prominent on the list as additions offering an ROI of 90% or higher. Bathrooms and kitchens are the best options to choose from when seeking a reliable investment, offering an ROI of at least 60% with their implementation. It should be noted, however, that the ROI of any renovation greatly relies on the quality of the project. Renovating a kitchen with subpar fixtures and malfunctioning appliances, for example, will not yield any positive returns.
We offer a wide range of home remodeling solutions designed for varying scopes, so call us today! Exponential Construction, your preferred contractor!
