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2021 Home Renovation Costs: Is It Worth It?

Every homeowner comes to a point where they must decide whether they want to open up their wallets and undertake a renovation project. Even if you’re going to pack up and move, you’ll need to decide whether it would be lucrative to upgrade your dingy bathroom or old-fashioned kitchen to increase your return on investment.

The high cost of renovation projects can be daunting, but remodels can reap high rewards. Let’s look at different types of home renovation projects and if the cost is worth the outcome.

Kitchen Remodels

Many people consider the kitchen the center of living space. It’s where friends, families, and neighbors gather and connect over a meal. Having a beautiful, welcoming kitchen with upgraded appliances can make or break a house’s value.

Doing a kitchen remodel is also one of the smartest investments you can make, as it has one of the highest returns on investment for minor renovations — it yields an average ROI of 81.1%! If you’ve dreamed of finally having your dream kitchen, the investment may be wise. You don’t have to break the bank either. Homeowner Funding can assist you in covering your kitchen remodel costs to support you in your dream kitchen journey and building home equity. 

Bathroom Renovations

Your house’s bathroom is an equally important room — it sets you up for your day and helps you decompress after coming home. Bathroom renovations can be great ways to give your home and your lifestyle a facelift. 

However, aesthetics are not the only good reason to invest in a bathroom renovation. Your bathroom may need an upgrade due to safety issues or system failures like bad plumbing or tiles that have started to crack or fall off. Even switching your showerheads can save you significant bucks in the long run. A family of four can save up to $260 per year when they go from a 5.5gpm showerhead to a 2.5gpm fixture!

When you seek bathroom renovation financing, you’ll benefit from a more functional space and excellent long-term savings. You can also pass these benefits onto a future buyer and receive a higher price for your property. 

Insulation Installation

Although it does not add any visual sparkle to your home, insulation is one of the most important aspects of your property’s function and safety. Insulation protects your home from extreme temperatures and ensures your family members stay warm during the winter and cool during the summer.

Investing in insulation now is one of the smartest things you can do because it also helps you cut costs on your heating and cooling systems while also improving the air quality of your home.

Depending on the type of insulation you get, you can expect to pay anywhere between $0.30 and $1 per board foot. But these costs will pay for themselves, as property owners will reduce their heating and cooling costs by 15% annually.

If you are looking for insulation renovation, give us at Homeowner Funding a call to help you cover your renovation costs!

Room Additions

Rising construction costs can make a room addition seem daunting, but the price tags are well worth it.

Feeling cramped in your home can be an uncomfortable experience, but making a room addition or “bump-out” is one of the most effective solutions available.

Note that the square foot cost can range from $100 to $200 per square foot. Higher-end properties will incur a square foot cost of up to $500 per square foot. But you can increase your property’s resale value by as much as $20,000 (or even more) with an additional bedroom!

Additions to your home will grant your family members (and future buyers) a more versatile living space where they can truly feel at home. Whether you want to add more dining space, expand your primary bedroom, or build a new room altogether, you can recruit the team at Homeowner Funding for financial assistance.

Conclusion — Increase Your Return on Investment with a Home Renovation Project!

Here at Homeowner Funding, we know home renovation projects can demand high upfront costs that can cause stress for many families. However, we also understand that renovations done right can increase your family’s quality of life and the resale value of your home. 

So if you’re ready to invest in your home and your future, Homeowner Funding can assist you in covering your renovation costs. Come see us today and start your dream home!

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Joe D.

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