Cheryl Jean
Busy raising their three children, Dennis and Steve Renner didn't make many home improvements during the 30 years they lived in their White Bear Lake Township home.
So, when I was ready for a refresh, I decided to tackle the most used areas. and The areas that needed the most updates included the kitchen, exterior siding, and sitting room/office. All told, they invested about $75,000, an amount Dennis Renner, 57, hopes to one day make back.
“We’re going to be here and we want to have fun,” she said. “When you actually move, the resale value will be huge.”
Since the pandemic, consumers like the Renner family have continued to overspend to make their homes more comfortable and functional. Experts say rising mortgage rates could prompt more people to renovate their homes if they plan to stay in their homes longer. Additionally, older people tend to live in older units that require more work.
Harvard University's Joint Center for Housing Research has predicted that American homeowners and renters will spend a record $580 billion on home improvements this year. Adults 55 and older account for more than half of spending on home improvements, said Abbe Will, a senior researcher at the center.
Whether you plan to stay in your home for another 10 years or sell it soon, you may want to consider which improvements are most cost-effective before embarking on an expensive project. This is called return on investment (ROI), and it shows how much of your initial cost you can recoup through increased home value and asking price when you sell it.
The average ROI for all improvements is 60% to 70%, with interior projects typically delivering higher returns than exterior projects. Generally, larger, more extensive renovations and work that involves structural engineering such as electrical, plumbing, and moving walls are more expensive and less profitable.
Redoing kitchens and bathrooms is always at the top of the list for resale ROI, says Natasha Sejduf, a real estate agent with Lake Sotheby's International Realty in Minneapolis for nearly 20 years. , he says. Small, inexpensive improvements like new landscaping or painting can also improve a home's curb appeal and have a “magical” effect on ROI, she added.
Many older consumers and those planning for the future are looking for features for accessibility and safety, such as curbless showers and higher toilets in bathrooms, lower cabinetry in kitchens, better lighting and home automation. You may want to upgrade or install .
“For people over 50, it's not strictly about renovations, it's about accessibility,” said Bong Xiong, a contractor and owner of Next Gen Construction & Remodeling in North St. Paul. “If you're starting over completely, why not consider adding accessibility features?”
Consider these six home improvements to get the most bang for your buck.
1 kitchen
A complete kitchen remodel can cost up to $70,000. Homeowners can earn up to 75% on a complete remodel and 67% on kitchen upgrades. Popular kitchen renovation features include countertop upgrades, large islands, boldly painted cabinets, beverage stations, and new appliances.
Emily Korff, interior designer and co-owner of St. Paul's Kitchen Refresh, says cabinets are often the most expensive part of a kitchen redo, but even just a cabinet makeover, new hardware, or a repaint can help. It will cost between $7,000 and $10,000. According to her co-owner and her husband, Bill Korff, upgrades often chosen by people over 50 include sliding shelves to store bulky items such as large pots, which reduce the cost. says it costs about $120 per shelf.
“Instead of removing all the solid oak kitchen cabinets, we kept the base and repainted it,” Dennis Renner said of his $30,000 kitchen redo. “This saved us a significant amount of money.”
Emily Korff said the Korffs have also received increasing requests to remove desks in the kitchen and install a drinks station and more storage space. Bill Korff said the cost is about $1,000 to $1,500.
As part of their kitchen renovation, Pat and Stephanie Duvall of Woodbury removed a rarely used desk to house a beverage refrigerator, wine holder, and regular coffee supplies. Added a counter.
There are two big trends surrounding kitchen islands. One option is to extend the existing island to serve as a dining area, and another option is to paint the base a statement color like green. If your kitchen is large enough, consider adding an island.
While most homeowners and buyers want stone countertops such as granite or quartz, contractor Sion says butcher block countertops are making a “comeback” for the warm wood look. He said he is doing so.
2 bathrooms
Bathroom renovations can cost anywhere from $5,000 to over $10 million. Depending on the material and degree of processing, the consumer can get a profit from 23% to 71%. If you only have one bathroom in your home, Cejudo says, consider adding one more to increase resale value, even if it's just a powder room.
When Susie Ahrens' family downsized and moved into a duplex they owned in St. Paul two years ago, adding a second bathroom was a must. “We added a half-length bath where there was a small sewing room,” said Ahrens, 58. She said, “She needed the toilet fixed because she has a 16-year-old daughter.''
But the biggest trend remains replacing bathtubs with walk-in showers, which can prevent aging in older adults and cost upwards of $8,000. Other popular, less expensive upgrades include adding air vents and steam showers.
As part of the bathroom renovation, the Duvalls removed the deep Jacuzzi tub and replaced it with a walk-in shower and freestanding tub. “It worked fine when the kids were little,” Stephanie Duvall said of the old bathtub. “There was no need for that anymore.”
3 Refinish your hardwood floors
Refinishing hardwood floors can cost anywhere from $2 to $7 per square foot, but has the highest return at 147%. You can still get a 118% return on installing new wood floors.
“We have maple floors, so instead of stripping the floor, we stripped it and restained it,” Renner said of the kitchen refresh. She chose a darker stain, thinking it would complement the new light gray cabinets and blue-gray walls.
4 Painting
Painting is a relatively inexpensive way to refresh the interior or exterior of your home.
Mr. Xiong, who is also a real estate agent, said, “The exterior is the first thing people see, and it's the deciding factor in selling your home.''
A new exterior paint job can improve curb appeal and increase resale value. Costs start at $2,000 and go up depending on the size of your home and whether you want it to be a DIY project or have the job done.
Bright, neutral tones are popular throughout the interior, but accent walls are making a comeback. According to home improvement site Angi, the average cost is $2.75 to $4.70 per square foot.
5 Replace the siding
Updating the exterior of your home is another improvement that increases curb appeal. It will cost him between $6,000 and $20,000, but the homeowner will get an 86% return on fiber cement siding and 82% on vinyl siding.
5 New window
Upgrading your windows not only increases your curb appeal, but it also usually improves energy efficiency. Your new windows will fit better, reducing drafts that can increase heating and cooling costs. Depending on the number and type of windows, this can cost $20,000 to $25,000 or more, but the return ranges from 61% to 69%.
6 Landscaping
Beautifying your property, especially your front yard, is another low-cost improvement that increases curb appeal. If you add structures such as a fence, the cost can range from a few hundred dollars to more than $4,000.
Money is important, but for many people the bottom line is something more intangible, and that is called happiness.
According to a report from the National Association of Realtors and the National Home Improvement Industry Association, 84% of consumers want to spend more time in their home after remodeling, and 69% experience more enjoyment in their home. The real estate agent group also calculates joy scores for home renovations, including repainting and refinishing/installing wood floors, both of which he scores out of 10.
“We're going to stay,” Pat Duvall said of her Woodbury home. “I hope to get my money back someday, but I also want to have fun.”
