Chicago Home Remodeling Projects that Increase ROI

kitchen remodel

With the real estate market as dynamic as it is, making informed decisions about home remodeling projects can significantly impact both the aesthetic appeal and financial value of your property. The 2024 Cost vs. Value Report provides valuable insights into which remodeling projects offer the highest ROI for Chicago homeowners. Keep reading for expert advice and practical tips to help you make the most of your remodeling efforts!

Increasing Your Home’s Value Through Remodeling

Chicago, known for its rich architectural heritage and diverse neighborhoods, offers homeowners a unique blend of opportunities and challenges when it comes to home remodeling. Whether you live in a historic brownstone, a sleek modern condo, or a classic bungalow, the potential to increase your home’s value through remodeling is substantial. However, not all remodeling projects are created equal, and understanding which investments yield the highest returns is crucial for making smart decisions.

In today’s competitive real estate market, ROI has become a key consideration for homeowners. By focusing on projects that not only enhance the look and functionality of your home but also provide a strong financial return, you can ensure that your remodeling efforts are both enjoyable and economically sound.

The 2024 Cost vs. Value Report highlights several remodeling projects that consistently deliver high ROI for Chicago homeowners. According to the report, upscale kitchen remodels and bathroom additions remain at the top of the list, with these projects often exceeding the national average ROI. Specifically, the report indicates a national average ROI of 62.1% for kitchen remodels and 58.3% for bathroom additions. In Chicago, these figures are often surpassed, making them excellent choices for those looking to maximize their investment.

Upscale Kitchen Chicago Remodel

Key features of an upscale kitchen remodel include high-end appliances, custom cabinetry, stone countertops, and premium flooring, all leaving room for simple personalization and customizable designs to adhere to any individual and their vision. Incorporating the latest trends, such as smart kitchen technology and sustainable materials, can further increase the appeal and value of your kitchen. Creating and scaling up your home’s kitchen is a great investment in the value of your home, as well as an investment into the enjoyability of your home.

A major kitchen remodel involves a complete overhaul, including new cabinets, countertops, and appliances. The high cost results in a lower ROI, but the transformation can be stunning and highly appealing to buyers. This project costs an average of $79,982 and adds $39,587 to the resale value, resulting in an ROI of 49.5%.

An upscale kitchen remodel features top-of-the-line appliances, custom cabinetry, and premium materials. The high cost can result in a lower ROI, but the stunning transformation can be a major selling point for luxury homes. This project costs an average of $158,530 and adds $60,176 to the resale value, resulting in an ROI of 38.0%.


Chicago Bathroom Remodel

Adding a bathroom to your home is another project that offers substantial returns. Whether it’s a luxurious master bath or a convenient powder room, additional bathrooms are highly desirable for potential buyers. In Chicago, bathroom additions often exceed the national average ROI, making them a smart investment. Focus on high-quality fixtures, stylish tile work, and ample storage to create a bathroom that stands out.

Features like heated floors, rainfall showerheads, and spa-like bathtubs can add a touch of luxury that appeals to discerning buyers. Universal design in a bathroom remodel includes features like grab bars, a walk-in shower, and other accessibility improvements. This project can be particularly appealing to older homeowners or those with mobility issues, despite the lower ROI. The average cost for a universal design bathroom remodel is $40,750, with a resale value of $20,148, recouping 49.4% of the cost.

While the ROI on an upscale bathroom remodel is lower, the luxurious result can significantly enhance your living experience and appeal to high-end buyers. This project costs an average of $78,840 and adds $35,591 to the resale value, resulting in an ROI of 45.1%. Adding a midrange bathroom can increase convenience and appeal, especially in older homes with limited bathroom space.

Despite the lower ROI, the added functionality can enhance your living experience. This project costs an average of $58,586 and adds $20,334 to the resale value, resulting in an ROI of 34.7%. An upscale bathroom addition features high-end finishes and custom features. The high cost results in a lower ROI, but the luxurious addition can be a major selling point for luxury homes. The average cost for an upscale bathroom addition is $107,477, with a resale value of $34,997, recouping 32.6% of the cost.

Entryway Upgrade

While entryway replacements may seem like a small project, they can have a big impact on your home’s curb appeal and value. According to the 2024 Cost vs. Value Report, this is one of the most cost-effective remodeling projects, offering significant returns. A new entry door not only enhances the appearance of your home but also improves security and energy efficiency. Opt for a door that complements the architectural style of your home and consider materials such as fiberglass or steel for added durability. Installing manufactured stone veneer is another project that offers excellent ROI.

This affordable yet impactful upgrade can transform the exterior of your home, giving it a sophisticated and polished look. In a large city like Chicago, where curb appeal can significantly influence property value, adding stone veneer is a smart investment. Choose high-quality materials that mimic the appearance of natural stone and ensure that the installation is done by skilled professionals for the best results. Additionally, more affordable projects such as entry door replacements and manufactured stone veneer installations also offer significant returns. These projects not only improve the curb appeal of your home but also provide a substantial boost in value.

Contact Our Chicago Home Remodelers At Arete’ Renovators

By focusing on high-ROI projects such as upscale kitchen remodels, bathroom additions, entry door replacements, and manufactured stone veneer installations, you can ensure that your investments are both enjoyable and financially sound. Remember, the key to maximizing ROI lies in careful planning, choosing the right projects, and working with reputable professionals. By doing so, you’ll not only create a home that you’ll love living in but also one that stands out in the competitive Chicago real estate market.

If you’re considering a remodeling project and want to ensure you’re making the best investment, reach out to our team at Arete Renovators. Our experienced Chicago home remodeling professionals are here to guide you through every step of the process, from initial planning to final execution. Contact us today at 773.683.3033 to schedule a consultation and take the first step towards transforming your home.