Hi-Lite Electric – What the Top Home Renovations Are Really Worth in 2018

14 May, 2018
Happy couple making home renovations

Do you have plans to remodel a kitchen or add a master suite to your home? You might even undertake some of the pricier home renovations of 2018. You have to watch out because not every renovation will have a return on its investment like they did in the past. In fact, Cost vs. Value Report is a home remodeling magazine. In an article, they talked about how you have to choose your remodeling projects wisely. This highly referenced annual report has now reached its 31st year in business, and researchers have highlighted the investments that have the highest ROI. This report came from canvassing the contractors on a nationwide scale to identify the upgrades that make the most sense.

What the Report Revealed

Unfortunately, the news doesn’t look so appealing on a massive scale because the report found how Americans could only expect a 56 percent return on their investment with most renovations made in 2018. This dropped from 64 percent in the past two years. Why this unwelcome change? In this year, a lot of expensive projects didn’t see a huge gain. The sudden change could be because of how real estate professionals have come to believe that the real estate market could be reaching its peak for market price. This means dropping boatloads of cash might not automatically mean you ride the value escalator upwards.

Curb Appeal Projects

In the report, researchers found how adding a new steel garage door to a property might earn you a 98.3 percent return on your investment. This makes it one of the best values out of all the others. Buying a new steel garage door and having an electrician help with making it automatic is a fantastic investment. In general, the people who invested more for better curb appeal often reaped the most benefit in terms of seeing a return on their investment. Internal home renovation projects didn’t have as high of a payback. In fact, most real estate professionals will emphasize the importance of curb appeal projects because of how this attracted people to look at the inside.

Stone Veneer Projects

The second best home renovations project on the list was a stone veneer, which had a 97 percent return on investment. This has currently been trending and it isn’t difficult to see why. Up until this year, Cost vs. Annual Report didn’t even include this on their list of data, which shows the recentness of this wild trend. You have a variety of choices with it, whether you want the more rustic look, or you want a chic and modern style. Matching veneers on the inside have also caught on as a real estate trend.

Wood Decks

Third on the list with the highest ROI was the wood decks with 83 percent ROI. Depending on the materials used, you can spend anywhere from $5,000 up to $10,000 or more on a wood deck. What has given this home improvement project such a return on investment? Not all wood decks were created equal. You can still usually expect anywhere from a 70 percent to an 80 percent return on your investment, but a number of factors will play a role in this.

Some of those factors include:

  • Location
  • Deck design
  • Materials
  • Size of the deck

If you were to construct a 16 by 20-foot wood deck and you spent $10,050 for the professional construction of this deck and its materials, you might expect to receive a $8,090 return on it. When you compare this to a 78 percent ROI on a bathroom remodeling, you have a fair investment. If you build it with composite materials instead of wood materials, however, the ROI drops significantly. Researchers discovered how people who spent $15,900 on a wood deck had a return of around 68 percent with $10,800. The overall attractiveness of a deck played a big role in this.

Bathroom Remodeling Projects

It’s important to understand how no two bathroom remodels will be exactly the same. Researchers found how this project often had a fair ROI of 78 percent. Home buyers love to see an updated bathroom with trendy lighting fixtures. You, however, need an electrician for part of this remodeling as well as a plumber. What materials yielded the highest ROI? As seen with the wood decks, part of getting the best ROI depended on knowing the best materials to use for the current market.

Double sinks, for example, especially installed in a master bathroom had a high ROI because they provided better flexibility and convenience. You also had brushed metal faucets with fixtures and they came in multiple finishes. The materials that did well with metal faucets were nickel, pewter, silver, copper, gold, and bronze faucets. Whatever you might choose, try to aim to match the fixtures together because it looked classier. Also, you might want to opt-in for some of the luxury bonuses. This puts home buyers in a state of, “Wow!” If you could incorporate some of these luxuries like radiant heat floor mats or heated towel racks, they certainly tend to do quite well. You could also add a hand shower to your tub or shower. You want to think strategically about these upgrades to make the biggest difference.

In general, the golden rule of this was to repair over add for remodels. You had an easier time replacing or repairing and returning on investment. For example, replacing an old roof or frayed siding tended to do better with the ROI over adding a new master suite or overhauling the kitchen. It’s important to note how you have to somewhat follow the trends if you want to add to your home value. You could spend tons of cash on what you believe is the perfect kitchen remodeling. However, if you have somewhat “eccentric” tastes, your ideas might not appeal to the home buyer market at large. Even if you spent $20,000 on a remodel, they might tear it out with little regard to your feelings. If you have a home improvement project that requires an electrician, you can call us at 416-800-5523. You can also contact us here.



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Riaz Jilani
Riaz Jilani
2024-06-05
I had another electrician which not giving me time and then I search on google and found Hi Lite with good reviews so I decided to try them. I send massage on their website and after 30 minutes I got call from them they booked me different time which was not suitable for me. I requested them and they change according to my convenient.electrician came on time complete the job also advised me some unseen problems also fixed perfectly and my satisfaction . First time I really impressed I recommend them they are trouble free and with good reputation
Michael Butler
Michael Butler
2024-05-10
Stove wasn't working. Stove people said it was an electrical issue. Steven came over, showed me what was wrong. Now I know more about electricity. 5/5 would electricity again.
Heather D
Heather D
2024-05-10
Excellent service. Matt came out after hours to resolve an emergency situation where an outlet in our garage caught on fire. He was here within the hour and completed the work efficiently. In addition he communicated clearly all the necessary steps needed. We will definitely be calling him back for additional assistance in the future if the need arises.
Amrik Bhogal
Amrik Bhogal
2024-04-29
Excellent service! We had a problem with some receptacles in a couple of rooms in our house. Tried the usual resetting the breakers and GFI plugs, but to no avail. Called Hi-Lite Electric based on a recommendation from a friend. Matthew from Hi-Lite come over, diagnosed and fixed the problem quickly and efficiently. He was very knowledgeable and kept me in the loop as what he was doing. His estimate was very accurate. I would highly recommend HiLite
Roy Thompson
Roy Thompson
2024-04-29
Matthew and Steven did a fantastic job added two lights in my bedroom, prior to that their was no lights in my bedrooms. i would highly recommend them.
Izabella Hansen
Izabella Hansen
2024-04-23
Had a great experience with Matthew, a licensed electrician. He explained everything I needed thoroughly. Worked efficiently, was professional and curteous. I highly recommend this family run company.
Jo Persad
Jo Persad
2024-04-19
Excellent service. We had a problem with our house wiring and Matthew diagnosed and fixed the problem quickly and efficiently. He was very polite and pleasant and informative. We would highly recommend HiLite.
James Danakas
James Danakas
2024-03-27
The service we received from Matthew and Luciano was excellent and our problem was solved in a timely matter. Great customer service! Highly recommend!
Corrado Di Rosa
Corrado Di Rosa
2024-03-26
Excellent customer experience! Matthew is always on point with his recommendations and makes sure the issue is solved. Highly recommend Hi-Lite.
Funk Roberts
Funk Roberts
2024-03-18
I recently had the pleasure of having Matt from HiLite Electrical come over to replace my smoke alarm, and I couldn't be more satisfied with the service provided. From the moment Matt arrived, it was clear he was not only highly skilled but also incredibly personable and professional. His attention to detail was impeccable, ensuring that the job was done efficiently and effectively. What truly set Matt apart was his commitment to going above and beyond. He was punctual, arriving right on time, which is a rarity these days. But more importantly, he took the time to explain the process, what the problem was, and why we couldn't get the unit from the foundation in the first place. He was also amazing to talk about in general (especially fitness, training and combat sports, relationships, and other things), and ensured everything was working perfectly before he considered his job done. I highly recommend Hi-Lite Electrical to anyone in need of electrical services. Their team, from speaking with Ang on the phone to set up the appointment (Happy Angela Day..that's an inside joke) to Matt getting it done, Hi-Lite exemplifies the kind of professionalism and expertise that is all too rare. Trust me, if you want a hassle-free, high-quality service, look no further than Hi-Lite Electrical. A big thank you to Ang and Matt for not just meeting, but exceeding my expectations! Super Happy Customer! Funk Roberts

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