Are you looking to maximize the value of your home?
An effective approach is to conduct renovation projects that boost the monetary worth of your property. There are many avenues you could take to increase the overall value, says T-Square Real Estate Services. This includes minor and major revamps of different areas of your home.
Bathroom and kitchen renovations are some of the most popular projects that homeowners undertake. Both have great potential for returns for every invested dollar. It’s no wonder that these plans became the top projects.
In this article, you’ll learn about how bathroom and kitchen projects affect your home’s value. After reading this, you’ll have a better understanding of what works best to boost the return on your renovation plans.
People use the terms “renovation” and “remodeling” interchangeably. Industry professionals see an important distinction between these activities. Renovations aim to restore an area of your home into good condition again.
On the other hand, remodeling calls for structural alterations. That’s why remodeling projects are always more expensive compared to renovation. The extensive construction carries a steeper price.
Since significant overlapping exists between these terms, we’ll use them interchangeably. This approach reflects many other articles directed toward homeowners.
A major kitchen renovation can be expensive. However, the final results can boost your home value. You should make sure that the project is based on functional and sensible design.
Successful kitchen remodeling projects have numerous goals:
Remodeling Magazine did a report on cost versus value in 2019. According to the experts, you are likely to get back 60% to 80% of your kitchen remodel expenses.
Bathroom renovation is a popular choice among homeowners. Midrange and upscale bathroom renovations tend to fare the best in terms of resale value increase. But you should always exercise caution when calculating the return on investment.
Your bathroom renovation project might boost the so-called joy score as well. The real estate industry uses the term to capture the happiness and satisfaction resulting from a more functional space.
According to the National Association of Realtors, the joy score of a bathroom renovation is around 9.6. Considering that the scale runs from 1 to 10, the satisfaction seems to reach great heights.
According to the same Remodeling Magazine’s report, bath remodels bring back around 60% to 70% of the original investment.
Planning to take on a DIY project? In this case, bathrooms are an easier option for a DIY approach. That space is more compact compared to kitchens. On average, kitchens may take up to twice the amount of time for a remodel.
You should factor in the cost of labor and materials as well. Since kitchens have greater floor space, you need to account for the higher expenses. Most of the time, bathroom renovations cost you at least half of an equally ambitious kitchen project.
There is no golden rule according to which one of these projects carries a higher resale value. Statistically speaking, the kitchen may be the most important room when you focus on resale value. But a perfectly executed bathroom renovation may come on top when an effort is made to sell it.
You benefit from getting a bathroom or kitchen renovation in the following ways:
On average, kitchen renovations can raise your home’s value more than bathroom projects. People highly value beautiful and functional kitchen spaces. However, kitchen projects tend to be twice as expensive as bathroom renovations.