If you are looking to put your home on the market in the next few years or if you just want to add more value to your home, a gorgeous remodeled bathroom or luxurious remodeled kitchen is a great place to start. Kitchens and bathrooms are typically the first areas prospective homeowners want to view, and the value added by remodeling these areas can pay for itself.
Kitchen & Bathroom Projects Pay for Themselves
When choosing a project to add value to your home, pay attention to the average percentage of return on the money you will invest. Many projects that add value for you, like a home office or a pool, are only worth about half of the amount you spend. However, a bathroom addition or bathroom remodel typically retains over 80% of its value a year later. Even more impressive, a minor kitchen remodel ($20,000 or less) can retain an amazing 87% of its value!
What to Look For
When committing to a kitchen or bathroom remodel, keep in mind that you are building a space that you and future homeowners will love. Stick to traditional styles in the kitchen like well-crafted wood cabinets, stainless steel appliances, hardwood or stone floors and marble or granite countertops. In your bathroom, skip the deep whirlpool tub in favor of a spacious walk-in shower. If you only have one bathroom, consider using the money you would spend on a remodel to build a second half or full bathroom instead of upgrading the only one in the home.
Minor vs. Major
As stated above, minor kitchen and bath remodels can have similar impacts value-wise to major kitchen and bath remodels. Minor remodeling can be as simple as revitalizing your cabinets with new hardware, a fresh paint job or even as much as refacing your cabinets. These are the first things that people see as they enter the room, so they have the potential to make a huge impact without a high cost.
A major kitchen or bathroom remodel involves just about everything in the room. Instead of newly painted cabinets, you’ll have replaced cabinets. Instead of cleaning up and repairing or refinishing existing flooring, you can install completely new flooring. Appliances are typically all replaced. Instead of spending less than $20,000 you can expect to spend anywhere up to $50,000 depending on the fixtures, cabinets, flooring and appliances you would like.
If you want to boost your home’s value today, trust the pros at Finer Remodeling and give us a call at (410) 905-3742.