Homeowners are constantly seeking ways to maintain their houses’ value, and they often engage in renovations to achieve this. Some want to boost the property’s value for an improvement in the resale price, while others just want to upgrade their home for self-satisfaction.
Whatever your reason for considering a renovation, you should know that not every renovation can guarantee you this result. Some upgrades are expensive, but as wrents.com warns, they add little or no value to your property. Other renovations may be inexpensive, but they significantly boost your return on investment.
You do not want to spend money on what will not add value to your home. That is why we want you to get to know the two renovations that will boost your returns. Most kitchen and bathroom renovations offer an excellent return on investment. Buyers pay a lot of attention to these areas of the house.
Your kitchen is the hub of the home, and your bathroom is the most trafficked room. Often, buyers make their decision depending on how they feel after visiting these two rooms. The price they are willing to pay for the apartment also hangs on these areas’ appearance and functionality.
So how do you go about these renovations in other to achieve your aim? You can decide to engage in a partial renovation or a total upgrade. Your return on investment will depend on the specific features you upgrade, the scale of renovation, and the floor size. You should also note that professionally designed upgrades add more value than a do-it-yourself approach.
How kitchen renovations can improve the value of your home
It is a proven fact that kitchen renovations make homes sell faster, and they are the top-rated renovations that improve homes value. Depending on your budget, you can decide to engage in a complete overhaul of the kitchen, a midscale upgrade, or a partial renovation.
Kitchen renovations can range from $11,000 to $20,000, depending on what you want. With $50,000, you can replace everything in the kitchen except major changes like altering the walls and layouts. An average kitchen renovation can cost about $75,000, and you can recover 69% of your investment.
Minor kitchen upgrades range between $11,000 to $21,000, and you can recoup 81% of this amount. However, major upgrades can cost above $126,000, but you can recover 54% of this. From this analysis, you will discover that the less expensive renovations often offer a significant return on investments than the costly ones.
The goals of your kitchen upgrades should be to replace or repair damaged, faded, or worn out areas, provide additional floor space or create an illusion of space, improve the overall design and style, improve ventilation, and enhance functionality.
Valuable kitchen updates that you can include are:
- Painting the kitchen with modern and trendy colors
- Installing new appliances
- Adding extra storage space
- Installing smart storage
- Installing new flooring
- Replacing the cabinets with modern ones and installing under cabinet lighting
- Repainting the cabinets
- Installing a new backsplash
- Merging the kitchen and dining to create an open floor plan
- Upgrading the countertops to stone or stainless steel
- Changing lighting and fixtures
- Upgrading the plumbing
How bathroom renovations can affect the value of your home
Renovated bathrooms provide maximum satisfaction to homeowners. If they decide to sell the property, they can recoup about 60% to 70% of the average upgrade amount.
Average bathroom renovations are the most beneficial in terms of return on investments, but upscale renovations perform better on the joy score and sell faster. The joy score for average upgrades is 9.6 out of 10.
It is believed that you should expect an additional $1.71 increase in the value of your property for every dollar you spend on the right bathroom renovation. The upgrades can range from $6,000 to $60,000, depending on the scale. An average bathroom renovation can cost up to $18,000.
When considering bathroom renovations, your goals should be to improve the style and functionality. You can achieve these by:
- Installing modern lighting and fixtures
- Painting or upgrading the cabinets
- Upgrading the sinks, faucets, and vanity
- Adding an exhaust fan
- Replacing outdated plumbing fixtures with modern ones
- Installing glass shower doors, walk-in shower, and rainfall showerhead
- Make energy-saving upgrades
- Replacing the toilets
- Replacing and painting damaged surfaces
In a nutshell
Every homeowner aims to maintain the value of their houses either to improve the resale price or for self-satisfaction. Whatever your reason, a renovation will help you to achieve this goal.
However, not every renovation can guarantee you an improvement in the value of your home. Some upgrades are expensive, but they add little or no value to your property. Other renovations may be inexpensive, but they significantly boost your return on investment.
The right kitchen and bathroom renovations will improve the value of your property. Always consult professionals that will help you with these valuable renovations.
