Every homeowner will want to improve the value of their properties. One of the ways they do this is by performing a renovation project. These renovation projects could be upscale, minor, or midscale.
However, not all renovations can improve the price of a home. Some upgrades are inexpensive, but they have an excellent return on investment. Whereas others are costly but only add a little value to your property.
You do not want to perform upgrades that do not add any value to your property, says TEJ Rentals. Some home remodelling may only improve the ambiance, enjoyment, and space without enhancing the property’s value.
Bathroom and kitchen renovations are among the significant renovations that can improve the value of your property. In this article, we will explain how these two renovations can affect the value of your home.
How bathroom renovation projects can improve the value of your home
Buyers are often in search of homes that have inviting and functional bathrooms. Once they notice such properties, they are ready to pay more for them. That happens because the bathroom is a personal space where people spend time grooming themselves and taking care of their sanitary needs.
Surveys findings reveal that bathroom renovations have a joy score of 9.6 on a scale of 1 to 10. That goes to show the impact of bathroom renovations.
The value that bathroom renovations add to your home depends on the scale of the project. Upscale renovation projects are expensive, but their return on investment is about 56.2%. Midscale projects offer a return of 69%, while minor renovation projects give returns of approximately 70.6%.
Minor bathroom renovations can cost as low as $6000, while upscale remodelling can gulp up to $60,000. An average renovation costs about $18,000. However, these prices also depend on the location of the property.
You can upgrade your bathroom in two ways: renovating the old bathroom or adding a new one. Adding a new bathroom improves aesthetics, but it is expensive, and the return on investment is not high. However, upgrading an existing bathroom is less costly and offers more returns.
Some efficient upgrades that you can perform on your bathroom are:
- Carrying out energy-efficient updates such as installing energy-saving bulbs, low-flow faucets, and toilets.
- Installing a rain showerhead with multiple flow settings.
- Installing a walk-in shower with a glass door.
- Improving lighting and allowing more natural light.
- Upgrading the vanity area; adding modern sinks and granite countertops.
- Replacing bathroom floors.
- Installing a heated floor.
- Adding an exhaust fan to reduce dampness.
- Repaint the walls.
- Upgrade plumbing fixtures.
How kitchen renovation projects can affect the value of your home
Your kitchen serves as the heart of the house. And for that, it has the highest impact on the value of your home. The kitchen’s condition affects the overall aesthetic and functionality of the property. When buyers visit your kitchen, its appearance tells them more about the general maintenance of the property.
The goals of kitchen renovation projects should be:
- Create more floor space in the kitchen
- Improve the aesthetics of the space
- Remove faulty, dull, and worn-out fixtures in the kitchen
- Enhance the functionality of the space
- Improve the quality of life
Aside from serving as a place to store or prepare meals, the kitchen also serves as a social space where family members meet and interact. The cost of updating your kitchen varies from $8000 for a minor remodelling to $150000 for upscale renovations.
Minor kitchen renovations can give you returns of up to 80% of the total cost, while upscale remodeling offers about 52% of the returns. Midscale upgrades give about a 60% return on investment. However, other factors also affect the return of investment from kitchen renovations. These include the list price, the general condition of the property, and the renovation’s cost.
Some minor kitchen renovations are:
- Flooring improvements like vinyl flooring
- Backsplash replacements, install a new backsplash.
- Refacing the cabinets
- Repainting the cabinets
Midrange and major kitchen renovations to consider are:
- Rerouting old plumbing
- Installing new plumbing
- Major floor improvements
- Changing and rearranging the kitchen’s layout
- Installing a new countertop
- Adding an island
- Installing energy-efficient features and lighting
- Installing exhaust fans
- Under-cabinet lighting
- Stone countertops
- Ceramic or tile backsplashes
- Custom cabinets
- Installing extra and smart storage
- Installing modern kitchen appliances
- Create an open floor plan by merging the kitchen and dining.
- Repainting the kitchen in modern colors
In a nutshell: How Bathroom & Kitchen Renovation Projects
Bathroom renovation projects are less expensive than kitchen renovations. However, an average kitchen renovation project will increase your home’s value than a bathroom renovation.
It is essential to note that other external factors can also affect the value that these renovations add to your property. Whenever you consider carrying out a renovation project, always seek the services of professionals that can guide you through the process.