The news is out; even a kitchen and bathroom remodel will increase your homes resale value. Rendering to the latest broadcasts, this rings true even in today’s slower housing market. This year’s studies in cost vs. value show that the payback of remodeling projects is at a high of 64.4% in returns.
Remodeling vs. Replacement
Replacement projects like windows, doors and cabinets are generating a higher return than remodeling projects, according to the Consumer Financial Protection Bureau. However, remodeling projects still averaged a high return.
What it boils down to is; there is a much higher return when remodeling, replacement and renovating your home. All improvements are quickly becoming a smart way to increase the value of your home.
Many Variables
Today homeowners find themselves contemplating on the best ways to improve the value of their home. Large remodeling projects and home improvements are often expensive. So it is imperative that you get the best value for your dollar.
As far as home improvement, a kitchen and bathroom remodel ranks high in terms of providing a return on your investment. In fact, a kitchen or bathroom remodel can increase a home’s resale value quite nicely, depending on the improvement that is made.
How Kitchens Stack-Up
Today the majority of kitchen remodeling projects have a rock-solid cost to value ratio. Quite frankly, many specialists say that a kitchen remodel can return up to 69%. One of the most positive attributes is a well-designed and organized living area. In fact, remodeling projects that include a functionality plus style have a much higher increase in home value.
For minor remodeling projects that increase value, you can add new cabinet doors and drawer fronts, up-to-date countertops and innovative appliances. If your budget is limited, just replacing old cabinets can instantly transform the kitchen.
How Bathrooms are Faring
While kitchens are the number one remodel project for a solid cost to value ratio, bathrooms are a close second at 57.2%. The bathroom generally gets overlooked and is often neglected. However, it is a very important factor when it comes to increasing your home’s value. In truth, an updated bathroom can give your home that extra edge when it comes to selling.
When it comes down to budget, remodeling your bathroom does not have to be elaborate. Actually, minor remodeling projects will make a great impact. It is the small things that will make your bathroom stand out from all the rest. For instance, most all bathrooms have a sink and shower or bathtub. However, not all bathrooms have tasteful bathroom mirrors, shower jets, a whirlpool tub and a vessel sink with an elegant vanity.
