In order to keep their homes valuable and modern, homeowners often do renovations, particularly bathroom and kitchen renovations. These make a home more visually appealing too, and if your home is more visually appealing when you list it, chances are it won’t take long to sell.
This post will tell you all about how remodeling the kitchen and bathrooms can impact the value of your home. Take in the information here so you know how to make your home remodel worthwhile.
Bathroom & Kitchen Remodeling ROI
Even though every home renovation is unique, we can use available data to estimate the costs associated with certain renovations, and we can also determine whether or not specific renovations will add real value to your property.
For The Bathrooms
According to the Cost Vs. Value report, remodeling a bathroom costs roughly $24,000, but it only raises a home’s value by about $14,500. And if you spend $10,000 to remodel your bathroom, your home's value will increase by just $6,000. In short, you can expect to recover roughly 60% of the bathroom remodeling cost when you go to sell your home.
For The Kitchen
According to the Cost Vs. Value report, you can recover more than 70% of the cost of a simple kitchen makeover when you sell your home. Remodeling the kitchen has the most attractive ROI by far. In the illustration, a 200-square-foot kitchen underwent a $26,000 renovation, and this added about $19,000 in value to the home.
Kitchen Vs. Bathroom Renovations
We’ve already said that kitchens and bathrooms often get upgraded before a home sale. But if you can’t renovate the kitchen and your bathroom, you’ll have to pick one. So how do you choose?
Well, can you do things DIY? A bathroom remodel is a much easier DIY project. Plus, remodeling a bathroom is usually a small task (when compared with a kitchen remodel). And remodeling a kitchen can take twice as long as a bathroom remodel.
The price of labor and supplies should also be taken into account. And when it comes to kitchens, you must factor in additional costs since kitchens have more floor space. Generally speaking, bathroom renovations are cheaper than kitchen renovations.
In the end, there’s no clear-cut answer to the question: Which is better: a bathroom remodel or a kitchen remodel? According to statistics, an improved kitchen can add a lot more value, but statistics don’t mean every kitchen remodel will be a success. You could turn your bathroom into a luxurious oasis, in which case this renovation would be much more valuable than a kitchen remodel.
In the end, most homeowners want to keep their houses in good shape, and renovations are good for ensuring just that. But every renovation isn’t a worthwhile renovation, and you need to understand that before you make any pre-sale renovations. If you’re still having doubts, talk to a real estate professional and hear what they have to say about possible renovations.
And if you don't want to break the bank on these upgrades, i.e. you want to sell your house without making any modifications, contact MD Cash Home Buyers. We buy houses in Maryland as is. Plus, we can close in under a month.
The author is one of the top cash home buyers in Maryland, one that provides win-win solutions to homeowners who are facing sticky financial situations. To learn more about them, visit https://www.mdcashhousebuyers.com/