Nowadays, it’s normal to want a bathroom or kitchen remodel for your home to raise its value. After all, a high-value home may have a higher selling price when listed on the real estate market. That higher price, in turn, helps you earn more and possibly give you enough for a new and better home.
How much can a bathroom or kitchen remodel help exactly? Trinity Builders of South West Florida and other experts list some details you may want to know:
Remodel the Kitchen
A kitchen remodel counts as one of the top remodels that pay off in the long run. Even a simple home can be priced high if it has an impressive kitchen. In kitchen remodeling, you can focus on new cabinets, upgraded countertops, and well-thought colors and textures.
Remodel the Bathroom
A bathroom remodel comes close to a kitchen remodel in terms of return on investment. You can have your toilet replaced, your tiles re-grouted, and your caulk in the area replaced. You can also change the fixtures and mirrors. When you have a tub, you can consider swapping it with a shower, which has more selling power.
ROI of Remodels
In more detail, bathroom and minor kitchen remodels have the most return on investment (ROI) based on a recent study by Remodeling magazine. Minor kitchen remodels have a national average cost of $21,198 and an average sale value of $17,193. With this, minor kitchen remodels have an 81.10% ROI. Bathroom remodels, meanwhile, have a 70.10% ROI based on a $19,134 average cost and a $13,422 average sale value.
The more you spend in a kitchen or a bathroom remodel, however, the fewer returns you receive. Upscale bathroom remodels averaging $61,662 only sold for $34,633 — a 56.20% ROI. Major upscale kitchen remodels have a similar ROI at 53.50%, according to a national average cost of $125,721 and an average sale value of $67,212.
With such statistics, you can go ahead with your bathroom or kitchen remodeling to raise your home’s value but make minimal changes only to recoup costs the most.