They do this for various reasons, says North County Property Group, a property management company in San Diego, such as attract tenants, increase rental income, attract buyers, increase the resale value, or achieve personal satisfaction. No matter the reason behind your intention for a renovation, you should note that not all renovations can affect the value of your home.
Renovation projects can be costly, so it is essential to know the ones that can add value to your property. Some will add more space, boost enjoyment, and improve the ambiance of the property without increasing the resale value.
Renovating versus remodeling
Is renovating and remodeling the same thing? Although these two terms overlap, most people often use them interchangeably.
Renovations only involve the concept of restoring the property into a good condition. At the same time, remodeling is an expensive and extensive process of altering the structure of the property from one form to the other.
How kitchen renovations affect your home's value
These renovations could be major, minor, or midscale. No matter the extent of the kitchen renovation, your aim should include the following:
- Create more floor space
- Enhance the look and feel of the kitchen
- Improve ventilation within the kitchen
- Augment the function of the kitchen
- Repair outdated, faded, and damaged areas
Minor kitchen renovations can range between $11,000 to $21,000. Investors can recoup up to 81% of their expenses here. It involves cabinet repainting and finishing, cabinet re-facing, backsplash replacement, and vinyl floor installation.
Minor and midscale kitchen renovations offer a more massive return on investment. Homeowners who engage in major kitchen renovations do not always recoup a large portion of their investment. However, the benefit is that homes with major kitchen renovations sell faster than others.
How bathroom renovations affect the value of your home
The best bathroom renovations for improving the resale value of a property are midscale and upscale. Homeowners can recoup about 60 - 80% of their investment in bathroom renovation projects.
The essential things to consider in bathroom renovations are enhancing the style and improving the functionality. Bathroom renovations can cost between $6,000 for a minor renovation to $60,000 for major renovations. Midscale bathroom renovations cost an average of about $18,000.
The best bathroom renovations include:
- Repainting surfaces
- Replacing the floors
- Installing heated floors
- Upgrading the vanity and sinks
- Energy-efficient upgrades
- Bathtub and shower upgrades
- Installing a walk-in shower
- Cabinet upgrades
- Replacing outdated and worn plumbing fixtures with modern ones
A bathroom or kitchen renovation, which one is better?
The answer to the question of which one is better depends on the local housing market and the property's condition. Both bathroom and kitchen renovations have beneficial impacts on the resale value of a property.
Bottom line: How Bathroom & Kitchen Renovation Projects Can Affect the Value of Your Home
Homeowners are always on the lookout for things that can improve or enhance the value of their properties. Certain bathroom and kitchen renovations can offer this benefit.
Minor and midscale kitchen renovations offer a significant return on investment, but homes with major kitchen renovations sell faster than others.
Bathroom renovations are also beneficial, but cheaper than kitchen renovations. Midscale bathroom renovations give a higher return on investment than the upscale bathroom renovation.
Whenever you are in doubt of which bathroom or kitchen renovation project you should carry out on your property, don't hesitate to contact reliable experts.
Are you ready to start your kitchen or bathroom remodel? Contact us today.