It’s important to consider your return on investment, or ROI, when looking into remodeling your home. And many people ask whether a bathroom or kitchen remodel will get them more resale value for their home. The answer isn’t so straight forward. There are a few considerations to make, as every home is not the same.
How to decide whether a kitchen or bathroom remodel will add more resale value to your home:
Is one non-functional? If your bathroom has leaky tiles or your kitchen has electrical issues, these things can show up in an inspection. It’s beneficial to tackle these projects first, so you don’t end up having to pay for it later on down the line.
Your ROI depends on if it’s a mid-range or upscale remodeling project. Mid-range kitchen projects usually return 80% of the cost during resale, while upscale projects return around 69%. Mid-range bathroom projects return 74% of the cost and upscale projects return 63%.
While you’re not getting 100% or more you will see less time on the market and you’ll avoid low-ball offers from buyers.
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However, not every remodel will recoup these percentages. It’s important to follow a few important tips to make sure you get the most out of your remodeling project.
- Avoid half measures. Buyers can tell when you’ve only added some simple cosmetic updates, and many times they end up ripping them out anyway. If you want to really increase your ROI, make sure that you are using quality products that have a long lifespan.
- Look at the project as a whole. If your cabinets are dated or falling apart replacing the counters while keeping the cabinets are not going to do the trick. Experienced designers will be able to tell you how to best improve the space and increase your resale value.
- Take the long-term approach. If you’re planning on selling in 5 years, don’t wait to start remodeling. You can start now and remodel the kitchen and a bathroom or two by spreading out the projects over the next 5 years. It will increase your ROI even more if you are able to remodel more than one space.
- Focus on making it turnkey. If you are in a neighborhood that attracts young families, this is especially important. The appeal of a turnkey home can greatly increase your resale value in these neighborhoods.
A quality bathroom or kitchen remodel can really do a lot for your home’s value. When you sit down with your remodeling company, ask them about your ROI. They should be able to tell you what you can expect to get back from your remodel. And if you’re still looking for a bathroom or kitchen remodeling company, check out Bath Plus Kitchen Remodeling. We are a full-service remodeling company, serving Northern Virginia. Review our projects and customer testimonials to get a feel for the quality work we do. We can help you get the best resale value on your home with a bath and kitchen remodel. Give us a call today for a free estimate.
