Do you want to increase the value of your home?
Renovation projects are a great place to start. As a homeowner, you can renovate some areas of your home to increase its value in the long run. According to Orlando Property Management, both major and minor remodeling projects can improve your home’s value.
When we look at the whole range of possible projects, bathroom and kitchen renovations tend to be he most popular – and for good reasons! There is remarkable potential in these areas of your home.
There are many ways a bathroom or kitchen remodeling project can affect your home’s overall value. Read on to learn more about the best approaches to get the highest return on your investment.
The Starting Point: Renovating vs. Remodeling
Typically, “renovation” and “remodeling” are used as synonyms. However, industry professionals consider these terms as two separate types of projects.
Remodeling requires a structural alteration in one form or another. Renovation, on the other hand, is simply the process of restoring your home’s good condition. Generally, remodeling is more expensive because of these extensive structural changes.
There is considerable overlapping between these terms. That’s why you’ll see these terms being used interchangeably.
The Outcome of a Bathroom Renovation
Bathroom renovations are very common. The best results are brought in by upscale or mid-range renovation projects when you compare the monetary changes in resale values.
Another approach is using the joy score in addition to raw sale numbers. The idea behind the joy score is simple; it’s a useful metric for expressing the satisfaction that results from being able to enjoy a more functional and comfortable living space.
When we look at National Association of Realtors data, a bathroom renovation shows a joy score of 9.6 on a 10-point scale. This score results from enhanced aesthetics and better functionality.
Some Top Ideas for a Bathroom Renovation Project:
- Update your vanity; faucets, sinks, and cabinets.
- Opt for higher energy-efficiency to reduce your energy bills.
- Apply a fresh coat of paint to your bathroom’s countertops and cabinets.
- Install new flooring or replace any damaged parts of your bathroom floor.
- Purchase a new set of plumbing fixtures to give your bathroom a “new” look.
According to Remodeling Magazine’s report “Cost vs. Value in 2019“, homeowners can expect a return of around 60% to 70% on bathroom renovation projects.
The Outcome of a Kitchen Renovation
Major kitchen renovations are costly. Although the upfront costs are high, the end results can be amazing. A newly improved kitchen with a solid modern design has the potential to completely revamp the look of your home.
Common Ideas for a Kitchen Renovation Project
- Remove and replace parts of your kitchen that are outdated or damaged.
- Improve the beauty and aesthetics of your kitchen.
- Create more floor space for movement and storage for kitchen appliances and utensils.
- Boost the quality of life in your home.
According to Remodeling Magazine’s report “Cost vs. Value in 2019“, homeowners can expect to receive between a 60% to 80% return on kitchen renovation projects.
Which is Better: Bathroom or Kitchen Renovations
Bathroom and kitchen remodeling projects can significantly increase the value of your home. The costs involved depend on the extent of your remodeling efforts. Minor renovation projects can be budget friendly at $5,000. On the other hand, major renovation projects can easily stretch your budget at $20,000.
Kitchens, usually, have more floor space than bathrooms. This means that the average costs may be proportionately higher. On average, homeowners can still expect a bathroom renovation to cost, at least, half the cost of a kitchen remodel.
So, which one is a better investment? Well, the answer depends on your home’s condition as well as the local housing market and its shifting expectations. Most of the time, a kitchen renovation may come out on top. But you can never underestimate a bathroom renovation and the impact it can have on your quality of life and the resale value of your home.
In a Nutshell: How Bathroom and Kitchen Renovations Affect Your Home’s Value
Bathroom and kitchen renovations have the potential to increase your home’s value. Based on various statistics, a kitchen renovation can raise your home’s value more than a bathroom renovation project.
People tend to spend a lot of time in the kitchen and it’s a very communal space. But, when you look at the costs involved; kitchen renovations are, usually, more expensive than bathroom renovations.
With a bathroom remodeling project, you can create a luxurious spa-like experience that can greatly impact your home’s perceived value. That’s why we recommend weighing the pros and cons of both renovation projects while also considering your budget constraints.
Should you have any additional questions or would like to schedule a free bathroom and/or kitchen remodeling estimate, please contact us today! We’d be happy to help!