We hope you enjoy this article from a guest author contributing to
Guthrie Kitchen & Bath Plus LLC’s website.
Every investor or homeowner wants the value of their property to increase over time. Unfortunately houses tend to lose value as the style and fixtures become worn and outdated. Home renovation projects are essential in the lifespan of a house to upgrade the property and maintain its value.
Choose your remodeling projects carefully if you want to maximize the benefit of your investment and boost your home’s value. Some home upgrades are expensive and do little to enhance the value of your property. Other renovation projects have a much bigger bank for your buck and can increase your home’s value with minimal investment and effort. If you are looking to make a savvy investment in your home, choose upgrades that enhance your space and ambience while also improving your home’s value.
Kitchen and bathroom remodeling projects are some of the most worthwhile investments when considering a home renovation. In this article we will explore how kitchen and bathroom renovation projects positively impact the value of your home.
How kitchen remodelling affects the home’s value
Recently, the kitchen has evolved from serving as a space to prepare and store food to a social space for family members and friends to relax, interact, and have fun. The kitchen is the heart of the home. For that reason, it has the most impact on the value of a property, and its appearance can make or break the deal when selling or renting your home.
If you intend to sell or rent the property, the kitchen is the first place that buyers or renters will consider. If the kitchen is up-to-date with modern facilities and appliances, buyers or renters will be willing to pay a higher price. However, an outdated kitchen is a turnoff for potential tenants or buyers. For that reason, kitchen renovations are among the top upgrades that have the highest impact on the property’s value.
The goals of your kitchen remodelling should be:
- Making the kitchen airier by opening up the floor space.
- Removing damaged, dull, and worn-out areas in the kitchen and replacing them with modern newer, or brighter ones.
- Boosting the aesthetics of the kitchen.
- Enhancing the kitchen’s functionality to promote the quality of life.
Kitchen renovations can be minor, midscale, or major. Below are some midscale and major kitchen renovations that will boost the value of your home:
- Installing custom cabinets and under-cabinet lighting
- Repainting the space in modern colors
- Rerouting and upgrading the plumbing
- Installing smart and extra storage
- Upgrading the floors
- Installing ceramic or tile backsplash and stone countertops
- Changing and rearranging the kitchen’s layout
- Installing energy-efficient features
- Upgrading kitchen appliances to modern ones
- Merging the dining and kitchen to create an open floor plan
- Installing exhaust fans and adding an island
Some minor kitchen renovations you may consider are:
- Repainting the cabinets
- Refacing the cabinets
- Installing vinyl floors
- Installing a new backsplash
Minor upgrades tend to offer a higher return on investment than major remodels. However, before you decide on the extent of the remodelling project, you should consider the condition of your kitchen. Experts believe that the return of investment for kitchen upgrades is between 60% to 80%.
How bathroom renovation projects can affect the value of your home
Since the bathroom is a functional space, buyers and renters also base their decision on the quality of this room. From survey findings, bathroom renovations have a joy score of 9.6 when graded on a scale of 1 to 10 with 10 being the best and 1 being the worst. From this high joy score, you can appreciate the impact that bathroom renovations have on the property’s value.
Bathroom upgrades also vary in scope and budget including upscale, midscale, and minor renovations. Depending on the scale of the upgrade, bathroom renovations can fetch you return on investment of between 56% and 70%.
Your available budget will determine if you will add a new bathroom or remodel an existing one. Adding a new bathroom transforms your home’s style and functionality but also is more expensive. However, upgrading an existing one will get a higher return on investment.
Here are some of the most profitable bathroom upgrades:
- Repainting the walls
- Replacing the bathroom floors
- Installing heated flooring
- Allowing more natural light into the kitchen and improving the lighting
- Adding an exhaust fan to reduce dampness
- Upgrading plumbing fixtures
- Installing energy-efficient upgrades such as low flow faucets, toilets, and energy-saving bulbs
- Upgrading the vanity area
- Installing granite countertops and modern sinks
- Installing a walk-in shower and glass door
- Installing a rain showerhead with multiple flow settings
The bottom line
Bathroom renovations are easier than kitchen upgrades, since the kitchen typically has a larger footprint than the bathroom. As a result, kitchen upgrades cost more in terms of material and labor expenses.
If you want to improve your home’s value and functionality, kitchen and bathroom renovation projects will help you achieve your goals. Upgrading these rooms can improve the living conditions of those who occupy the property and therefore also help you boost your home’s value when renting or selling your property. Remember, kitchen and bathroom renovations are complex projects, so you obtain more value from your investment when hiring experts to execute these projects instead of doing it yourself.
