Kitchen and Bathroom Remodeling: The Top Two Projects to Add Home Value
Kitchen and bathroom remodeling can increase the value of your home.
Remodeling a kitchen and bathroom are the top two most popular home improvement projects. If you are thinking about a kitchen or bathroom remodel or even adding an extra bathroom, make sure you do some research beforehand. One of the biggest considerations to make is figuring out a budget. Keeping your kitchen and bathroom remodeling within a reasonable price range is essential to regaining the investment you make.
What’s Wrong with the Bathroom?
The value a remodeled bathroom will add to your home depends on the scope of the project. If you are just remodeling the bathroom, but there are other rooms in the house that need work, the remodel will have little effect on the value of your home. On the other hand, if your home is already in good condition, a bathroom remodel may increase your home’s value greatly.
The biggest added value to your home comes from building a new bathroom. The most profitable project is creating a master bathroom. According to Remodeling Magazine, you can expect to expect a return of about 55 percent on the cost of a bathroom addition. For some homes, adding a master bathroom can provide a greater return on your investment due to its desirability.
How about the Kitchen?
Kitchen remodeling can increase your home’s value by between 69 and 75 percent of the money invested into the plans, according to Remodeling Magazine. Adding crown molding, new paint and fresh lighting are inexpensive ways to add value. However, the most lucrative improvements in your kitchen remodeling plans include updating with energy-efficient appliances, upgrading countertops and installing new flooring.
If your ultimate remodeling goal is to get a return on your investment, keep in mind the other homes in your community. You don’t want to price your home out of the market. If neighboring houses don’t have granite countertops or other costly upgrades, choose lower-cost options with your kitchen remodeling plans. The same is true if your neighborhood calls for high-end upgrades. Buyers in that market will expect that same high level of improvements.
Figuring out the Budget
Determining your budget is the best place to start your kitchen and bathroom remodeling plans. Knowing your price range helps you choose where to start, what types of changes you can make and what materials you can afford. Look at how much your property is worth first. If your have equity in your home, you may qualify for a home improvement loan. If not, doing most of the work on your own may be the most affordable option for your kitchen and bathroom remodeling plans. The money you save doing the work yourself can go toward updated plumbing, electricity, appliances or other expensive areas needing improvement.
If you have plans for a bathroom addition or kitchen remodel in MA, contact us. Colony Home Improvement has more than 40 years of experience to get the job done right.