WHY REMODEL YOUR BATHROOM OR KITCHEN?

A remodel of your kitchen or bathroom can help raise the value of your home.

People have gathered around food and drink for eons, and the kitchen has – and always will be – the heart of the home. It is also one of the spaces, along with bathrooms, which offers the most options for a remodel or an upgrade. A remodel of your bathroom or kitchen is key for necessary changes, upgrades, improved efficiency, new appliances, lighting, flooring and gadgets. Such improvements can also raise the value of your home.

There are so many innovative, enticing, attractive kitchen and bath accoutrements which come to market frequently. Some are merely aesthetic, which is a major component of any kitchen or bath. The overall look projects warmth and harmony. Other new products and technologies offer improved efficiency and energy savings.

Should you Renovate or Remodel Your Bathroom or Kitchen?

Kitchen and bath renovations generally carry more than 50% of a return on investment, as most home buyers deem an attractive, modern kitchen and nice bathrooms to be a couple of the most important features of a home. Interestingly, a minor kitchen remodel can reach up to 80% of a return, compared to 53% for an upscale major remodeling project or 59% for a mid-range major remodel, according to ramseysolutions.com. It seems that the luxury upscale remodeled kitchens do not have as great a return as a more modest plan.

The difference between remodeling and renovating is significant. Renovating is like making new again, working in the existing space to improve function, style and appearance. Remodeling is renovation plus construction like tearing out a wall, wiring and plumbing work and rearranging things. A major remodel project will generally include new flooring, all new cabinets, light fixtures, appliances, sink, backsplash, island, drawers, windows and walls. Walls, closets and counters may be reconfigured, and sometimes the kitchen is enlarged to bring an adjacent space into it.

The minor remodel or renovation usually leaves the basic footprint, cabinets and appliances in place, while changing flooring, countertops, backsplash, maybe paint and some or all new appliances. Cabinets are most often painted or resurfaced for an entirely new look with new hardware. It is more cosmetic with modern updates and energy efficiency considerations.

Developing a Remodeling Plan for your Bathroom or Kitchen

Just as location-location-location is an important real estate mantra, it’s planning-planning-planning for any remodeling in the kitchen. A well-planned kitchen maximizes the use of space, provides energy and activity efficiency and provides a pleasant place to prepare food and drink and socialize. While an overall goal can be to increase property value, unless one is planning to sell the property soon, the kitchen renovation should focus on the homeowner’s lifestyle and a realistic budget.

It might not make sense to sink several thousands of dollars into kitchen upgrades before selling. And if your taste happens to run to the bold and beautiful, well that could be a turnoff to prospective buyers. If selling is on the horizon, let new homeowners choose their own kitchen upgrade and reflect that in the asking price.

Why Should you Modernize your Bathroom?

Bathrooms are also on home buyers’ radar for being modern, safe, clean and functional. According to HGTV.com, a minor bathroom remodel can yield a 102% return on investment. The National Kitchen and Bath Association’s 2023 Design Trends reports, “the bath is transforming from a place of basic functionality to a space that offers sanctuary, a spa-like retreat. This is particularly relevant for the growing segment of the population who are looking to age in place.”  Bathrooms, like kitchens, are also expanding with walls being removed for larger spaces, bigger showers and dedicated dressing areas.

The NKBA projects that remodeling will sustain the industry in 2023 because it’s less expensive to remodel than to move. The organization additionally cites single family rentals as a major source of revenue. Its estimate of kitchen and bath expenditures for 2023 runs in the $162 billion range, down 14% from the previous year, yet still a handsome figure.

Considering Remodeling and Renovation Costs

Remodeling comes with a price tag, a big one. Cost depends on your personal DIY inclination and skills, plus your taste for luxury items and imported materials. An upscale major kitchen renovation runs in the $150,000 range, about the same as a new Porsche. However, HomeAdvisor discloses that a midrange kitchen remodel can be accomplished between $15K and $40K.The average cost of a bathroom renovation, for which a homeowner might realize a full return on investment, runs in the $12,000 range, while a remodel can top $30,000.

The scope of any kitchen or bath remodeling project will be determined by your budget, lifestyle and long-range goals. While any renovation or remodeling adds real value to your property, it’s nearly impossible to put a dollar figure on your enjoyment of an updated kitchen or bathroom. That can be priceless.

If you’re debating whether to remodel your bathroom or kitchen, and have questions, or need some guidance and ideas, please reach out to Habitat Hunters and we’ll help set you on the right course.