Whatever the reason for you deciding to renovate a room such as the kitchen or bathroom, there can be no doubt that if done well, it can increase the value of your home.
As two of the most popular, value boosting upgrades in a home, bathroom and kitchen renovations are often critical for helping to sell a home quickly, and for a higher price. Buyers place significant importance on both of these rooms, and as such, having either (or both) rooms renovated, is a wise investment.
By how much can kitchen and bathroom renovations increase a home’s value?
While kitchen renovations cost more than bathroom renovations, they typically add more value to a property, with the average return on investment for a kitchen renovation coming in at around69%, compared to 57.2% for bathroom upgrades. However, how this ROI is calculated depends on a variety of factors, such as the scale of the project and specific features upgraded by the homeowner.
Bathroom renovations in more detail
There are 3 main types of bathroom renovation: high range, mid-range and low range. It’s possible for a homeowner to recoup as much as 70% of their investment if they sell their home following a quality bathroom renovation, and if they choose to remain in the property, naturally they can take advantage of the upgraded features themselves.
What bathroom renovations offer the highest ROI?
Below are some of the best money-back renovation investments for bathrooms:
- Having energy-efficient, electricity and water features installed
- A heated floor
- Repairing and repainting walls
- Improving lighting and allowing more natural light in
- Replacing flooring
- Installing an exhaust fan to minimize humidity
- Upgrading the vanity area
- Replacing and upgrading worn plumbing fixtures
- Installing a rain showerhead
- Installing a walk-in shower
- Updating the cabinetry
Kitchen renovations in more detail
In much the same way as bathroom renovations have 3 distinct levels, kitchens do, too. Generally, a high quality kitchen renovation offers an average ROI of between 60 and 80%, and rank as the best interior upgrade for improving a property’s value. However, for mid and low range kitchen renovations, homeowners are more likely to get a higher ROI than with a high range one, and there are certain kitchen upgrades that will help you sell your home for more, and quicker.
What kitchen renovations offer the highest ROI?
Below are some of the best money-back renovation investments for kitchens:
- Installing new floors
- Installing a new backsplash
- Buying new appliances
- Adding extra storage
- Installing new cabinetry
- Creating an open plan space
- Repainting in modern colors
- Installing stone or marble countertops
- Changing plumbing fixtures
When carried out to a high standard, both bathroom and kitchen renovations can add significant value to a home, and provided you work with an experienced renovation company, there’s no reason why you can’t renovate your home for profit.