Home renovation can be complicated, time-consuming, and expensive. However, renovating your home can increase its value and make it more appealing to prospective buyers. Home renovation offers many benefits, such as increased comfortability, home value, function, security, style, and efficiency. Read on!
Kitchen Renovation Project
Remodeling your kitchen can increase your home's resale in the future. If you renovate your kitchen, you can recover 60%-120% of the cost added to your home value, but it depends on your location, invested money, renovation details, and selling time.
According to HomeAdvisor, the average cost of a kitchen renovation project is between $12,567 and $34,962. A small renovation will cost you around $4,000, whereas a more sophisticated remodeling can cost up to $50,000.
Kitchen remodels that increase your home value include cabinetry, new appliances, flooring, countertops, and fixtures. Make sure you follow an eco-friendly approach while renovating your kitchen and focus on materials and appliances that come within your budget.
Focus on natural and artificial lighting to make your kitchen look spacious. Tear down walls, enlarge existing windows, create more windows, add ceiling fixtures, and install under cabinet lighting.
One of the significant upgrades for small-to-medium kitchens is adding cabinets to declutter the countertops and create a more inviting space. Choose granite material for countertops to increase your home's resale value.
However, make sure the overall cost does not break the bank. A low-grade granite looks similar to high-grade granite and has relatively lower prices. According to HGTV, a granite countertop's average cost is $50 to $100 per square foot.
Budget Break Down for a Kitchen Renovation Project | |
Cabinets | 35% |
Appliances | 20% |
Labor | 20% |
Windows | 10% |
Fixtures | 5% |
Fittings | 3% |
Miscellaneous | 7% |
Bathroom Renovation Project
A recent report published by the National Association of the Remodeling Industry highlights that owners can recover over 50% of the costs added onto the bathroom renovation project.
According to Consumer Reports, a low-grade bathroom renovation is relatively inexpensive and costs between $1,500, and $5,000, while a high-grade project can cost up to $23,000. HGTV highlights that a 2004 study conducted in Baltimore found that the $9,400 bathroom renovation project yielded 182% return on investments (ROIs).
The study showed that in Miami, New Orleans, and San Diego, small bathroom renovation projects had over 100% ROIs. A bathroom renovation project involves upgrading or installing new bathtubs, showers, tile, sinks, toilets, flooring, sinks, vanities, and even towel bars. You can even gut the entire bathroom if your budget allows.
Start fresh with upgrades and focus on any trouble spots. When you gut the bathroom, add some missing features like a vent, lighting, outlets, and switches. Deal with any plumbing issues like rotted vent pipes, sinks, and tubs to ensure everything is up and ready.
Budget Break Down for a Bathroom Renovation Project | |
Fixtures and plumbing | 29% |
Cabinetry and hardware | 16% |
Counters and surfaces | 21% |
Lighting and ventilation | 5% |
Doors and windows | 4% |
Design and miscellaneous | 5% |
Labor | 20% |
Landscape or Curb Appeal Project
Your home's curb appeal is critical when it comes to increasing its value. Your house's first impression on prospective buyers encourages them to look at the interior, streamlining the home-selling process. Research shows that a good first impression can increase home value by 5% to 11%. The cost of curb appeal or landscaping varies from project to project.
Make sure you focus on exterior paint and details like a proper pavement of the driveway and maintenance of the lawn space. Consider some drought-tolerant plants for your garden. Decorate the deck with some attractive benches and create a beautiful garden if you have some extra space. You can also add a new doorknob, front door mailbox, door knocker, and porch swing.
Flooring Project
Renovating your home flooring is not an easy task because of too many details in the process. You will have to focus on the design, the color scheme, and the material that best suits your home. Before starting such a project, consider the flooring material based on durability, ease-of-maintenance, price, and even weather conditions.
Floor Type | Best Features | Cost (Per Square Foot) |
Laminate | Easy to install and maintain | $2 to $6 |
Wood | Durable, easy-to-clean, and improve air quality | $6 to $12 |
Vinyl | Durable, cheaper, and easy-to-install | $2 to $14 |
Stone | Tolerates heavy foot traffic | $2 to $10 |
Carpet | Luxurious, comfortable, and improved acoustics | $2 to $7 |
Final Words
Although home renovation projects can cost you a lot of money, you will benefit from such projects when selling your home. Renovation increases your home value and yields a higher return on investments (ROIs).