Homeowners often believe that remodeling their kitchen and/or bathroom(s) will improve the value of their home. But is this true? And if so, how do kitchen and bathroom remodels directly affect property value?
Any changes to a home that enhance its aesthetics and function will most assuredly improve its value. One can easily see the reality of this when researching two comparable homes for sale in the same neighborhood. Homes with similar square footage can yield vastly different sale prices due to professional remodels that result in updated spaces and improvements to the overall functionality of the home, explains Realty Management Associates.
This is most evident when considering two of the most important rooms in a home. The state of a home’s kitchen and bathroom(s) is considered to be one of the key indicators of how much a homeowner can expect to get for the home when they sell it. That is due to the fact that along with living rooms, bathrooms and kitchens are two of the three areas visitors are likely to see. As such, they play a huge role in the way people perceive the home.
Why Kitchens and Bathrooms Matter
Food brings people together. And the kitchen is the hub of the home where all the food related activities revolve. We prepare meals in this space, eat those meals in the kitchen, use them as the family’s gathering place and receive visitors there. That is why an outdated and less functional kitchen can seriously damage the value of a home. But remodeling it can make the space more efficient and result in improvements to the overall value of the property.
Upgrading countertops, backsplashes, sinks and faucets are the top 4 most common upgrades homeowners desire in a kitchen remodel (according to a Houzz 2021 Kitchen Trend Study). Following close behind in priorities are upgrades to lighting fixtures, flooring and appliances.
Unlike kitchens however, bathrooms are highly personal spaces. People want complete privacy when they use a bathroom because it is where we go to meet our bodies’ sanitary needs. Additionally, the bathroom is often the place where we start our days and end them.
As such, people want their bathrooms to be a sanctuary. It should provide a sense of safety that allows them to feel at ease while inside the space. Because we spend so much time in the bathroom, we expect them to be visually appealing.
How Kitchen Renovations Affect a Home’s Value
According to research by realtor.com for homeowners aged 55 and over, updates to their kitchen, ranked highest on desired changes for their homes, while those in the 35-54 age group, adding another bathroom was of most importance. Market data also shows that buyers will pay a higher purchase price if a home’s kitchen has thoughtful upgrades and finishes.
Homeowners who want to sell their homes in record time for above market value can greatly benefit from having a quality remodeler upgrade their kitchen. A professionally remodeled kitchen in Snohomish county can return up to 65%-90% of the investment cost.
How Much Does an Average Kitchen Renovation Cost?
How much homeowners spend on a kitchen remodel depends on the location. For homeowners in the State of Washington, the 2020 Cost VS Value Report for the Pacific Northwest Region offers the following guidelines.
- Upscale kitchen remodels that involve a total overhaul of the kitchen cost between $95,000 to $125,000. These projects will change the look, feel, functionality, and flow of the entire kitchen.
- Mid-range Kitchen Remodel, where a galley-style kitchen is upgraded with a more contemporary design, costs $75,000 to $90,000. These projects will create a kitchen space with a clean, stylish and uncluttered appearance.
Kitchen Remodel 2017, VanderBeken Remodel
How Bathroom Renovations Affect a Home’s Value
Renovating a bathroom to replace worn-out items, modernize its design, and maximize floor space, can improve a home’s value by 56.2%-70.6% or higher. Generally, bathroom renovations will return a minimum of 50% of the homeowner’s investment costs. How much more than that it improves the home’s value depends on many factors.
The rate of return on a bathroom project depends on the project’s scale and the home’s location. The three key aspects of bathroom renovations that buyers look at are; space, quality of the finishes, and functionality.
The 2020 Cost vs. Value Report for the Pacific Northwest Region offers some insights into the estimated cost of bathroom remodeling projects.
- Upscale bathroom renovations; these projects seek to achieve a minimum of 100-square feet of bathroom space. They cost $72,000-$90,000 and usually involve high-end features.
- Midrange bathroom remodels will often target creating a 70-square feet bathroom space from an existing 35-square-foot bathroom. The project will cost around $45,000-60,000.
- A Universal Design Bathroom Remodel implements an age-friendly design that requires the services of a certified aging-in-place specialist (CAPS) and costs $50,000-70,000.
In conclusion, the best home renovations offer real benefits to the homeowner, the family, and visitors. If the people who live in a home get value out of the renovations, it will be easier for potential buyers to see the usefulness as well. Always keep this thought in mind when planning kitchen and bathroom renovations.
Are you interested in moving forward with kitchen or bathroom remodel? With 30+ years experience as a design/build company VanderBeken Remodel has the tools and expertise to help guide you through the entire remodeling process. We’ll take care of the details, so you can rest easy knowing the investment you place in your home will return to you for many years to come. Click here to contact us today to begin the conversation.