|Posted by email@example.com on December 2, 2020 at 9:15 AM||comments (10)|
A question many of our clients have is "Will this remodel help the value of my home, is it worth it?" and the answer is always a resounding "YES!" The first thing you need to understand is the difference between maintenance and improvements. A new roof is not an improvement in the eyes of future buyers or to you the owner. In every home a buyer goes to see, it will be a basic expectation that the roof isn't leaking and the ac and plumbing are working properly. A beautiful kitchen or updated bath however will be seen as an improvement over other homes on the market giving you a leg up over competition.
Assuming the basics needs of your home are taken care of, a kitchen or bath remodel is THE best way to confidently invest in your home. Although other areas of improvement are also popular choices, like adding a patio or beautiful sunroom, the kitchen and bathrooms get the most use and therefore are the most important to you and future buyers. Not everyone is a grill master or spends much time relaxing in their sunroom but every homeowner uses their kitchen and bath. The kitchen is where everyone gathers so having a beautiful and functional kitchen is top on everyone's list. Likewise, bathroom remodels rate high on the list because everyone loves a clean, updated beautiful bath.
From an investment standpoint, focusing on these areas of your home packs the biggest punch partly because most buyers assume a kitchen or bath remodel will be extremely expensive and time consuming. They are often afraid to add that worry to their already long list of stress when buying a new home, selling their previous home, packing and unpacking, enrolling kids in new schools etc. Walking in a home that already has these major areas addressed is like a breath of fresh air!
Even if you're not planning to move in the near future, spending money remodeling your kitchen or bath is still a sure-fire investment, often returning more than 100 percent of the cost. If you plan to stay in your home for some time, spend your money remodeling in a way that you'll most enjoy. A well cared for remodel will still be newer than it was and you can't measure the added value you get out of your use and enjoyment of the home improvements you make. Even if you get less than 100 percent of your money back, you're really ahead of the game over time because you get the use of all that space and the enjoyment of it over the years.
That brings us to the next obvious question, "how much should I spend?" and that's a question with a number of "It depends" responses. If your kitchen is already laid out well but is dated to the time period it was built you are ahead of the game. If the builder made some crazy choices in laying out your kitchen and you need walls removed or a complete footprint change that's another matter. If your bath has a tiny shower and a huge garden tub you won't regret a remodel that gives you a roomy shower and makes use of all that square footage for a tub that rarely gets used. Or you may only need a little paint, some new tile and a new vanity top to be all set. With that being said, a basic rule of thumb when planning your budget for a kitchen or bath remodel comes from the National Kitchen & Bath Association (NKBA). They recommend allocating 10-25% of your home’s value. Kitchens and baths are where you can tell if money has been well spent or not. They're the most expensive areas of the home in terms of construction, with many components, not just flooring, walls and a light like the bedrooms, dining room etc. The NKBA also cites cabinetry as the largest expense, accounting for up to 30% of your overall remodeling budget. This is a good baseline for deciding how much to spend when remodeling your kitchen or bath.
So whether you know you will sell in a few years or this is your forever home a kitchen and bath remodel is always a bonus. Choosing a contractor that will help you design a proper space and perform the work to the highest standard is all you have left to decide.