In the long, rewarding, and sometimes frustrating journey of home ownership, one of the key chapters is improving your home’s value. There are many ways to accomplish this including engaging landscape projects, thoughtfully planned additions or remodels, and extensive interior painting. However, the clear winner in boosting home value is kitchen and bath refinishing.
Kitchen and bathroom remodeling have always been popular choices and show no signs of slowing down. One recent study revealed that many people choose this option either because they didn’t like their old kitchen or bathroom, or they recently organized plans and funds to do so. Indeed, the latter is often a major stumbling block as kitchen and bath renovations come with hefty price tags, whether you are diving into a complete overhaul or a handful of selected updates. Let’s use kitchens as an example and take a closer look at how it will affect your checkbook.
Kitchen refinishing costs
A 2018 home value report showed that the average cost to renovate a 200-square-foot kitchen with basic accoutrements (wood cabinets, island, standard sink and fixtures) is roughly $64,000 if including new appliances, lighting, and flooring. Of course, it is entirely possible to spend far more or far less than that. If you simply must have granite countertops, custom-built cabinetry, and commercial appliances; be prepared to spend well over $100,000.
However, you can remodel existing cabinets and counters, and install new flooring for around $20,000. The final price tag will ultimately be up to you but whatever your plan, a budget is critical to make your project a success. Consider these handy tips for creating an efficient and manageable budget:
- Designate a majority of the budget on items you don’t want to (and shouldn’t have to) replace very often, such as appliances and cabinets. It’s wise to spring for quality when it counts, and big-ticket items are on that list.
- Don’t overdo it. It’s not necessary to build in the fanciest of updates to your renovation. You almost never recoup those kinds of costs. Do your project tastefully, blending quality with smart purchases.
- Remember to set aside a chunk of your budget for unexpected expenses. They always come up and one thing you can count on is home renovations never cost less than you plan for.
Kitchen and bath renovation’s effect on home value
An ambitious kitchen or bathroom renovation project will boost home value in nearly every scenario. A gleaming new look in either of these rooms attracts buyers like kids to a candy store. Eager buyers won’t hesitate for a minute to pay more for upgrades like new fixtures, cabinetry, appliances or flooring. In fact, 80 percent of homebuyers list the kitchen area as a home’s most important space.
In the long run, you will gain a return on your renovation investment of between 54 and 93 percent. Which will depend on where in the country you live.
For more information on kitchen refinishing ideas, contact Maryland Tub & Tile team at (877) 717-TUBS (8827) or marylandtubntile.com.
