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Why Should Homeowners Consider Remodeling?
Replacing old home pieces and parts, so to speak, such as entry doors, windows and siding yields a much better financial return than bigger remodeling projects, such as additions. However, most real estate agents and contractors would agree that an updated kitchen and bathroom may still bring in a significant payoff, especially at resale time.
A 2018 cost vs value report by Craig Webb of Remodeling Magazine found that kitchen projects usually yield a higher return on investment than bathroom projects, with a kitchen remodels adding 82.7 percent of the project’s cost back to the home’s value. Kitchens are important because buyers often overestimate how much it costs to update them. If you have a dated kitchen and are looking to sell your home, many buyers think they’re going to have to spend $30,000 or $40,000 to update them. This might make a buyer think twice before placing a bid with you. But the average cost of a average kitchen remodel – new cabinet doors, appliances, countertops, sink, faucet, paint and hardware – is approximately $22,000 nationwide.
But, like your front door, it’s important to do the right kitchen remodel for your home. Adding a $50,000 kitchen to a $120,000 house is highly unlikely to yield $50,000 in your home's value. Although it may make you a happier cook or baker, as a general rule, you should look to spend about 25 percent of your home’s value for a new kitchen, and about 15 percent for an updated bathroom.
Below are some basic renovations and their approximate returns on investment. Good luck on your projects, and remember that the better you plan and prepare, the better the projects will turn out.