If you plan to renovate your house before its sale, you must decide which rooms will receive the makeover.
According to a report by Trulia, the two rooms that buyers inspect closely are the master bath and kitchen. These are the most used rooms in the house, so it makes sense that every buyer would want them to be in perfect condition.
The master bath is the first thing you use in the morning, and after changing your clothes, you head to the kitchen to make breakfast. Would you want these rooms to be comfortable and inviting? Another plus point of renovating these rooms is that you recoup more than half of the renovation cost, which increases your home’s resale value.
Don’t take our word for this! The information in this post has been backed by surveys to give you an in-depth view of how renovating the master bath and kitchen benefits you:
The Master Bath
According to a 2019 Remodeling Impact Report by the National Association of Realtors (NAR) and data gathered from a Cost vs. Value Report by Remodeling Magazine, an upscale or midrange bathroom renovation can significantly increase the value of your house.
On average, a homeowner spends around $65,000 on an upscale renovation project and $20,000 on a midrange project. The upscale project offers 60.2% ROI at the sale, and the midrange project offers 67.2%. You are probably wondering why a midrange project offers a higher ROI than an upscale project. It’s because most homeowners don’t like fancy upgrades. They think it’s a waste of money. Here, simple is the best!
Here’s a breakdown of the remodeling projects:
- Cost: $20,420
- ROI: $13,717
- Cost: $64,743
- ROI: $38,952
Here are the top five bathroom renovations that you should consider:
- New plumbing fixtures
- A fresh, neutral coat of paint
- Vanity upgrades
- Energy efficient lighting and installing a low flush toilet
Unlike the master bath, a kitchen has more room for fancy renovation, and it’s easy to go overboard with stylish lights, marble countertops, a backsplash, a smart faucet, a sliding door pantry, a glass cabinet, etc. The increase in your home’s value from a kitchen renovation depends on how much you spend.
According to Moving.com, a midrange renovation with a few fancy fixtures offers 58.6% ROI. An upscale renovation offers 53.9%. What’s astonishing is that a mini-renovation that includes a few aesthetic touch-ups offers 77.6% ROI.
A mini renovation’s touch-ups include:
- Repainting or replacing the cabinets
- Staining the countertop for shine
- Installing a small backsplash above the oven to prevent food stains
In conclusion, if you have spent around $20,000 to $50,000 on your master bath and kitchen renovation, you will recoup anywhere from 58.6% to 77.6% of the investment. Avoid choosing fancy over smart upgrades that are considered luxurious fixtures instead of practical.
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