When it comes time to renovate your home, the possibilities are endless. Some renovations will give you e better return for your money than others but most renovation projects work out for all parties involved in the end. There are however some renovations that are more profitable than others and they may not be the ones you think. Kitchen and bathroom renovations are the best places to use your money in the event that you need to remodel. You get the best bang for your buck in those areas of the home.
A minor renovation can actually give you more of a return on your investment than a major project. A minor bathroom remodel can have a return on investment of more than 100% if done right. A minor renovation is simply swapping out your old toilet, vanity, tub, surround and fixtures without changing the footprint of the bathroom. You don’t need to blow out walls necessarily to get a better return. By changing out your old pieces with newer, fresher pieces, you’re more likely to get your money back and then some. With a major renovation that would include expanding the bathroom by knocking out walls and changing the existing footprint of the bathroom you’d only recoup about 75% of what you put into it. Don’t think you have to go that route if you’re simply looking to get top dollar for your home.
A minor kitchen remodel that would include things like refacing cabinets, updating the counter tops, changing out hardware, some new appliances and new lighting can recoup around 98% of your money. Keep in mind during a kitchen remodel that you want it to reflect your own personal style but you need to stay mindful of resale value. The kitchen is usually the heart of the home and it needs to be somewhere everyone is comfortable. If you go for a design that’s a bit over the top or even too eclectic, that can make it hard to get the most for your money when it comes time to sell. A major renovation in the kitchen which would include replacing all of the cabinets, all of the appliances, the flooring. Cabinets, lighting and cabinet hardware will only usually recoup about 70% of your money.
Renovating a home can be both frustrating and rewarding. However, it’s all worth it in the end as long as you renovate smart. Getting your money’s worth is important in all aspects of life. Why not make sure you’re getting the most out of your home? Happy renovating!
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