Kitchen and bathroom remodeling projects can significantly add comfort, improve functionality and increase the home’s resale value. Whichever reason drives homeowners to complete an improvement project, they need to pick one that also delivers a return on investment.
“Many homeowners believe that they need to take on a full-scale remodeling project in order to boost value or make the effort worthwhile,” said Chris Terrill, CEO of HomeAdvisor. “Not only is that not practical for many families’ budgets and time constraints, the truth is that smaller, more manageable projects can still provide a high ROI.”
Recent data from HomeAdvisor reveals that updating the countertops and cabinets are among the top kitchen improvements homeowners are undertaking. Depending on the materials used, the projects average $3,459 and $5,853 according to HomeAdvisor’s Cost Guide. These projects are still just a fraction of a whole kitchen remodel, which averages around $22,200.
New appliances are an effective way to update and unify a room, and features such as built-in ovens, microwaves and storage for small appliances can make the kitchen appear less cluttered. When shopping, remember that regardless of upfront costs the best buy is the highest energy efficient product, for the best return on investment.
“A minor kitchen remodel is one of the best investments homeowners can make,” said Terrill. “Projects including refinishing the cabinets, updating the countertops, and installing new appliances all provide a high return without breaking the bank.”
Although typically the smallest rooms in the home, bathrooms can still make a big statement. Even the tiniest of bathrooms can be improved to increase value, function, and overall aesthetics without a complete overhaul. That is likely welcome news to homeowners unwilling or able to dedicate the $10,274 average price tag associated with a full bathroom remodel.
Installing a new shower or bath tops the list of bathroom renovation projects homeowners undertake. Free-standing showers and shower and bathtub combos are the most popular choices. The projects average $4,381 and $3,453 respectively and according to Terrill, most homeowners find the resale value worth the investment.
Updating the flooring is also a common small-scale project in the bathroom, with costs averaging $1,794. Installing a colorful tile floor is an especially appealing way to brighten up a dull bath, but if tiling the entire bathroom is out of the question, homeowners can still add flair with tile above the sink or bathtub.
“Regardless of the size and scope of the renovation project, one tool I find helpful is HomeAdvisor’s Cost Guide,” said Terrill. “This online resource helps homeowners get a better idea of the costs they can expect to incur when completing a project.”
For more information, visit www.homeadvisor.com/cost.