Will a Kitchen and Bathroom Renovation Really Pay Off?
If you are considering a renovation of your kitchen and/or the bathroom(s) in your home, you likely have a goal of enjoying your space more or adding value. The good news is that you can actually achieve both of these objectives.
According to the National Association of Realtors (NAR) 2019 Remodeling Impact Report, bathroom renovations are the most popular of all home improvements. This is closely followed by either a complete kitchen renovation or upgrade.
On average, it costs approximately $10,500 to replace a tub, tile surround, floor, toilet, sink, vanity, and fixtures in a minor bathroom remodel. Homeowners can get back, on average, $10,700 at resale, for a recoup rate of 102%.
Unless you are seeking a new floor plan, a minor/cosmetic kitchen update can still provide you with a fresh clean look, along with adding value. According to HGTV, this can include cabinet and drawer refacing, and a new oven, stove, sink, and fixtures, along with laminate countertops and flooring. At an average cost of roughly $15,000, the average recoup rate is 98.5%.
The NAR report concluded that 41% of consumers preferred hiring a professional on a project when they wanted the finished product to have better functionality or livability. If your home is in Orlando or the surrounding Central Florida area, LP Design & Renovation can help.
We’ve renovated more than 200 homes in the area, turning ideas and concepts into reality. If you’d like to talk with one of our designers for more details on how we can help, give us a call at (407) 901-6215. Or, send a message and schedule a consultation by going to our website at https://lpinspiredrenovations.com/contact/. We look forward to hearing from you.
2019 Remodeling Impact Report: D.I.Y. National Association of Realtors Research Group. https://www.nar.realtor/sites/default/files/documents/2019-diy-report-01-03-2019.pdf
Top 15 Home Updates That Pay Off. HGTV. https://hgtv.com/lifestyle/real-estate/top-home-updates-that-pay-off-pictures