Are Kitchen and Bath Renovations Worth the Financial Investments?

Tags: kitchen, kitchen innovations, kitchen designers, bathroom design, bathroom remodel, fort walton beach, destin, update bathroom, kitchen remodel

                                                                                

 

“Budgeting for a kitchen or bathroom remodel is

just as critical as good planning.”

~ Janet Wilson, Owner/Operator Kitchen Innovations

 

The two areas of the home that are  upgraded or renovated most often are the kitchen and the bath. It can be a huge undertaking and an expensive one. However, the investment can prove to be worthwhile not only from a financial return aspect but from an overall satisfaction rate as well. Qualified Remodeler Magazine reported in their October 2017 report the percentage of motivation, results and overall contentment or joy factor for upgrades and complete renovations. This information provides some great facts that can help you  decide if a project like this is feasible.

 

The results were based on the following factors:

 

1. Upgrading worn-out surfaces, finishes and materials
2. Better function and livability
3. Joy or Contentment Factor

Both the upgraders and the complete renovators were scored on percentages for the categories above and the results reported an overall “joy score” for each.  

 
Kitchen Upgrade -  9.6 joy score

Complete Renovation - 10 joy score

 

As for the financial investment, this is the cost recovery figures for each:

 

National Association of the Remodeling Industry | NARI Remodelers’ cost estimate

  • Kitchen Upgrade - $35,000
  • Complete Renovation - $65,000

 
Realtors’ estimated cost recovered

  • Kitchen Upgrade - $20,000
  • Complete Renovation - $40,000

 
Percent of value recovered from the project

  • Kitchen Upgrade - 57 percent
  • Complete Renovation - 62 percent

 

Bathroom Renovation and Additions

  • Bath Renovation - Upgrading worn-out surfaces, finishes and materials
  • Bath Addition - To add features/improve livability
  • Modernize
  • Better Function and Livability
  • Joy or Contentment Factor 
  • The cost recovery figures for each category is as follows:

National Association of the Remodeling Industry | NARI cost estimate

  • Bath Renovation - $30,000
  • Bath Addition - $59,000

 
Realtors’ estimated cost recovered

  • Bath Renovation - $15,000
  • Bath Addition - $29,750

 
Percent of value recovered from the project

  • Bath Renovation - 50 percent
  • Bath Addition - 50 percent

 

As you can see from this survey, when doing a renovation, addition or upgrade to your kitchen and/or bathroom, there are several key factors to consider before jumping “all in”. Weighing out the financial investment and return is extremely important and creating a budget is vital but also remember that the joy factor from the end result can be equally as rewarding.



Read the full report at Qualified Remodeler Magazine Oct 2017.

No Comments

Add a Comment