Research shows that kitchens and bathrooms are among the rooms that potential homebuyers concentrate on the most. So it also makes sense that kitchen and bath remodels are among the remodeling projects that create the most value in your home and help you recoup a large percentage of the money you put in. However, to get the best value out of your kitchen or bath remodel, modesty is the best policy.
When doing a kitchen or bath remodel, you can accomplish a lot with small changes. For example, something as small as adding custom bathroom vanities can totally change the look of a bathroom without requiring a lot of work or money. In the kitchen, swapping out fixtures, changing the hardware on cabinets or adding a hanging wine rack can make a big difference for just a little bit of money.
If you are planning to do a larger remodel of your kitchen or bathroom, the key is not to break the bank. When it comes to kitchen remodels, minor ones, or those that cost less than $20,000, will recoup about 73% of their cost in terms of increased value. However, for most people, about 80%, they are remodeling their kitchen to improve its look and feel. The key is to balance that with the need to make improvements that will add value and appeal to buyers later on.
There are a number of ways you can reduce costs on your kitchen or bath remodel. One of the easiest ways is to agree to do some work yourself. Doing your own demolition or painting once the contracting work is done will save you a significant amount. On many projects, labor costs are as much or more than costs for materials. Another way to keep your remodeling costs reasonable is to reuse whatever you can. Instead of tearing out and ditching your cabinets, you can reface them or replace the hardware. Custom bathroom vanities are expensive, so if you have one, you may want to consider reusing it. An additional way to keep your costs down is to avoid having to move utility lines such as water or gas lines.
Remember that whatever your remodel project involves, whether it’s getting new custom bathroom vanities or an entire makeover of your kitchen, you need to balance the need to improve its look and utility with the need to create as much value as possible.