If you’re considering remodeling your kitchen and bathrooms, you may wonder if the investment is worth it. After all, these are two of the most used rooms in your house that play a significant role in determining the market value of your home. Let’s explore the costs of remodeling compared to the increased value you can expect.
The Cost of Remodeling
The cost of remodeling your kitchen and bathrooms can vary widely depending on the extent of the project and the quality of materials used. It also depends on where you live.
According to Remodeling magazine’s 2023 Cost vs. Value Report, the cost of bathroom and kitchen remodels in Chicagoland are very close to the national average. In the Chicago area, the average cost of a midrange minor kitchen remodel is $27,244, the average cost of a midrange major kitchen remodel is $84,072, and the average cost of a midrange bathroom remodel is $25,185.
What Will My Return on Investment Be?
While remodeling your kitchen and bathrooms can be expensive, it can also add value to your home.
Remodeling magazine’s 2021 Cost vs. Value Report outlines that a minor kitchen remodel has an average ROI (return on investment) of 71.5%, while a major midrange kitchen renovation has an average ROI of 35.5%. The average ROI is 61% for a midrange bathroom renovation and 37% for an upscale bathroom remodel.
In other words, while you may not recoup the entire cost of your remodel when you sell your home, you can expect a significant return on your investment. And many potential buyers prefer move-in ready homes, so a well-done kitchen or bathroom remodel can make your home more appealing and may help your home sell faster.
Other Benefits of Upgrades
Besides making your home more beautiful and comfortable, remodeling while you can enjoy the space has additional benefits…
1) Energy efficiency
Doing a bathroom remodel provides an opportunity to install eco-friendly lighting, low-flush toilets, faucets that save water, and energy-efficient windows. The same goes for a kitchen remodel when it comes to appliances, lighting, faucets, and windows. These upgrades can save you money and help the environment.
2) Better functionality in the kitchen and bathroom
If you remodel your kitchen and bathroom, you can correct layouts that aren’t working for you and maximize or add space to the room.
This can enhance your home by improving the kitchen functionality and creating space for your family’s specific needs. You can also declutter and provide better ways to organize your kitchen tools. For example, you can break up the kitchen into different spaces for different tasks and design the kitchen to put things you use most often within arm’s reach.
Of course, in the bathroom, you can also maximize space, storage, and do some decluttering.
3) Increased safety
You’re likely dealing with safety issues if you have an old bathroom. Examples include cracked or chipped tiles, uneven floors, lead paint, and mold and mildew. Renovating will fix these things, and it’s also an opportunity to add more safety features (for example, non-slip floors).
4) Improved air quality
Good ventilation protects your health and your home, and it is especially important in bathrooms to eliminate unwanted moisture. Remodeling your bathroom provides an opportunity to prevent mold and mildew growth, which can cause allergies and make health conditions such as asthma worse.
5) Better quality of life
Most importantly, your home should be a place of comfort and safety for you and your family. Remodeling can improve your comfort level, decrease your stress, and help you make your dream home a reality.
Other Renovation Considerations
While the ROI of remodeling your kitchen and bathrooms is important, there are other things to consider. You should also evaluate your budget, timeline, and personal preferences. If you plan to stay in your home for many years, you can spend more money on high-quality materials and finishes that will last longer. Alternatively, if you plan to sell your home soon, you might want to focus on more cost-effective updates to create a fresh look without breaking the bank. One way to accomplish this is to upgrade your cabinets, an important focal point in most rooms.
Remodeling your kitchen and bathrooms can be a significant investment of time and money, but it can also add value to your home because of improved quality, functionality, safety, and appearance. By considering the ROI of your remodeling project and other factors, such as your budget and personal preferences, you can make an informed decision that will provide lasting benefits to you and your family.
If you decide to move forward on your remodeling project, consider hiring a qualified kitchen and bath designer to help you make the best decisions for your home and lifestyle.
Kane Home Cabinetry is a premier kitchen and bath design boutique with a showroom located in the heart of St. Charles, Illinois. We design and install custom kitchens, baths, and work areas that are as functional as they are beautiful.