Planning some home improvements this year? If so, you may be wondering what will be your return on investment, especially if you’re thinking of selling. It’s often said that kitchens and bathrooms sell a home, so to attract buyers, you may want to focus on these rooms first.
But how do you know that updating now will be cost effective when you sell? To answer this question, we’ll turn to Remodeling magazine’s annual Cost vs. Value Report. This report estimates the average cost of a project and the percentage of investment that will recouped if the home is sold within a year.
Based on the 2017 report, here are the national average costs of kitchen and bath remodeling, as well as the ROI of each.
Minor Kitchen Remodel: Adding new cabinet doors and hardware, installing energy-efficient appliances and replacing countertops, your sink and faucet—all part of what’s considered a minor remodel—costs an average of $20,830 and returns 80.2 percent of its cost.
Major Kitchen Remodel: Revising the design of the kitchen to create more space, installing new cabinets, adding an island, replacing your appliances, countertops, sink and faucet, and redoing your lighting are part of a major remodel that costs, on average, $62,158, and the return is 65.3 percent.
Midrange Bathroom Remodel: Replacing all fixtures, including the tub, toilet, vanity countertops, shower and floor tile will cost an average of $18,545 and you’ll recover 64.8 percent of the cost.
Upscale Bathroom Remodel: Expanding the bathroom, relocating fixtures and adding high-end tile, faucets, countertops, medicine cabinets, custom lighting, new cabinetry and in-floor heating will cost an average of $59,979 and return 59.1 percent of its cost.