Fans of the various home restoration programming on HGTV have, at some point, likely gained some inspiration to remodel their own homes. From new, stainless steel appliances to state-of-the-art wooden flooring, there are endless possibilities to make your home look new again without breaking the bank.
So which rooms in your house should you focus on? While cost and necessity are likely the top determining factors, kitchen and bathroom remodels tend to be the most popular. In fact, in 2015, the top remodeling jobs in a majority of U.S. homes included upgrades to the bathroom (81 percent) and kitchen (79 percent), according to the National Association of Home Builders. Of course, not only are these two rooms utilized most frequently by families, but they also tend to feature the most outdated fixtures, furnishings and features. Indeed, neon orange countertops were cool in the 1970s, but not so much today.
Looking to remodel your home and receive some positive ROI in the process? Here are the top three rooms in which you should focus your attention and wallet.
Has your combination shower/tub seen better days? Are your bathroom countertops and fixtures in desperate need of some TLC? If that’s the case, then starting your home renovation in one or more of these rooms is a great first choice. In fact, homeowners can expect to see their total costs spent on a bathroom remodel project recouped by 65 percent, according to a study by Hanley Wood. Now, if you’re wondering how much you’re likely to spend on a bathroom remodel, estimates vary depending on where you live and the features and furnishings you wish to implement. Still, the average bathroom remodel should run you less than $11,500. Meantime, a National Kitchen & Bath Association survey found that half of all respondents spent between $10,000 and $29,999 on a bathroom remodel, while 31 percent reported spending more than $30,000.
Overall, installation is the most expensive cost, followed by cabinetry, fixture and faucet/plumbing expenses. But if you’re an expert DIYer able to conquer the project solo, you’ll likely save quite a bit of cash on overall project costs. Ultimately, choose fixtures and features for their convenience, as having a cozy bathroom can make it feel like your entire home was upgraded.
Serving as a room for meals and family gatherings, your kitchen will eventually begin to show its age, leaving you with the decision about what needs replacing. As you’re likely aware, outdated appliances, old countertops and scuffed up cabinets all detract from your home’s value. In fact, by doing a minor kitchen remodel, you can typically recoup up to 80 percent of your upfront investment — which is 15 percent more than you would see compared to a bathroom remodel.
However, the downside of remodeling your kitchen is that the project is bound to run you some serious cash, especially if you plan to upgrade and/or move fixtures or plumbing lines. This year, the average cost of a minor kitchen remodel was nearly $21,000, while a complete remodel cost more than $60,000. For your kitchen, you’ll want durable stainless steel appliances, granite countertops and cabinets that are big enough to hold all of your dishes.
As the odd-ball in the renovation mix, renovating your basement isn’t exactly a top priority, especially if it’s a space you and your family tend to overlook. However, by adding a man cave or entertainment room, you can seriously boost the value of your home by about $50,000. Adding a bathroom or bedroom can provide even more overall functionality.
In fact, about 30 percent of all remodeling jobs in 2015 focused on finishing or upgrading basements, the Hanley Wood study found. But if you’re looking to completely reoutfit an unfinished space, costs could run you as much as $70,000. But if you already have flooring and walls down and just want to refurbish the space, overall project costs will be significantly cheaper.
Taking on home renovations don’t necessarily have to be a huge or expensive undertaking. What works for one household may be far different than another. Ultimately, as long as you plan out the details of your bathroom, kitchen and/or basement remodels, you’ll have no issues getting what you want at a price you can afford.