October is National Kitchen and Bath Month!
While phrases like ‘gourmet kitchen’ and ‘spa-like master bath’ have become common place in home listings, are kitchen and bathroom remodels really worth the time and effort when you are trying to sell your home? The National Association of Realtors®’ Remodeling Impact Report takes a look at which remodeling projects will yield the highest return for homeowners upon resale.
Kitchens
Kitchen Upgrade:
According to the report, 57 percent of Realtors® have suggested sellers complete a kitchen upgrade before attempting to sell, and 25 percent said the project helped them close a sale.
Cost estimate:
$30,000
Estimated cost recovered:
$20,000
Percent of value recovered from the project:
67%
Full Kitchen Renovation:
Seventeen percent of Realtors® have suggested sellers complete a complete kitchen remodel before attempting to sell, and 12 percent said the project helped them close a sale.
Cost estimate:
$60,000.
Estimated cost recovered:
$40,000
Percent of value recovered from the project:
67%
Bathrooms
Bathroom Renovation:
Forty-five percent of Realtors® have suggested sellers complete a bathroom renovation before attempting to sell, but only 6 percent said the project helped them close on a sale.
Cost estimate:
$26,000
Estimated cost recovered:
$15,000.
Percent of value recovered from the project:
58%
New Bathroom:
Eight percent of Realtors® have suggested sellers a new bathroom before attempting to sell, but only 2 percent said the project helped cinch a sale.
Cost estimate:
$50,000
Estimated cost recovered:
$26,000
Percent of value recovered from the project:
52%
View the entire 2015 Remodeling Impact Report here. And have a wonderful Kitchen and Bathroom Month!
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