If you want a guaranteed ROI on your home, consider updating your kitchen and bathroom. At J.P. Weigand & Sons, our real estate agents consistently hear from buyers that upgraded kitchens and bathrooms are at the top of their priority list when looking for a new home.
Kitchen and bathroom renovations and upgrades provide strong incentives for buyers and increased profits for sellers. Since these utilitarian spaces serve a special purpose for essential daily living, kitchens and bathrooms are two of the most important rooms in the home.
Like most homeowners, you likely spend a lot of time in your kitchen, especially if you love to cook or have a large family. The kitchen serves as the heart of your home where you spend a lot of time chopping, blending, cooking, and cleaning. Anything that makes these daily kitchen tasks and chores easier, faster, and more convenient is a welcome relief.
The majority of homebuyers routinely rate the kitchen as one of the most important rooms in the home. An upgraded kitchen plays a major role in boosting a home's resale value. Buyers want beautiful kitchens with upgraded appliances, convenient features, and a comfortable atmosphere. Things at the top of the list include:
Stainless steel finishes
Steam ovens/pizza ovens
Built-in trash compactors
Stone or quartz countertops
In Wichita homes for sale, an average size kitchen renovation with new flooring, cabinets, sinks, appliances, and lighting can range from $25,000 up to $100,000, depending on your choice of materials. If new wiring or plumbing is required, the costs will be higher.
If you're on a budget, you can reduce your expenses by refacing existing cabinets, buying white instead of stainless steel appliances, and installing less-expensive tile, butcher block, or laminate countertops. Depending on the size of your kitchen, a kitchen island or built-in pantry may not be an option, but you may be able to add a wall counter with stools and a small nook for food supplies.
Homebuyers want bathrooms with luxurious features that offer relaxation and spa-like atmosphere. Bathrooms with upgraded features can increase the sale price of a home by as much as 20%. Bathroom upgrades that attract buyers include:
Bathtubs with Jacuzzi-style jets
Claw or pedestal tubs
Showers with built-in seating
Showers with rain showerheads and hand-held nozzles
Sinks with touch-activated features
Toilets with self-flushing features
According to the National Association of REALTORS®, upgraded bathrooms attract more buyers and significantly boost home values. On average, a mid-range bathroom renovation project will cost about $20,000, while an upscale renovation will cost about $65,000. A homeowner can expect to recoup about 67% of costs spent on a mid-range renovation and about 60% of costs spent on an upscale renovation.
Bathroom renovations and upgrades are good investments with high returns. If your home has several bathrooms, but you can only afford one renovation, choose the bathroom connected or closest to the master bedroom. For a dramatic change, you can upgrade the bathroom flooring for an average cost per square foot of $2.50 to $5, plus labor costs, and install a new vanity for about $500. If you're on a budget, consider less expensive cosmetic changes like fresh paint, wallpaper, track lighting, and a beautiful mirror over the vanity. Whatever you do, don't forget to create relaxing atmosphere.
If you're thinking about buying or selling a home in the Wichita area, contact us for information on home prices and current market trends. We can help you find the perfect property.