Whether you’re thinking about putting your home up for sale or simply looking for ways to improve its overall value, these top 3 renovations will deliver the biggest bang for your buck:
Kitchen Renovation and/or Update
While kitchen renovations can be among the most expensive, they also carry the healthiest ROL.
ROI = 75-100%
Average Cost:
Smaller Renovation (i.e. fresh paint, refinishing cabinets upgrading hardware and a new backsplash) = $13,049 – $19,574
Larger Renovation (custom cabinetry, granite countertops, hardwood flooring and high-end appliances) = $40,000 and up
Budget Recommendation = 5-15% of your home’s overall value
Tips For Saving On Your Kitchen Renovation:
- Opt for Stock Instead of Custom – For instance, custom cabinetry may amount to nearly 30% of your overall budget. Experts recommend choosing stock options or refinishing cabinets and drawers instead.
- Break It Up – Renovate in phases as opposed to breaking the bank all at once, starting with the most urgent project first.
- Set Aside a Little Extra – Be sure to set aside an additional 15-20% of your overall budget in the event of unforeseen expenses.
Bathroom Renovation and/or Update
As the second most popular room in the home (next to the kitchen), a bathroom renovation will also boost your home’s value:
ROI = 75-100%
Average Cost:
Small to Medium-Sized Bathroom (fresh paint, refinishing cabinets upgrading hardware and a new backsplash) = $4,587 – $9,174
Large and Master Bathrooms (fresh paint, refinishing cabinets upgrading hardware, new backsplash and additional fixtures) = $17,000 and up
Budget Recommendation = 5% of your home’s overall value
Tips For Saving On Your Bathroom Renovation:
- Avoid Re-Arranging the Plumbing – Use the existing plumbing features and keep the sink, tub and toilet rough-ins where they are.
- Use Existing Electrical – Like plumbing, electrical is also expensive to move and will require permits and contractors.
- Update Instead of Replace – Refresh bathroom fixtures instead of swapping them out entirely (i.e. instead of installing a new sink, change out the faucet etc.).
Interior and Exterior Painting
Painting is one of the easiest and most affordable ways to add value to your home.
ROI = 75-100%
Average Cost:
Professional Painter = $500 – $1040 (for an average 10×12 room)
DIY Painting = $30 – $79 per gallon, with additional costs associated with primer ($7 -$20 per can), and painting supplies such as rollers, brushes, trays etc.
Budget Recommendation =$4 -$9/square foot (based on the average cost of a professional painter, listed above)
Tips For Saving On Painting Costs:
- Shop Around – Be sure to obtain several estimates (keep in mind cheaper isn’t always better, check reviews before deciding).
- Do It Yourself – Doing some (or all) of the work yourself can potentially save you thousands.
- Focus On What’s Important – Save money by only repainting walls and rooms that need it the most.
Other Recommendations:
The following will also provide a significant return on your investment (from 50-75% ROI):
- Updated Décor – Updating your décor may include replacing lighting and plumbing fixtures, outdated countertops, worn flooring (including carpet), and refinishing hardwood floors.
- Clean and Declutter – Cleaning and organizing your home to showcase your best features (this is especially important when staging your home for a sale)
Get the most out of your home renovation with the help of our Step By Step Guide to Renovating Your Home (For a Great Sale). With this free download, you’ll learn more about:
- Your Home’s Current Value
- How to Plan Your Project
- Quick Wins
- And More!
