You may be planning to renovate your kitchen or bathrooms and may be wondering if the substantial investment that goes into the renovation is well worth the investment. It is a good idea to consider the pros and cons of any sizable investment. Following are some researched data that suggest that major remodeling of homes in fact add value and give substantial return on your investment.
Remodeling starts in the kitchen
According to research conducted by both the National Association of Realtors (NAR) and the National Association of Home Builders (NAHB), more Americans are remodeling their homes than ever over the past year, and many are starting in the kitchen. This part of the house seems to become outdated faster than any other area, but replacing materials and appliances in this area tends to be costly.
However, homeowners who are upgrading their kitchen for a resale are finding that a major remodel actually helps them get more from a buyer on signing, and much of the cost is recouped immediately.
For instance, for a mid-range priced home, the average cost in 2013 for a large-scale kitchen overhaul was roughly $53,931. However, the resale value of such a project averages a return of $37,139, recouping roughly 69 percent of the total cost.
The benefits are just as good for upscale projects too, where a kitchen remodel can cost an average of $107,406 and resell for $64,113, giving the seller a roughly 60 percent return on the investment.
Homeowners want to be sure to look into timeless upgrades when dropping the big bucks in the kitchen and not fall prey to fads that will drain their bank account without making the space more attractive to buyers. . (See also: How to improve the sale price of your home with the right granite countertops)
Granite Countertops add significant value to a home
Real estate group Zillow notes on its website that granite countertops are one such investment that is proven to add significant value to a home. Not only that, but numerous real estate agents claim that a house will not only fetch a better asking price because of granite in the kitchen, but even find an attracted buyer in a shorter amount of time than if it hadn’t received this upgrade.
The cost of kitchen granite countertops is well worth it when you take into account the value it adds to a home. Consider selecting and installing quality granite countertops in St. Louis before putting your home on the market.