Whether or not a home upgrade increases the value of a home is a question many people ask, and rightfully so. Some upgrades increase the home’s selling value, while other upgrades are simply for the pleasure and comfort of the homeowner. Bathroom or kitchen upgrades specifically do tend to increase the value of your Phoenix home. How much of a difference the upgrade will make, however, depends on the extent of the kitchen or bathroom renovation.
When Bathroom or Kitchen Upgrades Increase Value
HGTV estimates that:
- A minor bathroom remodel can bring you an average return of more than 102 percent.
- A minor kitchen remodel has a return on investment of more than 98 percent.
- You could recoup 93 percent of a major bathroom remodel.
- The ROI on a major kitchen remodel is 91 percent.
Remember that even if you don’t regain every penny you spent, bathroom and kitchen renovations are for your comfort and peace of mind as well.
If your plan is to renovate your Mesa area home only to increase its resale value, a major factor you should consider is the current state of your home. If the kitchen or bathroom are in desperate need of repair, you might not be able to sell the home at all. That’s when a minor bathroom or kitchen upgrade will have the most value.
Another situation that warrants an upgrade before you place your home on the market is if the rooms are severely outdated. Homebuyers will likely try to negotiate a lower sale price by saying that it’s going to cost them money to bring the rooms up to today’s standards. If you believe this may be the case, you may be wise to invest in updating your kitchen or bathroom, such as by incorporating space for modern technology, adding granite countertops, and modernizing the tile flooring. When you do it yourself, you can control the costs, but at the same time, the homebuyers won’t have that argument as a bargaining tool.
Other Changes that Can Increase the Value of Your Phoenix Home
1. It’s long been said that one of the best ways to increase resale value is to improve the curb appeal. It’s a simple way to please homebuyers and make them feel welcome, and when they see how well-maintained the exterior of your home is, they won’t feel obligated to spend additional money to improve the landscaping. Because the outside of your home is the first thing they will see, they will also have a more positive perspective once they enter your house. And the neighbors will undoubtedly appreciate your efforts as well.
2. Incorporating energy-saving features can make the future homeowners proud to make your home their home. Energy-saving features equal money saved while also making the home more comfortable. When you include the fact that it can help improve the environment, it’s a win-win all around.
3. If you can make repairs to the flooring, roof, plumbing, and air conditioning and electrical systems without spending a lot of money, it can help speed up the sale of your home. At the very least, you should patch up and repair any damage on the walls. Homebuyers who visit a home that requires little maintenance will feel more comfortable signing.
Start Your Bathroom or Kitchen Upgrades
Are you ready to make those minor updates in order to sell your Arizona home? Or do you want to expand your kitchen, add a bathroom, and live in your beautiful home indefinitely? Either way, we’re here to help. Let us know what you envision for your home, and we’ll help make the designs come to life.