This is a frequent question I hear from clients contemplating moving forward with a remodel project. It is a valid question since a new kitchen or bath can be a substantial investment. I’d like to provide you with some information to help you make a better decision.
Remodeling Magazine publishes an annual report on the “Cost vs. Value” of various home improvement projects. According to the *2022 Cost vs. Value Report (www.costvsvalue.com) for Fayetteville, Arkansas, bathroom remodels range from $23,183.00 for a midrange remodel to $73,642.00 for an upscale remodel. Kitchen remodels range from $73,315.00 to $143,589.00. We see this range of pricing from the report to be in line with what our clients invest as well.
In the same Cost vs. Value Report, we find that the return of investment for a kitchen or bath remodel ranges anywhere from 64% – 78%. If a return on investment is something that is important to you, the length of time you plan to stay in your home is something to consider. Short term (a couple years or less), will give you a higher rate of return than the return you would see after living there another 20 years. Many homeowners will likely remodel a kitchen or bath after 10-20 years so personal enjoyment might be your main consideration if you plan to stay in your house that long.
Many realtors will tell you that beautiful kitchens and baths sell houses and are at the top of buyers lists. Modern cabinetry, quartz countertops, walk-in showers, and updated spaces will certainly attract buyers.
To me, the most valuable thing to consider is the feeling you get when you enter your home. Our homes are where we recharge and prepare for the next day. It’s where memories are made and where we host birthday parties. What is that worth to you?
Author – Eric Barker
*©2022 Zonda Media, a Delaware corporation. Complete data from the 2022 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.