How bathroom and kitchen renovations increase property value

Home renovations are a significant investment, but they have a sizeable return when done right. Your remodel can also add function, efficiency, security and boost your lifestyle. If you’re thinking about a renovation, it’s worth considering its cost vs. value, in addition to those things.

Canadian Home Style in Vancouver is a full-service cabinetry and flooring retailer, specializing in complete kitchen and bathroom renovations. They share how your bathroom and kitchen renovations can increase property value.

The ROI of a bathroom renovation

While every home and renovation is different, we can rely on available data to give us a ballpark idea of what particular renovations add to property values. Remodel Magazine provides cost vs. data reports annually. This data is a good indicator of what you might spend and recover for a bathroom renovation.

For a midrange bathroom renovation, you can expect to recoup about 60% of your cost at resale. So, if you spend $10,000 on a bathroom remodel, you can add about $6,000 to the value of your home. In the example given in the report, this bathroom remodel cost about $24,000 and added $14,500 to the home’s resale value.

ROI of a kitchen renovation

Kitchen renovations are one of the most popular home renovations in the industry. Its popularity is because the kitchen is considered the heart of the home. People spend a lot of time in that space, and it’s important to homebuyers. Cooking, cleaning, dining, spending time with family, entertaining, and even working is all done in the kitchen. As such, a kitchen remodel can add more to the value of your home.

For a minor kitchen renovation, the cost vs. value report states you can recover more than 70% of your cost at resale. That is one of the highest returns on investments compared to other interior renovations you can do. A 200-square-foot kitchen received a $26,000 remodel in the example. The renovation recovered about $19,000.

Considering bathroom and kitchen renovations costs

Every home renovation is different, and a range of factors will determine its cost.  Factors include the size of the space, scope of the renovation, materials chosen, labour required, and permits required. For example, a complete cabinet replacement in the kitchen will cost more than cabinet refinishing. However, a cabinet replacement will improve function, storage, and value in many cases, so it’s worth considering. Likewise, choosing natural stone tile will cost more than luxury vinyl tile. When planning a renovation, it’s best to choose products that suit your budget and lifestyle.

For the most accurate estimate on your home project, contact Canadian Home Style. They will listen to your ideas for the project, evaluate the space, and provide a detailed and transparent estimate. From there, you can ask questions and adjust if you choose to move forward with the project.

Bathroom and Kitchen Renovations in Vancouver

Canadian Home Style is a family-owned and operated flooring and custom cabinetry retailer serving North Vancouver and surrounding areas. They offer full-service flooring solutions as well as complete bathroom and kitchen renovations. Canadian Home Style values quality over quantity and won’t sell you anything they wouldn’t put in their own homes. If you’re interested in renovating your kitchen and bathroom, their team can ensure you get the best return on your investment.

Contact Canadian Home Style today!