The 2024 cost vs. value report has mixed reviews on smart home remodeling investments. Hanley Wood and Remodeling Magazine publish the annual report. These statistics show the average retained value for 23 projects during home resale across 150 U.S. markets. Below we have included the information for mid-range and major kitchen remodels, and mid-range bathroom remodels.
Major | Mid-Range Kitchen Remodel
It’s probably no surprise that 2024’s market has been somewhat a-typical. This year’s review of the cost vs. value of a kitchen remodel shows return-on-investment coming in lower than previous years. Currently, the return on a major to mid-range kitchen remodel is 41.8%, but it's important to consider whether you're staying or selling your home since markets are constantly changing.
Numbers for the average major to mid-range remodel investment in 2024 are $77,939 with a return of $32,574, however, this will vary widely depending on location and the products selected. Not planning on moving any time soon? Then a larger scale kitchen remodel is a great way to help you enjoy your home long-term. Keep in mind, you can invest whatever you're comfortable with. Remodels for home resale can also be completed in a more economical way using CliqStudios RTA cabinets and convenient financing.
Final kitchen remodeling features include a 200-square-foot kitchen with a functional layout of 30 linear feet of semi-custom wood cabinets, a 3x5 foot island, laminate countertops, and a standard double-bowl stainless steel sink with a standard single-lever faucet. This new kitchen has an energy efficient range, vented kitchen hood, a built-in microwave, dishwasher, garbage disposal, and custom lighting. Lastly, brand-new durable floors with painted walls, trim, and ceiling are also included in this pricing.
Major | Mid-Range Bathroom Remodel
Bathroom remodels for 2024 are looking light a bright investment. The average cost of mid-range bathroom remodel is lower than 2022, and the return is higher. With the upward swing in return, standard investments for a mid-range bathroom remodel this year is $24,606 with the return on investment (ROI) at 66.7%. That means you will most likely recoup a total of $16,413 when selling your home.
Final bathroom remodeling features include updating an existing 5x7-foot bathroom. This means replacing all fixtures to include 30x60-inch porcelain coated steel tub with 4x4-inch ceramic tile surround. Other new features include a new single-lever temperature and pressure-balanced shower control, a standard white toilet and solid-surface vanity counter with integral sink, a recessed medicine cabinet with lights, ceramic tile flooring, and vinyl wallpaper.
Keep in mind that these numbers are national averages and will vary by state and county. Regardless of return on investment, making attractive and functional updates to your home is always a good idea when you’re thinking about selling.
The more updated a home is, the easier and faster it sells. Just make sure you speak with professionals and familiarize yourself with the home market prior to remodel investments so you can know you’re investing wisely.
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