NJ Kitchen and Bathroom Remodeling Ideas with the Highest ROI
If you want to do an NJ Kitchen and Bath Remodeling project, you need to think about many things. While your tastes and preferences should take precedence, you should also consider the ROI (Return on Investment).
Check for licenses and insurance.
Let’s say you remodel your NJ bathroom or kitchen and decide to sell your home, you should recoup what you invested when remodeling and even make some money.
As per the NAR (National Association of Realtors) 2019 report, 31% of homeowners do home remodeling to add features to their homes and boost livability. 19% remodel to upgrade worn-out materials, surfaces, and finishes.
What’s more, the report shows that ROI for home remodeling projects is dependent on the intention of a homeowner. For instance, the ROI of a home being remodeled to attract buyers isn’t always the same as the ROI of a home being remodeled to be resold.
With that said, here are the NJ kitchen and bathroom remodeling ideas that will give you the best ROI in descending order.
1. Complete Kitchen Renovation
While the actual ROI figures may differ, there is a general consensus that complete kitchen renovations attract the highest ROI. The ROI ranges from approximately 60% for basic complete kitchen renovation to over 100% for a high-end complete kitchen remodeling job that doesn’t spare anything.
To get the highest ROI, you need to consider adding new kitchen appliances, installing new countertops, new lighting, refacing kitchen cabinets, integrating technology into the kitchen, installing a kitchen island, considering modern colors/themes (preferably dark and white), and a streamlined design. Quartz and granite are popular kitchen countertop types to consider for the highest ROI. In terms of spacing, open kitchens that flow into living spaces are popular.
While the cost of a complete kitchen remodeling in NJ isn’t cheap according to HomeAdvisor (ranges from $13,489 to $38,081), you are bound to recoup your investment and even make some money if you focus on what people want to have/see in their ideal kitchens today.
2. Full Bathroom Renovation
The ROI for a full bathroom renovation begins at 57% as per the NAR all the way to 100% or more, depending on several factors. Outdated bathrooms can reduce the attractiveness of a home, whether you want to attract buyers or resell the home. Bathrooms follow kitchens as the rooms with the most impact on a home’s resale value.
You can easily recoup your investment by adding elements like walk-in showers, glass shower doors, His & Her sinks, fancy lighting, support bars, new painting, marble slabs, large/fancy mirrors, a new toilet(especially modern-looking and more efficient). New flooring (non-slip and attractive/modern looking) and some extra storage space for toiletries will also go a long way.
Small upgrades can make a huge impact i.e., replacing a shower curtain with a shower door or installing new faucets. Even new bathroom tiles (patterned), wood vanities, and a few modern fixtures will make a big difference.
3. Kitchen Upgrade
You can settle for a lower ROI if you don’t renovate everything in your kitchen. According to NAR, you stand to recoup at least 52% of your investment if you change small aspects of your kitchen. Most people want to upgrade their kitchen when there are worn-out surfaces, materials, and finishes. Also, a kitchen upgrade is usually warranted if you feel it’s time for a change.
A kitchen upgrade generally involves painting cabinets, changing the kitchen backsplash, buying a few functional appliances, adding a fancy kitchen faucet, adding some lighting, and other small elements that don’t cost as much but make a huge difference.
4. Adding a New Bathroom
As per the NAR 2019 report, you are guaranteed a 50% ROI if you add a new bathroom in your home. Realtor.com has the same ROI for an additional bathroom. Of course, the ROI will go up depending on the market you are in. Family buyers with kids will definitely value more bathrooms for obvious reasons.
If you need more ideas on how an additional bathroom will add to the ROI, you should consider a master bath over a half-bath (off a guest room). Some bathroom improvements also pay more than others. For instance, adding a bathtub will pay off in a home that doesn’t have any.
What’s more, consider a free-standing bathtub over an insert. They may be more expensive, but you will definitely impress potential buyers. Lastly, focus on a neutral theme as the preferable theme today. Wild themes aren’t universally appealing.
Summary: Which NJ Kitchen and Bathroom Remodeling Ideas Will Offer the Highest ROI?
In summary, there is general consensus by industry experts that a complete kitchen renovation will provide the highest ROI followed by a complete bathroom remodel. If you don’t wish to spend a small fortune, you can consider a partial kitchen upgrade or adding a new bathroom. However, it’s worth noting that the ROI figures vary depending on several factors, such as the real estate market in question and what buyers are looking for. The kitchen and bath remodeling experts you work with will also dictate the ultimate ROI.
To guarantee the highest ROI on your kitchen and bathroom remodeling project in NJ, work with certified experts only.
Get FREE advice on the best ROI remodeling project NOW! Simplified Kitchen & Bath is a leading NJ kitchen and Bathroom Remodeling Company with 30+ years of experience.