Owning a home is like having a big creative playground where you get to turn a simple property into your very own sanctuary. Imagine a house as your blank canvas, complete with walls, floors, and all those nooks and crannies – it's a chance to inject a fresh dose of personality into your living space. 

With a bit of imagination and some DIY magic, you can spruce up your home. Here are the many types of renovations and upgrades that can become your superpowers for making your home more valuable.

Complete Kitchen Renovation

According to the National Association of the Remodeling Industry (NARI), a full kitchen renovation is estimated to cost $68,000. This comprehensive endeavor includes refreshing worn-out surfaces and outdated materials, bringing in a breath of fresh air and modernity to the culinary space. While the upfront investment might appear significant, realtors emphasize that homeowners tend to recover approximately $40,000 of the cost upon resale, translating to a 59% value recovery. 

Kitchen Upgrade

For a more budget-friendly option, homeowners can opt for a kitchen upgrade, which NARI estimates to cost around $38,300. Realtors estimate a cost recovery of $20,000, amounting to a 52% value recovery. Upgrading appliances, refinishing cabinets, and changing tile backsplashes are cost-effective ways to modernize a kitchen and attract potential buyers. 57% of realtors recommend a kitchen upgrade, and it has helped 20% of them successfully close a deal.

Bathroom Renovation

A bathroom renovation, according to NARI, is estimated to cost $35,000, with a realtors' estimated cost recovery of $20,000, equal to a 57% value recovery. Outdated bathrooms can deter buyers, making a bathroom remodel a valuable investment. However, only 4% of realtors reported that it recently played a significant role in closing a deal.

New Bathroom

Adding a new bathroom can be a functional decision rather than a cosmetic one, and NARI estimates the cost at $60,000. Realtors expect a cost recovery of $30,000, amounting to a 50% value recovery. However, realtors rarely recommend this project, with only 5% suggesting it, and it has only helped 1% of them finalize a deal.

New Master Suite/Owners' Suite

The most expensive project on the list is creating a new master suite or owner's suite, estimated to cost $150,000 by NARI. Realtors anticipate a cost recovery of $75,000, representing a 50% value recovery. This project may be more appealing to homeowners looking to enhance their living experience rather than those seeking to attract buyers, as only 3% of realtors recommend it for sellers, and it played a role in less than 1% of recent deals.

In the intricate tapestry of home improvement, the decisions made regarding renovations and upgrades wield significant influence over a property's value, appeal, and market desirability. The insights offered by the National Association of the Remodeling Industry (NARI) serve as a guiding light, illuminating the diverse array of renovation projects and their potential returns. While each project carries its own financial considerations, t he ultimate satisfaction and enjoyment that homeowners derive from these transformations are equally important. 

Your next move?  Shoot us an email at jill@jillbiggsgroup.com or give us a call at (973) 495-6038!