Kitchen & Bath Remodeling Can be Expensive & Time Consuming - Is It Worth It?
Considering updating your kitchen and/or a bathroom to become more functional, safe and comfortable?
While there are many benefits to doing so, there is a lot to consider prior to embarking on this type of “adventure”. It can feel overwhelming, time-consuming and yes there are real cost considerations.
Today we provide some insights to help you as a homeowner determine if a kitchen and/or bath renovation is worth the expense and time needed for you to enjoy your potential new space.
First consideration
Do you plan to stay in your present home beyond a few years? At AElise Designs our primary goal is to assist you with design planning and renovation for living in place – especially in the kitchen and bath spaces to create a forever home. Deciding to relocate comes for a variety of reasons.
With this situation, real estate professionals generally advise potential home sellers to renovate kitchens and baths wisely with a reasonable financial investment (usually no more than 5-15% of the home value) to fix any infrastructure issues with limited updates (for example paint, replace fixtures and lighting, replace broken appliances, etc.).
Sandy LeBlanc, real estate expert with Coldwell Banker Reality, reminds homeowners to “Keep in mind when remodeling a home, an owner will not recoup 100% of costs. National data from Remodeling Magazine states that in 2020 costs recouped for a minor kitchen remodel/midrange was 77% and for a midrange Bath remodel was 64%”. Therefore, a total room remodel may not be needed in this case unless the space is not functional and/or very outdated.
If you plan to stay in your home for at least five years or more – “forever” – there are many upsides to going forth with a renovation project:
An opportunity to create a custom space for your needs, safety and personal style
Improved functionality
Additional and/or more accessible organized storage
Better layout to suit your daily routines and entertainment lifestyle
Getting better quality finishes, fixture, and appliances
Updated kitchens and bathrooms add increased value to a home at the time of sale
The pandemic has solidified increased consideration for living in place versus institutional living arrangements. My partner and I are actively making home modifications that will allow us to live and thrive in our home versus future assisted living arrangements and high costs.
We don’t want to be isolated from family and friends and we are willing to adjust to home health care if needed. When one compares the monthly cost of institutional living (average U.S. cost is $6,000 per month or more) versus residential updates within a year or so remodeling will pay for itself. It is important to have a financial mindset that recognizes that a home renovation is by and large an upfront investment – one that will pay off!
Quality finishes are illustrated here in this bathroom.
Costs associated with a renovation vary widely but in the DC metro market a total bathroom upgrade starts at about $25,000, with complete kitchens starting in the $50,000 range. The cost range is dependent on variables including size, finishes, layout decisions, the need for removal or addition of walls, etc. The old adage “you get what you pay for” holds true.
Typical wear and tear on inexpensive materials will show up quickly. It is best to select the best quality materials and finishes that your budget can afford. And don’t forget about including a minimum 20% contingency for issues that may arise during the build phase.
With respect to the length of time to complete, it is best to have manageable expectations. Once again – how long the renovation will take to complete for you to enjoy your new space depends on a number of factors. Some are in your control while others are subject to professional design and tradesperson availability. Keep in mind that due to the pandemic and increased demand for home remodeling, product and labor availability have been impacted. Delays and backorders are not uncommon.
Approximate timeline of the process
While all of this may appear to be complex some of these components can take place concurrently. The entire process can be simplified and made easier by working with a certified kitchen and bath designer who understands design, project management and build phase nuances, is a respected and trusted communicator with vendors and trade professionals, and who will serve as your advocate. AElise Designs is strongly committed to ensuring that your completed renovation investment is one that is safe, functional, and comfortable – for now and for the future.