Bathroom and Kitchen Remodeling: What Will You Really Get Back?

This episode dives deep into the cost versus value of home remodeling projects, focusing on kitchen and bathroom renovations. Eric G reveals crucial insights from the latest Cost vs. Value report, highlighting the significant investment required for various remodeling projects and the potential return on investment. For instance, a minor kitchen remodel in New York averages around $30,928, with a remarkable 101.9% cost recoup, making it a smart financial move. However, the numbers shift dramatically for major kitchen remodels, where costs can soar to $89,637, yet the return plummets to just 54%. As Eric explores these figures, he delves into the complexities of renovation, including the hidden costs of permits and code compliance, ensuring listeners are well-prepared for their remodeling journey. Eric G dives deep into the intricate world of home remodeling costs versus their respective values, particularly focusing on the kitchen—a space often deemed the heart of the home. He unpacks the findings from the Cost vs. Value report, sharing insights on what homeowners can expect when hiring contractors for various kitchen renovations. The conversation begins with a breakdown of the costs associated with minor kitchen remodels, revealing that in New York, such a project averages around $30,928, slightly higher than the national average. In Portland, however, homeowners may spend around $27,615, indicating a regional variability that can significantly impact budgeting decisions. The discussion also touches on the recouped costs of these renovations, with minor kitchen remodels in New York showing a remarkable 101.9% return on investment, while Portland residents can expect a staggering 123% recouped cost, emphasizing the financial benefits of investing in kitchen updates. As the show progresses, Eric transitions to major kitchen remodels, where the costs can escalate dramatically—averaging $89,637 in New York and $81,758 in Portland. Despite the allure of new appliances and stylish finishes, the expected recouped value drops significantly, with returns of only 54% in New York and slightly better at 58.9% in Portland. This stark contrast serves as a cautionary tale for homeowners, stressing the importance of careful planning and realistic expectations when undertaking such extensive renovations. Eric also highlights the necessity of understanding local permit requirements and potential hidden costs, like electrical upgrades, which are often overlooked but can contribute substantially to the final bill. The conversation wraps up with a promise to explore additional remodeling themes, including bathroom renovations, in the next segment. Eric's engaging narrative style, coupled with practical advice and real-world examples, ensures listeners walk away with a clearer understanding of the remodeling landscape, armed with insights that can help them make informed decisions about their home improvement projects. Takeaways: Kitchen remodeling can be a significant investment, with national averages reflecting substantial costs. The cost recouped from minor kitchen remodels in New York is around 101.9%. Mid-range major kitchen remodels in Portland average around $81,758, with only 58.9% recoup. In contrast, upscale kitchen remodels yield lower returns, around 38.9% in New York. Bathroom remodels can also vary widely, with mid-range remodels averaging $30,235 in New York. Adding a master bedroom suite can exceed $389,800 in New York, with a low recoup. Links referenced in this episode: pyramidheating.com monumentgrills.com aroundthehouseonline.com Companies mentioned in this episode: Pyramid Heating and Cooling Monument Grills To get your questions answered by Eric G give us a call in the studio at 833-239-4144 24/7 and Eric G will get back to you and answer your question and you might end up in a future episode of Around the House. 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