- By Element Cabinet Design
- In Bathroom Remodel, Bathroom Renovation, Cabinets, Kitchen Remodeling, Kitchen Renovation, Remodeling, Renovation
- Tags ROI on Remodeling
Renovating the house to increase home value is one of the safest investments. This article will discuss a little about the housing market in Las Vegas and then explain how a bathroom or kitchen remodel can benefit you and your family in 2021 and beyond.
LAS VEGAS HOUSING MARKET
The coronavirus crisis has affected people’s lives in ways that are beyond compare. In Las Vegas in April, the unemployment rate even reached 30%. Having this in mind, most people thought that the real estate market would crash in an instant. However, data shows otherwise.
That 30% dropped to 12% in just seven months, and the Las Vegas housing market is rapidly booming. All experts predict a very fruitful year for Las Vegas home sellers. Even now, people are selling their homes for incredible prices, and rental homes are still trendy.
US citizens are moving away from the noise and danger in larger cities. They are looking for more peaceful and family-oriented areas like Summerlin and Green Valley. So now, more than ever, increasing the value of your Summerlin home is the smartest step to securing future financial safety.
KITCHEN AND BATHROOM REMODELS
Research and experience show that homebuyers are willing to invest more in a house with updated kitchens and bathrooms. That’s why these types of remodels have always been, and always will be, one of the projects with the highest return on investment or ROI.
Also, because of COVID-19 and lockdowns, people started to focus more on the house’s crucial areas. This includes outdoor spaces like patios, family areas like kitchens and living rooms, and relaxation areas like bathrooms. Bathroom remodels make up for one-third of all the remodels in 2020 in the USA.
Knowing the interest buyers have in these two areas, some sellers decide to add a second bathroom or an outdoor kitchen. Increasing square footage is always a smart idea, mix that with a new bathroom or kitchen, and you have a winner!
Recent stats show that minor kitchen and bathroom remodels have higher ROI than major ones. As an example, for approximately $21,000, you can update a 200 sqft kitchen and get a return of 77.6%. With a full, major remodel, you can expect the recoup to be 58.6% of the remodel cost. So instead of adding underfloor heating and heated towel rags, go back to basics! Invest in simple cabinet and countertop replacements to get the highest return.
When it comes to bathrooms, wet areas like showers, baths, and tubs are crucial points. So if you are on a budget, focus on these areas first. 77% of buyers prefer a bathroom with both a shower stall and a tub. Less and less people want a built-in tub in the bathroom. Today, they either like walk-in showers or freestanding tubs. As kitchens, minor bathroom remodels have a higher ROI than major ones. On average, a $21,000 upgrade will recoup 64% of its cost, while a $67,000 will recoup about 57%. Also, homes with blue bathrooms are more likely to sell, providing an ROI that was $5,400 higher than expected.
Contact our staff at Element Cabinet Design, a home, kitchen, and bathroom remodeling company with decades of experience in our respected field. Our team is ready to help and upgrade your Las Vegas home in 2021.