overdo it in the kitchen
Everything we just said about renovating a bathroom can apply to your kitchen as well. When people shop for a new home, the kitchen is one of the biggest selling points. After all, we spend a lot of time in that room. A newly renovated kitchen can actually increase the value of your home by 5% to 15%. However, you need to budget carefully.
A simple kitchen remodel will cost between $10,000 and $15,000. If you’re adding all-new flooring, cabinets, and high-end appliances, the cost can easily add up to $50,000 or more. At that point, you need to consider the value of your home. Earlier The kitchen has been renovated. Will you really get your $50,000 back if your house is only worth $350,000? It is possible, but not highly likely.
Just like budgeting for a new bathroom, you also need to spend carefully when upgrading your kitchen. Make sure you don’t overdo it, otherwise you will lose money when you sell.
Build (or expand) a master suite.
You might think that sprucing up your master bedroom suite (or expanding it significantly) would appeal to home buyers. And you would be right. A large master suite with amenities such as a walk-in closet and en-suite bathroom will certainly be attractive to buyers. However, when you start looking at the costs associated with a major master bedroom renovation, the numbers don’t add up.
According to HomeAdvisor, it can cost as much as $140 per square foot to build a new master suite, which can range from 200 to 400 square feet. It costs from $28,000 to $56,000. Adding a master bathroom on its own can cost upwards of $40,000+. Even adding a walk-in closet can cost up to $10,000. In short, these upgrades are nice, but prohibitively expensive. They will not increase the value of your home enough to justify the cost.
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