Whether you are planning to sell your house soon, or simply just looking to upgrade for now, it would definitely be to your advantage to have some idea about the return on investment of a kitchen remodel. Any real estate agent will tell you that kitchens have the potential to raise the list price of a house. They are one of the rooms that a majority of prospective buyers scrutinize first because they themselves have spent a large portion of their budgets on their own kitchen renovations.
Important Facts About Kitchen Improvement
Kitchens have been called the heart of the home. They are a good measure of the taste and personality of the homeowners.
Kitchen remodeling will always be a sensible investment whether or not you are set on putting your house up for sale. At the very least, you will get to delight in spending time in one of the busiest spaces in your home. In fact, according to the NAR (National Association of Realtors), 91 percent of those who completed their kitchen renovations have expressed an increased desire to come home afterwards.
The NAR also revealed that their realtors ranked complete kitchen renovations and kitchen upgrades as the top two interior projects that appeal to the buyers and add value to the house for resale. A kitchen upgrade is said to recover 57 percent from the project, while the return on investment of a kitchen remodel is 62 percent. Additionally, it was discovered that the major reason for doing a kitchen renovation was to have worn-out surfaces, materials, and finishes upgraded.
On the other hand, based from Remodeling Magazine’s Cost vs Value Report, the cost recouped for a minor kitchen remodel is around 81 percent. So, let’s say you spent around $20,000 on a minor kitchen remodel, you could expect a resale value of $16,200. A major kitchen remodel will yield a lower return on investment, playing around 53.5 percent to 59.0 percent. Apparently, if you are particularly concerned about the return on investment of a kitchen remodel, it would be more beneficial to stick to minor renovations.
Ways to Increase Your Return on Investment of a Kitchen Remodel
- Update Your Kitchen
Outdated kitchens are not only unappealing, they may even be dangerous. No one wants to be greeted by the view of a kitchen that is falling apart. Dated appliances do have their charm, but they probably consume more electricity and may not be safe to use anymore. Modernizing your kitchen will not only increase efficiency, but it will also make your home attractive for future buyers as well. Even if you are not set on putting your house up for sale now, it doesn’t mean that you won’t contemplate about it in the future.
- Opt for Timeless and Traditional Kitchen Pieces
One of the most sought after features in a kitchen is granite or natural stone countertops. Other popular kitchen pieces are natural wood cabinets and flooring, stone flooring, and stainless steel appliances. A combination of these elements will instantly transform your kitchen into a classy yet modern space that is sure to draw attention.
- Consider Choosing Neutral or Muted Colors
Some do tend to get carried away with kitchen remodeling. They eventually end up with appliances and furniture that clash with the rest of the kitchen’s color scheme. A good idea would be to use a simple color scheme, and then add some accent pieces that give a personal touch to the kitchen. Again, if this proves to be too overwhelming, seek help from a reputable contractor who will be able to help you come to a decision.
Where to Begin With Remodeling Your Kitchen
- Online Inspirations
A good starting point for kitchen remodeling would be to start looking for inspirations online. A few keystrokes on the search bar will yield countless results on every kitchen design you can imagine. A lot of websites are also dedicated to featuring kitchens that can fit every style and budget.
- Set a Budget
Stick to a kitchen design that is practical, yet appealing. It would save you the trouble of having to resort to another renovation in the event that you decide to resell your house at a later date. If this seems like a daunting task to you, better seek the help of a professional who could give remodeling suggestions that would fit your budget, and a faster return on investment for your kitchen remodel.
- Hire a Reputable Contractor
Kitchen remodeling can be complicated and overwhelming. Having a professional take care of things for you early on may save you the trouble of having to redo things later on. It’s easy to search for highly recommended contractors online. If you need help in looking for a reputable contractor, then you may check out guides like the 2018 Guide to Hiring a Kitchen Remodeling Contractor for reference.
No matter whether or not you have decided to sell your house today, it would be wise to consider the return on investment of a kitchen remodel. It is never a bad investment, as any real estate professional would tell you, and you will get to enjoy your kitchen until the day you decide to sell your home.