The decision to remodel a kitchen is a big one. Not only is it a costly room to change, but it’s also one of the focal points for selling your home. This idea raises a lot of questions and concerns. How much will kitchen remodeling cost? Is it worth it to renovate the kitchen? And ultimately, how will kitchen renovations affect your home’s value? Here’s what you need to know when undertaking this home renovation project.
Why the Kitchen?
When you consider the cost and work involved, you may ask yourself, why should I remodel the kitchen over another room?
As any realtor will tell you, the kitchen is the heart of the home. Over 80% of participants in a Realtor.com survey indicated that the kitchen is one of the top three things they consider when looking for a new home. Comparatively, only 49% listed the master bedroom, and 42% listed the living room. Surprisingly, the bathroom didn’t rank.
As you can see, ensuring that your kitchen is as inviting and modernized as possible will have a significant impact when you decide to sell your home.
Evaluating the Costs and Budget
While the importance of having a nice kitchen is apparent, this leads to other considerations. First and foremost, how do you ensure that the value of your home increases enough to cover the cost of your remodeling efforts?
One of the best ways to get a sense of how much you can increase the value of your home is to talk to a realtor. Have them take a look at what you have now and what you could ask on your home. Have them indicate the asking price you could get when adding a kitchen remodeling.
When planning a budget, be sure to consider when to DIY and when to hire out. While doing some of the work yourself is a great way to increase your return on investment, there are certain things that are best left to the experts to avoid costly mistakes.
Setting Kitchen Remodeling Priorities
The next thing to consider is what aspects of your kitchen should be a priority when getting a kitchen remodeling.
One of the most worthwhile investments you can make is to update your cabinets. Dated cabinets detract from the first impression potential buyers will get when they walk into your kitchen, as they take up the most space. It can be hard to see past date cabinetry to appreciate the appliances, space available, etc. You can visit Cabinet City to get a better idea of what cabinets are in style.
There are also smaller, more affordable changes you can make that yield big results. For example, refurbishing and refreshing the back-splash. This project typically only costs a few hundred dollars and can transform the room.
Measuring the ROI on Your Home’s Value
Depending on the scale of your kitchen renovations, the ROI on a kitchen remodel is between 60-80%. This number is also contingent on the overall status of your home and your location. In other words, if you spend $20,000 renovating your kitchen, you will usually see a jump in value of $12,000 to $16,000.
However, there are also intangible factors to consider. If kitchen remodeling for your own use is important to you, there’s the value of satisfaction within your home. When you decide to sell, having a newer kitchen will make your home more attractive to potential buyers, reducing the time your house spends on the market.
Will Kitchen Remodeling Increase Your Home’s Value?
In summary, remodeling your kitchen can increase your home’s value, though likely not by the amount of money you invest in the renovation. However, there are other definitions of “value” to consider when investing in home improvements. Only you can determine if the results are worth the effort.