Quality home renovations will improve the overall value of your property. Some home renovations have a better return on investment than others, including kitchen renovations.
Why are kitchen renovations so valuable?
The kitchen is the heart of the home. It is where you prepare meals, gather with family and friends, socialize, relax, entertain, do work, and so on. A modern, updated kitchen is attractive to you, and it’s appealing to potential home buyers too. If your kitchen is dated, worn out, or damaged in some areas, you can improve the value of your home with a kitchen renovation. Any experienced real estate agent can tell you that kitchens are a top priority for buyers.
The ROI of a kitchen renovation
Let’s look at the numbers. Remodeling Magazine publishes an annual cost vs. value report that can give you an idea of the cost of a kitchen renovation compared to how much of that cost can be added to your home’s value. According to the 2020 report, a midrange kitchen renovation will recover up to $77.6 of its price at resale. So, if your home renovation costs $23,000, you can add about $18,000 to the value of your home.
The example of a midrange kitchen remodel used in the report is detailed and covers all the basics. It includes updating cabinets with new doors, panels, and drawer fronts and replacing all hardware, faucets, and the sink. The older appliances are replaced with new, energy-efficient models. The example also included new countertops, new flooring, and freshly painted walls, trim, and ceiling.
By Design Construction can build you a new, custom kitchen at a slight increase compared to the above example. In many cases, old worn cabinets will not function properly even when refaced. Having a brand new kitchen installed will ensure you’re getting the kitchen you’ve always wanted. It will also further increase your resale value.
Talk to your licensed renovation contractor about making upgrades that give you the best return on investment.
Consider the value of your ‘joy factor’
Remodeling the kitchen can better suit your needs for function and aesthetics. It will make the space more enjoyable for you and your family. If you can picture your dream kitchen and look forward to being in that space every day, you should consider the value in that.
According to this report, 90% of homeowners had a greater desire to be home since completing a kitchen renovation. If you’re tired of worn-out surfaces and dated finishes, a kitchen renovation might be the ticket to loving your home again.
Start planning with By Design Construction. Learn more about them.
