Kitchen renovations are known to have one of the highest returns on investments. It is considered the centre of the home, the heart, and it’s where you and your family spend a lot of your at-home time. The kitchen is where you congregate, entertain, relax, eat and even work in. It’s important that you have a kitchen that suits your family’s lifestyle, functionality requirements, and personal design tastes.
A midrange, average kitchen renovation has a higher return on investment than a high-end remodel. This doesn’t mean that a high-end renovation is not a good investment and there are many things to consider in addition to the monetary ROI. DBD Construction in Calgary shares more about investing in high-end kitchen renovations:
Create the kitchen you’ll love the most.
Do you plan on living in your home for a while? At least 5 years? Then you should create the kitchen of your dreams. There is big value in the pleasure you and your family will take having this upscale kitchen. Every time you walk into the room, you’ll love the finishings, features and overall ambiance. You’ll appreciate the practical things in the space too, like great cabinetry for storage, durable stone countertops, energy-efficient appliances, and dining space.
What is the return on investment?
Though the cost of an upscale kitchen renovation will vary depending on the size and complexity of the reno, as well as the materials and features you choose, we can get a ballpark idea from Remodeling’s Cost. vs. Value report for 2019.
In this report, they estimate that a luxury kitchen remodel can cost approximately $131,500 and can bring a return of at least 59.7% of that. Using those numbers, this type of kitchen remodel will add about $78,500 to the overall value of your home. The ROI has gone up 6.2% since the report submitted the year before.
If you decide to sell in the future, buyers will love your upscale kitchen. Natural stone countertops, custom cabinetry, tile backsplashes, and tile flooring are all high on a buyer’s list for the perfect kitchen and the perfect home. In addition to your own personal enjoyment of the space and the monetary return, you must add the value of a quick and painless sale into the total ROI. A house that moves quickly on the market typically goes at asking price or sometimes higher.
What is considered high-end?
The remodel in the example above completely updated a 200-square-foot kitchen with top-of-the-line cabinetry with all the bells and whistles, natural stone countertops, glass tile backsplash, high-end undermount sink and designer faucets with a water filtration system. It included a built-in refrigerator, commercial grade cooktop and vent hood, wall oven and built-in microwave. New general and task lighting were added as well as undercabinet lighting and beautiful, new tile flooring.
For a more average kitchen remodel your return on investment will be higher. These renovations typically use lower-end materials like laminate countertops, vinyl flooring and refaced cabinetry instead of brand-new. The report estimates you can recoup about 81% of your cost for this type of kitchen renovation.
Kitchen Renovations in Calgary
DBD Construction is a construction and renovation company serving Calgary and surrounding areas. They build buildings, and kitchens, by building relationships that last. With an emphasis on effective communication, total transparency, and complete honesty, they will take on a partnership approach, to bring your vision to life.
If you want to remodel your kitchen, contact DBD Construction today.
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