There are two main reasons for renovating. Probably the most common reason is to upgrade or improve your home for your own personal enjoyment and needs. The second is to increase property value. Fortunately, you can complete a home renovation to make your home more modern and functional AND increase your property value all at the same time.
Another way of looking it is if you spend roughly $20,000 on a kitchen renovation, you can expect your home’s value to jump up by almost $16,000. If you’re not planning on selling your home any time soon, you can just enjoy your new kitchen and know that your home has a higher resale value if you should ever decide to sell.
You can get an even better ROI than the Remodeling Magazine example with some smart kitchen upgrades. Here are some of the things you should consider when renovating your kitchen that will give you the best good return on investment:
If you like the general layout of your kitchen and your cabinet boxes are still in good shape, you can update your kitchen with cabinet refacing instead of a complete replacement. Cabinet refacing is when you replace your old doors, drawer fronts and other exposed panels with new but keep the old boxes. This will totally upgrade your kitchen at a fraction of the cost of new cabinetry.
Your older flooring can really date the kitchen. Even if your mid-90s linoleum is still in great condition, upgrading to a more modern flooring can help upgrade the look and feel of the entire room. You can really increase your resale value with quality tile flooring. It is stylish, timeless, easy to clean and maintain and durable. If you want to save, consider new vinyl flooring. Vinyl has come a long way over the years and there are options that mimic natural stone or wood flooring.
Countertops and Backsplash
New countertops and backsplash will give your kitchen a gleaming, finished look. The most popular choice for value-adding countertops are granite countertops. Not only do they look stunning in any kitchen design, when sealed properly they’re scratch and heat resistant, easy to clean and each piece is completely unique. If you are looking for something more cost-effective, consider new laminate countertops. Not only are they less expensive, they’re also a breeze to maintain and now come in a wide variety of colours and styles, some even mimicking the look of natural stone countertops.
Upgrade Hardware & Faucets
Swapping out your dated cabinet door knobs and handles with new ones is one of the most affordable ways you can help modernize your kitchen. The same goes for replacing your kitchen faucet. Look for a high efficiency low-flow faucet. You’d be surprised how much they’ve come down in price.
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