A full kitchen upgrade has 62 percent ROI, while a partial upgrade will give you 57 percent.
If you want to get some house remodeling done, then the kitchen is a great area to start with. First, the kitchen has immense aesthetic potential and is just screaming for renovation. Plus, depending on your type of kitchen, it can also be a social hub, which gives you the best opportunity to showcase your style and taste.
In this post, we’ll look at a few ways a kitchen remodel increases your home’s value so you’ll never second-guess remodeling your kitchen ever again.
Is Kitchen Remodeling Worth the Time and Money?
The million-dollar question is how much will you get back for your kitchen remodeling. This is a question that’s difficult to answer because no two homes are the same, but “a lot” seems like a perfect answer.
The ROI of a kitchen remodel mainly depends on the current state of your home and the size of your project. It also depends on how much you’re willing to sell the house for. If you sell it for a lower price, then obviously, your ROI for your kitchen remodeling will be much lesser.
According to Remodelling magazine, most homeowners get between 60% and 80% of the cost of remodeling. In most cases, the more comprehensive your kitchen remodel is, the more money you’ll recoup back. That’s why it’s a great idea to go all out when remodeling your kitchen.
Of course, don’t expect your kitchen remodel to increase your home’s value marginally if the rest of your home is deplorable. So if you’re planning to sell your house, get the rest of the house first followed by the kitchen or vice-versa, then you can put it on sale. Also, make sure you clamp down on all the kitchen remodels that have incredible ROI.
Does the Home Market Come Into Play?
You can’t overlook the current state of the housing market if you want to gauge how kitchen remodeling will affect your home’s value. A thriving and consistent market means that you’ll get better returns for your kitchen remodeling. A weak, anemic market, on the other hand, means that your returns will be marginally lower.
Surprisingly, the ROI for smaller renovations is almost dollar-to-dollar in markets that aren’t doing well. So you may actually get more money back for minor remodeling even if the housing market is wanting.
Currently, because of the COVID-19 pandemic, the US house market is somewhat shaky, but only for a little while. Things are going to stabilize in a few months, and everything, including the housing market, will get back to normal. It’s a great idea to do your kitchen remodels now and then put your home on sale when things start looking up again.
Kitchen Remodel Brings Joy
There’s a little thing called a Joy Score, which is a measure of how happy homeowners are with particular renovations. The lowest joy score is one, while the highest is 10. Projects that give homeowners great joy and excitement get a 10, and the “meh” ones get a three or maybe even a one.
Most of the kitchen remodeling happens indoors, and many homeowners do their kitchen remodeling as DIY projects. Generally, homeowners are happier with DIY kitchen remodeling projects than professional kitchen remodels but only by a negligible margin. The average joy score for DIY kitchen projects is a solid 10, while that of a professional kitchen upgrade is 9.2.
So as much as you’re remodeling the kitchen for better home value, don’t also forget to remodel it for your happiness. Typically the two go hand-in-hand, and you can kill two birds with one stone if you get your remodeling right.
Kitchen Renovations With the Highest ROI
Kitchen remodeling isn’t cheap, and it’s only natural to want as high an ROI as possible for your renovations. If you really want significant returns for your remodeling, you should prioritize the following when remodeling your kitchen.
1. Paint the Cabinets
Your cabinet could do with a fresh coat of paint, and repainting your cabinets could transform your kitchens’ entire outlook. However, before you get to work, you should ensure that your cabinets are in great shape. It makes no sense painting old, broken, and creaky cabinets.
If your cabinets are too old, you might want to replace them entirely, but if they’re still new, then a fresh coat of paint is enough. Applying a fresh paint coat is a cost-effective way of upgrading your cabinets. Sage green and classic blue are some popular colors you could try for your cabinets.
2. Replace the Countertop
You don’t need to replace the countertop if your current one isn’t in bad shape. If your current one has cracks or is leaking, then you can get a new one. Granite and marble countertops are very popular with home buyers, and they can dramatically increase your home’s value.
3. Upgrade Your Lighting
If your kitchen comes complete with a seating area, then you can’t afford not to upgrade your lighting. Consider some ambient or accent lighting to relax the kitchen and make it all warm and fuzzy. However, your light shouldn’t be too dim that it makes cooking in the kitchen difficult.
Remodel Your Kitchen and Improve Your Home’s Value
A kitchen remodel does more than just improve the visual appeal of your kitchen. If done right, the kitchen remodel could marginally improve your home’s value. So whether you’re planning to sell the house now or later, remodeling the kitchen should definitely be on your to-do list.
For professional and expedient kitchen remodels, contact us today, and we’ll sort you out.