If you’re thinking of selling your home, you want to increase its value and a kitchen renovation is one of the best ways to do this.
How Much Will the Value of My Home Increase?
The long answer is that without an accurate assessment it’s hard to say exactly how much the value of your home will increase after a kitchen reno. Some factors to consider are the exact value of the renovation or design, the average cost and demand of homes in your area, and what potential buyers are willing to pay.
You can spend $35,000 on a kitchen reno and find that a your home is appraised for only a few thousand more. On the flip side and depending on a bunch of factors, you can see a kitchen reno increase your home’s value by upwards of $15,000 to $25,000.
Your kitchen designer will be able to give you a much better idea of the costs and return on investment, but only an appraiser will be able to give you an exact value. One thing we know is that a new reno or kitchen design update never decreases the value of a home when it’s put on the market.
Talk To Your Real Estate Agent Before The Reno
If you’re looking for accurate numbers, make an appointment with your agent to discuss the potential outcome and viability of a kitchen reno. You may find that a reno will substantially increase your home’s value or that you may not be able to recoup the costs when you go to sell.
Renovation is the key to increasing the value of your home and some people overhaul their entire house to increase their home’s value. Selecting one or two rooms to overhaul will really make your home value skyrocket, and there is no better option than to renovate the kitchen.
Why is the Kitchen the Best Room to Renovate?
While every room has its own unique purpose, the kitchen takes the cake!
Every room of the house has its own unique purpose and value, but the kitchen in particular is where people tend to gather to cook, eat or chat with friends during parties. It’s a room loaded with appliances, tools and work surfaces that many people love spending time in no matter whether they’re alone or with family and friends.
The kitchen is the most important remodel location
Since it provides so much in regards to appearance, socializing and functionality, the kitchen outshines other rooms as the most important remodel location in a house. In fact, kitchen renovations stand as the third most popular home improvement project behind replacing the floors and doing landscaping work.
How Does a Kitchen Renovation Increase the Value of a Home?
It depends on how much you renovate
The actual increase in value to your home varies depending on how much you have renovated, the quality of the materials and appliances you selected, the style, how well it fits in with the rest of the home and the overall functionality.
However in general, most homeowners see between 40% and 60% returns on their investments when they renovate their kitchen.
Which Kitchen Upgrades Add the Most Value?
Be selective about what you overhaul
Not everyone can afford to do a full kitchen renovation, and that’s perfectly fine. In fact, you may see more of a return on your investment if you’re more selective about what you overhaul in your kitchen instead of redoing the entire room.
Hardware and fixtures upgrades
Two upgrades that are incredibly easy but effective are your hardware and fixtures. New knobs and handles on the cabinets and drawers as well as a new faucet in the sink will make a small but impactful difference in your kitchen.
Replacing or refinishing your countertops
A more complicated but incredibly valuable upgrade is replacing or refinishing your countertops. Many people want quality and aesthetically pleasing countertops with a lot of counter space in order to work with ease. If you replace or refinish your countertops, you will be improving both the appearance and functionality of your kitchen substantially.
Refinishing or replacing your cabinets
Refinishing or replacing your cabinets is another fantastic remodeling option. They are a very important aspect of a kitchen’s appearance while also offering a lot of functionality in their storage capabilities. Brand new or refinished cabinets help make the room look fresh and new. Even a simple paint job can make cabinets look much better and make your entire kitchen look much more appealing to potential buyers.
Refinishing the kitchen floor
One of the absolute most vital renovation areas of a kitchen is the flooring. The average kitchen goes through a lot of foot traffic in its lifetime. Not only are people constantly walking through the kitchen all day long, but they’re also scraping chairs or bar stools on the floor, moving appliances for cleaning purposes, dropping food, beverages plates and glasses.
All of that use eats up the durability of any floor. Replacing the floor is the most effective method of making the kitchen look new and inviting again.
Upgrade your kitchen appliances
Finally, the most vital upgrade to your kitchen is replacing the appliances. New and high-quality appliances not only greatly increase the functionality of your kitchen, but they also make it look modern and sleek.
Most modern appliances are also very energy efficient and integrated with smart technology, making them extremely appealing to potential buyers and dramatically increasing your home value.
How to Save Money on Kitchen Renovations?
While renovating your kitchen can get expensive quickly, there are numerous ways to save money while also getting the maximum return on your investment.
Consider vinyl flooring
First of all, when replacing the flooring, consider vinyl. Compared to many other flooring options, vinyl is one of the most cost-effective because it looks good, is durable and it’s incredibly easy to install.
The best feature of vinyl flooring, however, is the fact that it can be made to look like nearly any other flooring. Hardwood, tile, stone, concrete, brick and more can all be realistically replicated by vinyl, allowing you to have virtually any flooring type for a fraction of the price.
Repaint, refinish or refurbish
Second, repaint, refinish or refurbish instead of replacing. When it comes to your cabinets and countertops, you can save a lot of money by choosing to repaint or refinish them as opposed to replacing them. Likewise, you can give new life to a perfectly usable appliance by getting it refurbished instead of replacing it.
Get various quotes
Third, get quotes from various contractors and compare their prices before making any hiring decisions. Remember to check online reviews and validate any licenses before hiring a contractor to ensure that the cheaper price doesn’t mean shoddier work.
Do some of the work yourself
Finally, do some of the work yourself. Some easy remodeling jobs, such as repainting, replacing hardware and fixtures and replacing the sink, can be done without any professional experience. You’ll save a lot of money on a contractor, but be careful to avoid taking on jobs above your skill level to prevent undo damage or injury.
When The Kitchen Reno is Finished
Regardless of how you go about remodelling or renovating your kitchen, when it’s done, you’re going to want to personalize it so it looks good to potential investors. Our article Fun Things to Add to a Newly Installed Kitchen for ideas on some interesting options to make any new kitchen fun and exciting.