Kitchen Improvements To Increase Home Value – 80 percent of home buyers say the kitchen is the most important room in a home. This means that the condition of your kitchen directly affects both your ability to sell your home and the price you can get for it.
But exactly, will a kitchen renovation increase the value of the home? Although there is no single answer, it is possible to get a good idea of what you can expect. Here are the numbers.
Kitchen Improvements To Increase Home Value
More than half of recent home buyers report that kitchen style played a major role in their home buying decisions. More than two-thirds of buyers specifically indicated that they are willing to pay more for homes that have major kitchen upgrades.
Best & Worst Renovations To Add Value To Your Property
But with kitchen renovations costing between $20,000 and $120,000 on average, understanding which renovations affect your return on investment (ROI) and by how much is important.
The return on investment you will see when you remodel your kitchen depends on several factors. They include:
Some areas of the country regularly see higher ROIs on kitchen renovations than the national average. For example, the same upgrade will typically get you a 12 percent higher ROI on the Pacific Coast than the East Coast. Conversely, several states consistently report lower ROIs than the national average.
Over-renovating your kitchen so that it is much more expensive than your market can support, on the other hand, can reduce your ROI.
Kitchen Upgrades That Bring Fresh Look To Your Home
Many renovation costs are worth every penny. However, after a certain price point, cost recovery becomes difficult. This is where spending money comes into play. Visit https://rkhbuilders.com/ to find the best contractor near you to renovate your home.
Very specific and personal upgrades rarely provide a good ROI, like some brand new cabinets or a new contract. To get the best ROI on your upgrade, focus your efforts on key features of universal importance to buyers. Take a look at these Kitchen Remodeling Contractors who can make your kitchen look like you’ve always dreamed of.
National ROI values for kitchen renovations vary depending on the size and cost of the renovations in question. Small kitchen remodels, such as those costing around $20,000, have a national average ROI of 81 percent.
Major kitchen remodels with average finishes have a national average ROI of 59 percent. Major kitchen remodels that include highly upgraded fixtures have a national average ROI of 54 percent.
Increase Home Value With Home Improvement Loans
However, in any case, it’s best to consult with a local realtor before renovating because these professionals can give you the inside scoop on what’s most important to buyers in your market. This information can help you get the highest ROI possible, even in areas that tend to be low.
Just as the kitchen affects home prices more than other rooms, some kitchen features command more selling power than others. These main features are the same throughout the country.
Kitchen cabinets play an important role in making your kitchen work. Cabinets that are dated, poorly designed, or poorly maintained can make your kitchen a nightmare to use. On the other hand, with the right cabinets, a kitchen is:
Cabinets are also one of the first things potential buyers notice when they walk into your kitchen. Their size, style and color set the tone for the space. For example, traditional cabinetry creates a very different experience than European-style cabinets.
What Home Improvements Increase Home Value?
The cost of new cabinets can vary greatly depending on your preferences, but installing new cabinets is often much cheaper than homeowners expect. Money invested in renovating your cabinets also has such a significant impact on the buyer’s perception of your kitchen and your home as a whole that it generates a huge ROI.
Modern homeowners have many options when it comes to contracting materials. From quartz to concrete to butcher block wood, there are tiles in every color and material. However, not all contracts are created equal.
55 percent of households are willing to pay more for a home with granite countertops in the kitchen. This desire to prioritize granite is a long-term trend.
While it can be tempting to buy countertops that are less expensive up front than granite, no other material will give you the high and reliable ROI that granite will. To get your biggest bang for your buck, ignore the short-term counter fads and invest in granite.
The Best Home Upgrades To Increase Home Value
Backsplashes are an extension of your countertops. Like cabinets, backsplashes directly contribute to the look and function of your kitchen. While relatively inexpensive, backdrops pack a lot of visual weight.
Colorful pillows can brighten up a room and draw the eye. Traditional white or taupe finishes can add classic appeal to traditional kitchen designs.
Investing in the backsplash that ties your cabinets and countertops together for a seamless, clean, and coordinated overall effect is always money well spent and a choice that may give you a good ROI.
About 70 percent of households are willing to pay more for houses with updated equipment. Nowhere is this more true and important than in the kitchen.
Best Home Improvements To Increase Value
To get the highest ROI on your appliance upgrades, talk to a site about what’s trending in your market. In most cases, buyers are interested in tools that are:
You may also want to choose tools that are compatible with modern lifestyles. For example, the most advanced software refrigerators have features such as:
Likewise, tools that make your home easier can be a gamer. For example, wall ovens can make your home more attractive to individuals or families with limited mobility.
According to expert projections, 30 percent of American households will have one or more members with mobility limitations by 2050. Homes with features that accommodate these family members will have a huge advantage over unaffordable homes on the market.
Which Home Improvements Can Increase Your Property Value?
Refinishing the existing wood floors in your kitchen as part of your renovation can give you as little as 100 percent return on investment. Replacing your existing floor with new wood floors is just as good, with an average ROI of 91 percent.
In many markets, buyers will pay several thousand dollars more for log homes. Hardwood floors can cost twice as much as engineered wood, also called laminate.
With this in mind, it’s important to weigh your room options against your home and market to get the best ROI.
As with other kitchen features, it’s important to choose a cabinet that matches and compliments the overall color and style of your kitchen. Whenever possible, choose a room that makes your kitchen look bigger and brighter.
Expert Tips To Update Your Kitchen On A Budget
Homeowners are often surprised by the ROI they can achieve on their kitchen renovation as a result of thoughtful touches. They include:
Although individually these items are small and inexpensive, together they have a significant impact on the final product. Missing these key features can detract from the rest of the work you put into your upgrades.
It can be comforting to know that even if you don’t get the highest possible ROI on your kitchen renovation, you’re still likely to come out ahead. Kitchens are so high on marketing priorities than any other home feature that even low-ROI kitchen projects can give you an advantage when selling your home over a high-ROI renovation of a less important room or space.
To put this in perspective, buyers place 30 percent less importance on the master bedroom and 40 percent less importance on the living room than they do on the kitchen. This means that funds invested in kitchen renovations do more for your ability to sell your home than dollars invested in almost anything else.
Roi Home Improvements To Undertake If You Want To Boost Your House’s Value In 2022
It is also important to remember that while return on investment is important, it is not everything. Remodeling your kitchen can offer many other valuable benefits that are just as important, if not more so, than the dollar amount of ROI you will receive when you sell.
Almost all homeowners who remodel their kitchens have a huge “fun factor.” A full 90 percent report enjoying their home much more for the time they own it after renovating. However, that happiness is only the beginning.
These direct results can yield even more indirect benefits. For example, mealtime at home has been linked to reduced risk behaviors and negative outcomes among children and adolescents. These include drinking, smoking, poor school performance, and poor mental health.
Renovating your kitchen will likely enable you to live better and live happily in your current home for longer.
Looking For The Best Home Improvements To Increase Value? Start Here
Finally, updating your kitchen can reduce the time your home spends on the market when you are ready to sell. This depends on many factors.
Upgrading can also help you avoid costly, last-minute repairs and upgrades during the sales process. With a newly installed kitchen, you can enter the sales process with confidence that everything is up to code and in working order. You won’t be surprised by unexpected findings during the inspection phase or put off by the buyer’s demands for repairs or reduced compensation.
While these advantages are impossible to accurately calculate in your ROI, they are clear benefits that can be expected to accrue from a thoughtful and appropriate kitchen remodeling project.
There’s no question that updating your kitchen will increase your home’s value and give you a serious advantage when you’re ready to sell your home. But planning an upgrade that gives you the best possible ROI can be difficult. We are here to help.
Add Value To Your Calgary Abode With These 6 Home Improvement Pro Tips
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How To Increase The Value Of Your Home Simple Budget Conscious Techniques And Ideas That Will Make Your Home Worth Up To 100 000 More
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Author by : Vicki Lankarge
Languange Used : en
Release Date : 2004-09-22
Publisher by : McGraw Hill Professional
ISBN :
Description : An easy-to-follow guide for home owners who want to maximize the value of their most important investment With anxiety over the stock market running high and home equity loan rates at an alltime low, Americans are investing in their homes like never before. Last year alone, consumers spent a record $123 billion on home building projects. How to Increase the Value of Your Home provides solid answers to questions such as: Is it better to build a downstairs bathroom or to remodel my kitchen? And it provides: Techniques for commanding higher prices and quicker sales--now and 10 years from now Guidance on which renovations to invest in and which ones to avoid...
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Author by : Editors Of This Old House Magazine
Languange Used : en
Release Date : 2011-09-13
Publisher by : Oxmoor House
ISBN :
Description : In Easy Upgrades: Kitchens, readers get the kitchen they've always wanted at a price they can afford with help from the experts at This Old House, the most trusted name in home improvement. Easy Upgrades: Kitchens focuses on the way people remodel now-budget-conscious and user-friendly with upgrades that maximize comfort, utility, and home value. Using real-world examples rather than sky's-the-limit fantasy projects, Easy Upgrades helps readers solve their most frequent complaints about the spaces in their homes. From chapters on All-in-the-Family Kitchen, The Colorful Kitchen, to The Right Kitchen for You and The Budget Kitchen, Easy Upgrades: Kitchens shows readers the smartest and most cost effective improvements they can make to increase the value and livability of their homes. Easy Upgrades: Kitchens also includes pro advice from expert contractors offering solutions that work, creative ways to do more with less, help with steering clear of common pitfalls, and advice on how to protect a remodeling investment after the job is done. This Old House has been the leading authority on home improvement for over 30 years. When it comes to remodeling, This Old House experts have seen and done it all, which means readers get the benefit of time-tested experience and proven results. This Old House is a magazine for homeowners in search of practical, affordable, and inspirational ideas for enhancing and maintaining their homes. What they find is a balance of step-by-step instruction for DIY interior and landscape projects; lively how-to's about keeping contractors on the level and saving money on remodels; expert tool and product reviews; and handsome feature stories showcasing fine craftsmanship and elegant architectural design....
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Author by : Steve Cory
Languange Used : en
Release Date : 2012
Publisher by :
ISBN :
Description : Contains inexpensive design ideas and projects to upgrade a kitchen....
Kitchen Remodeling For Dummies
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Author by : Donald R. Prestly
Languange Used : en
Release Date : 2011-05-09
Publisher by : John Wiley & Sons
ISBN :
Description : Real estate, building, and remodeling surveys reveal that the one project likely to give you a 100 percent return on the dollars invested is a kitchen remodel. And whether the project is as involved as gutting the room back to the wall studs or as simple as applying a fresh coat of paint, each project is an investment in your home’s value and, ultimately, in your enjoyment of using the space. Remodeling a kitchen is a big job, but it’s not so big that anyone – with the right guidance and understanding – couldn’t feel comfortable tackling at least some parts of the job. Kitchen Remodeling For Dummies is the reference tool to use if you Want to use the kitchen more efficiently Want to replace outdated, energy-gobbling appliances and gadgets Have attempted at least one or two home repair projects Are comfortable using both power and hand tools and probably own a few of each Want to know how a project should be done and then hire someone to do it. The kitchen in today’s home has become a focal point for the family, as well as for entertaining. For those reasons, you want the room to be as functional as possible, without breaking your bankbook. With Kitchen Remodeling For Dummies in hand, you'll get the lowdown on the following topics and more: The kitchen remodeling process (knowing this makes you a smarter consumer) Critical design issues Working with the pros: architect, designer, contractor Establishing a budget and sticking with it Evaluating your plumbing, electrical, and ventilation systems Selecting and installing cabinets and countertops Choosing sinks, faucets, and appliances Working on walls, windows, and floors Hot trends and easy upgrades This handy guide shows you how to take your kitchen (no matter what shape it’s in now) and remodel it so that it not only fits your wants and needs but also becomes a room you can be proud to use and show off....
Make It Right
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Author by : Mike Holmes
Languange Used : en
Release Date : 2013-08-27
Publisher by : HarperCollins Canada
ISBN :
Description : More than 1 million viewers in Canada watch Mike Holmes’ television show, Holmes on Homes, every week. Thousands more see him at his personal appearances and visit his website, looking for advice on renos-gone-wrong. Mike Holmes is Canada’s most trusted contractor, a crusader with a mission to expose botched renovations--and now the author of a bestselling book that has shipped over 60,000 copies in its hardcover edition. Mike has taken his professional expertise and tell-it-like-it-is style and turned it into the guide no homeowner should be without. Make It Right walks readers through a renovation from start to finish, from the process of finding a reliable contractor to understanding the legalities of renovation. Mike explains the inner workings of a house, covers the most popular reno projects and describes the most common pitfalls. Packed with informative sidebars, checklists, diagrams and photographs, all showing what to expect from contractors and tradespeople, and how to keep every reno running on time and on budget, Make It Right is the book you need to read before you plan a renovation. Be smart. Take charge. Get it right the first time....
Kitchen And Bathroom Remodel
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Author by : Harper Wells
Languange Used : en
Release Date : 2024-01-19
Publisher by : Homeowner House Help
ISBN :
Description : Are you struggling with outdated kitchen and bathroom designs? Overwhelmed by the cost of a complete remodel? Introducing Kitchen and Bathroom Remodel: DIY Kitchen and Bathroom Design - Eco-Friendly Renovations, Home Remodel Cost Estimates, Efficient Layouts, and Stylish Upgrades for Maximum Home Value. This comprehensive guide is your solution to revamping your space and boosting your home's value, all while staying within your budget. Create the Kitchen and Bathroom of Your Dreams With Kitchen and Bathroom Remodel: DIY Kitchen and Bathroom Design, you'll learn how to transform your kitchen and bathroom into modern, functional, and eco-friendly spaces. Packed with expert advice, practical tips, and step-by-step instructions, this book is your ultimate resource for creating the home of your dreams without breaking the bank. Embrace Eco-Friendly Renovations Discover how to incorporate sustainable materials and energy-efficient solutions into your kitchen and bathroom remodel. This book provides you with the latest information on eco-friendly remodeling techniques, helping you reduce your carbon footprint and save on utility bills. Master Home Remodel Cost Estimates Avoid costly surprises by learning how to estimate the cost of your kitchen and bathroom remodel accurately. This book breaks down the pricing for low-end, mid-range, and high-end tools, materials, fixtures, and labor, ensuring you know exactly what to expect and how to budget for your project. Design Efficient and Functional Layouts Maximize the functionality and flow of your kitchen and bathroom with expert layout design strategies. You'll learn how to make the most of your space, creating a room that's both beautiful and practical. Achieve Stylish Upgrades on a Budget Uncover the secrets to achieving high-end looks without the high-end price tag. This book shows you which items to splurge on and which to save on, ensuring you get the luxurious look you desire without overspending. Unlock the Benefits of this Ultimate Guide: Step-by-step instructions for kitchen and bathroom remodels Eco-friendly materials and techniques for sustainable renovations Detailed home remodel cost estimates for tools, materials, fixtures, and labor Expert advice on designing efficient and functional kitchen and bathroom layouts Tips on achieving high-end looks on a budget Recommendations for maximizing home value through strategic remodeling choices Advice on maintaining your newly remodeled kitchen and bathroom ...and so much more! Turn Your Dream Kitchen and Bathroom into Reality Don't let an outdated kitchen and bathroom hold you back from achieving the home of your dreams. With Kitchen and Bathroom Remodel: DIY Kitchen and Bathroom Design, you'll have all the information you need to create stunning, functional, and eco-friendly spaces that will increase your home's value and bring joy to your everyday life. Transform your home and elevate your lifestyle with this comprehensive guide to kitchen and bathroom remodeling....
Renovate To Riches
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Author by : Mike Dulworth
Languange Used : en
Release Date : 2004-05-03
Publisher by : John Wiley & Sons
ISBN :
Description : Turn weekend home-improvement projects into big money! Did you know you and your spouse can sell your home every two years and pay no taxes on profits up to $500,000? It's true! In fact, you should think of your home as an investment as much as a place to live. Simple renovations can dramatically increase the value of your home, and you can undertake most of them on your own and in your spare time. Renovate to Riches shows you how to turn your sweat into equity and your home into a moneymaker. Millions of people across America are making their do-it-yourself weekend projects pay off-and you can too. This straightforward guide will show you how to secure financing for your home, accomplish the renovations that add the most value, and get the highest price when you sell. It shows you how to design your own custom plan for creating wealth over five, ten, or even twenty years, and includes detailed case studies that help you avoid common mistakes. Renovate to Riches also includes: * An explanation of complicated federal tax codes * Tips on finding great homes at bargain prices * Advice on financing options * Which renovations add the most value * Professional guidance on interior design, landscaping, and other home improvement projects * Which projects you should be able to handle yourself and which will require a professional contractor * How to work with contractors and keep it cheap * Practical advice from the experts-real estate agents, brokers and bankers, tax advisors, contractors and carpenters, landscapers, interior and lighting designers, home inspectors, and appraisers Renovate to Riches is not a get-rich-quick scheme. It's a practical, step-by-step guide to building long-term wealth. You don't need the skills of a contractor or the experience of a real estate agent; all you need is a little extra time, a little extra money-and this unbeatable guide....
