How Kitchen Renovations Increase the Value of Your Home?
Do kitchen renovations increase the value of your home? Many people grapple with this question when deciding whether or not to renovate their kitchen. Some people find it difficult to see the value of remodelling a kitchen.
In this very informative article, you’ll discover the benefits of renovating your home. You’ll also learn how these renovations increase your home’s value and functionality.
How Do Kitchen Renovations Boost a Home’s Value?
How kitchen renovations will boost the value of your home is a function of one simple fact — the kitchen is the heart of a home. Such a high designation is not without reason. The kitchen is the space where you’ll prepare food for the family, share meals and create long-lasting bonds.
You should not leave such a room without care. As at when due, you should renovate or upgrade your kitchen to standard levels. When you do this, there’s a lot to gain, especially if you want to sell your home.
Aaron Bowman, a realtor, told Forbes that kitchens give one of the biggest returns on investment. With the many benefits of renovating your kitchen, it’s hard to argue with him. Many real estate experts agree with this and say kitchen upgrades can significantly increase your home’s value.
You may be wondering how to select kitchen upgrades that are worth your money and time. Well, to do that, you will need to think about what brings you and your family the most value. In the next section, you’ll see what we mean.
List of Kitchen Renovations to Increase Home Value
If you want to renovate your kitchen, here are the most valuable areas that need work:
The floor plan
It’s becoming increasingly popular for kitchens to have open floor plans. One reason for this is the open, inviting, and warm vibe the floor plan type gives.
Most millennials seek open concepts when hunting for a house. In addition to these, open floor plans allow you to choose more customized options in designing your kitchen space.
If you upgrade your kitchen countertops, it adds a refreshing look. You need to find out the type of countertop suitable for you. There are different options, including granite, quartz, solid-surfacing, concrete, laminate, and many others.
Installing or refinishing your kitchen’s hardwood flooring is the most valuable kitchen renovation to increase home value. If your kitchen has hardwood flooring, you’re likely to get a 90%-100% on your investment. The exact return on your investment will depend on the type of hardwood floor you install.
If you want to renovate your kitchen, you should think about upgrading the appliances in it. If your kitchen still has old appliances, it’ll look outdated. If you upgrade to more modern appliances, it increases your kitchen’s value and boosts its appearance.
Some of the tips to renovating or upgrading kitchen appliances include using models with high energy efficiency features. These energy-efficient models will help you cut down the cost of energy.
You should also consider devices with a commercial design. These appliances will beautify your kitchen while giving it a high-end commercial vibe.
When you walk into a kitchen, the first thing you are most likely to notice is the cabinet. This is why cabinet upgrades or kitchen renovations increase the value of your home.
For instance, you can’t go wrong with all-wooden cabinets that give your kitchen a modern look and traditional feel. You can bet on the value of your home’s value increasing thanks to the presence of beautiful kitchen cabinets.
Unnecessary Investments for Kitchen Renovations
Now, you know kitchen renovations increase the value of your home. This knowledge should not spur you to make unnecessary investments in a bid to boost your home’s value.
The following upgrades will add a measure of value to your home. However, in the long run, they may be unnecessary:
Exotic light features
Putting a chandelier light in your kitchen to boost its value is potentially a waste of money. Most times, light fixtures in a home are reflective of personal taste. Hence, if you put up light fixtures that don’t appeal to a potential buyer, it may make them lose interest in the house.
Trendy kitchen features
Most times, people make the mistake of being swayed by the latest or trending kitchen designs. Such people may install intricately designed countertops, complicated moulding designs, multifaceted tile backsplashes, among others.
Yes, these features look good on the eye. But, since they are trends, they soon phase-out, and you may want to replace them with the latest trend. Instead of going with trends, it’s best to use timeless finishes that will always remain relevant no matter the time or season.
Having a pizza oven, hibachi grill, or built-in coffee maker will not maximize your home’s value. You need to think well before installing these machines in your kitchen.
Do they really add value to your kitchen? If they don’t, then there is no need for it, except you need them daily.
Wallpapers, like exotic light features, reflect personal choices. Hence, they may not necessarily appeal to a potential buyer. They are also somewhat difficult to remove. Thus, you should avoid installing them when designing your kitchen remodel.
Avoid bright colours
If you’re looking to put your home up for sale, it’s best to use neutral colours in your kitchen. Compared to brighter colours, neutral colours appeal more to potential home buyers.
What is the Average Kitchen Remodel ROI?
The average return on kitchen renovation investments ranges between 60%-80%. The exact number depends heavily on the project type. The ROI for your kitchen remodel also depends on your home’s condition and its selling price. Hence, your kitchen remodel may not be valuable in the long run if your home’s condition is not up to par.
You need to note that not all kitchen renovations influence home value equally. It’s more likely for the ROI of minor kitchen renovations to be higher than that of luxury upgrades. Hence, if those stylish or exotic renovations are not for your use, avoid adding them to your kitchen remodel.
What Does It Cost to Remodel Your Kitchen?
However, you want to look at it, you need to spend a decent amount of money to renovate your kitchen to a particular taste. The cost of kitchen renovations depends on the scale of remodelling carried out.
There are three different scales. These are minor kitchen remodel, major kitchen remodel, and upscale kitchen remodel. The average cost for a minor kitchen remodel is about $23,452. The average resale value for this scale is $18,206, meaning you will recoup about 77% of your expenses.
For a major kitchen remodel, the average cost is $68,490. The average resale value for this scale is about $40,127, meaning you will recoup almost 60% of your expenses.
However, for an upscale kitchen remodel, you will spend an average of $135,547. The resale value is about $72,993, meaning you get to recoup just about 54% of your expenses.
This shows that minor kitchen remodels have higher ROI than major or luxurious renovations. Kitchen renovations increase the value of your home. But you don’t need to spend a lot on unnecessary renovations if they don’t turn out to be meaningful.
How to Reduce the Cost of a Kitchen Renovation
Though you carry out a kitchen renovation to increase home value, you need to take care that the cost of doing so is within budget. Here are some steps you can take to ensure affordable kitchen renovation.
Select cheaper materials
When installing countertops and hardwood flooring, you can save money by choosing cheaper variants. The key is to beautify the kitchen without overspending.
Use materials you have
Rather than replacing your older oak cabinets with new ones, you can stain them to make them look unique and upscale. By staining, you save money on painting or replacing them with new ones.
Don’t take out too many things
While renovating your kitchen, it may be too expensive to dislodge an entire wall to open it up. You can reduce your expenses by opening just a part of the wall to allow for a pass-through window. Doing this will leave the kitchen with an expansive feel. It also saves time and is less stressful than removing an entire wall.
Leave it as it is
If your kitchen is in terrible shape, it means it’ll take more work to renovate it before selling your home. More work equates to higher renovation costs. Hence, it may be best for you to leave it as it is. When the prospective buyer buys your home, they will renovate it to their taste.
The Joy Score of Kitchen Renovations
When thinking about how kitchen remodel increases home value, it’s usually the monetary value that’s highlighted. People often forget about the joy score. However, that should not be the case. The joy score is equally important.
The joy score is the enjoyment, or innate satisfaction homeowners get after renovating their home. As long as you work with professional kitchen renovators, the joy score of a kitchen remodel for homeowners is 10 out of 10.
This shows that even though kitchen renovations increase the value of your home, it also pleases you as a homeowner when you do so. There is hardly any homeowner who regrets upgrading their kitchen.
Sometimes, homeowners end up loving their homes again after renovating their kitchen. This means it can also be a ticket to you loving your home again and deciding not to sell it.
Advantages of Kitchen Renovations
Though kitchen renovations increase the value of your home, you may be wondering what else you stand to gain by doing it. After all, you want to sell the house, so why spend money on renovating it? Here are the other benefits of a kitchen renovation.
It improves the kitchen’s functionality
When you remodel your kitchen, it adds more space to it, reducing traffic jams and improving efficiency.
It is affordable
You can make your kitchen renovations affordable by keeping to the tips mentioned previously. With reduced expenses, you can add to your home’s value without breaking the bank.
Better experiences in the kitchen
Kitchen renovations give your kitchen a better feel, making it a more welcoming environment for everyone. When you cook meals, it becomes a more enjoyable experience than before.
Related Article: What is the Cost of Kitchen Renovations in Toronto?
Boost Home Value with Kitchen Renovations
Though you may not recoup all your expenses, kitchen renovations increase the value of your home. So, if you desire to renovate your kitchen, you should do so.
When it’s time to renovate your kitchen, you need to ensure only the best professionals do the job. If you give out such projects to untrained professionals, you run the risk of getting shabby jobs, costing more than you bargained for.
Therefore, if you want to embark on a kitchen upgrade or renovation project, look no further than Basement Finishing Company. Contact us today and allow our experienced professionals to show you the many ways we can turn your kitchen into a mini paradise.