Kitchen remodels are high on most homeowners’ wish lists. However, they don’t always add as much value to the home as the owner hoped for. There are a few things to consider when decided to take on a big project, like a kitchen remodel.
The kitchen is often called the heart of the home. It is well-used and is often the center of major events and holiday celebrations.
Having a kitchen that is functional and attractive is important to most homeowners and prospective buyers.
Average Cost and ROI
The average cost of a kitchen remodel varies. Upgrading can cost around $35,000 and may add about $20,000 to the value of a home. This calculates as about a 57% ROI (return on investment.)
A full remodel averages about $65,000 but can go as high as $100,000 or more if you change the footprint or have a large space. Full remodels typically net a slightly higher return at 62%.
Visit our Interior Home Services page to learn how Birdseye Construction can assist with your kitchen remodeling project.
Things to Consider
To help make a decision about what to do, think about why you are wanting to remodel.
Consult a Realtor
If you are remodeling to help sell your home for more money, or sell it faster, it might be a good idea to consult a local realtor. They can help you identify the best options for your neighborhood and price point.
You don’t want to overbuild or renovate too much for the area. You also need to make sure your home isn’t undervalued because the neighbors have all updated already. If so, you will need to match their updates.
A realtor also knows what buyers are most interested in and looking for in a home purchase.
If you are remodelling to increase your home’s appraisal value for a refinance, these are also important things to consider.
Remodeling for Your Own Enjoyment
Most people renovate for their own enjoyment, or to increase functionality. Loving your space is important if you plan to stay in the same home for many years.
Small projects can make a big difference if your budget is on the lower end. Establishing a budget can help you decide which projects you can tackle. Make sure to add a cushion of 10-15% for unexpected repairs and expenses.
Small Project, Big Return
There are some smaller projects that have the biggest return on investment for a limited budget.
These are a few examples:
Changing out the hardware on cabinets can have a big impact if new cabinets are unattainable. Matte black is the “in” metal choice. Match the faucet to the hardware for a cohesive look.
Another way to update cabinets is to paint them or change out door fronts. White kitchens will always be popular, but colored cabinets are making a big impression too.
Research colors that are popular, or consider a two toned look. Changing outdated door fronts can be a cost effective way to add value and completely change the look of your kitchen.
Backsplashes can make a big statement. With the use of tile, they can be done in all colors and geometric shapes, as well as fun patterns. They are easy to install and change out.
Lighting is another simple change that can have a big impact. Updating lighting to something modern and eye-catching can instantly add value. Getting rid of fluorescent kitchen lighting of the 80s and 90s is a must. Adding rope lights or undermount cabinet lights can also update the look and make it appear more custom.
Appliances are a more costly investment, but will add value and increase efficiency. Newer appliances can help lower energy costs and some even have smart features. New appliances are a fun and practical update to consider.
Whether you decide to go all in or just make a few small changes, do your research and talk with professionals. They can help you come up with, and stick to a budget; and make the right choices for your project.