Kitchen Remodel Return on Investment: How Much Does A Kitchen Renovation Increase Home Value?
Aside from the monetary gains that kitchen renovations pose to your wallet, they also offer an increased feeling of happiness in your home. Nowadays, kitchens are more than just rooms to prepare food. They double as spaces for loved ones to gather, work from home offices and places to make memories. As such, creating a kitchen space you love is extremely important.
In the Coronavirus era that is our new reality, this concept became even more salient. Kitchens became lifelines for many throughout the uncertainty of quarantine. They offered a space for loved ones to entertain themselves, whether through experimenting with homemade sourdough or taking a virtual mixology class. As we move into 2021, if there’s one thing homeowners have learned, it’s that creating a space you love, matters.
So when asking, “how much does a kitchen renovation increase home value?” consider the intangible benefits that will improve overall happiness and well-being, along with the financial benefits from investing in a home upgrade.
How much does a kitchen renovation increase home value?
When considering if your kitchen remodel return on investment will be worth the time and money spent, there are many factors to be considered. As a general rule of thumb, the more minor the investment, the greater your kitchen remodel return on investment will be. Meaning, smaller amounts of work tend to pay greater dividends than more full-scale projects. On average, minor kitchen remodels amount to an 81% return on investment, while major kitchen remodels generate only 53% percent.
If you’re planning on selling your home, a recently completed kitchen remodel can appear extremely attractive to prospective buyers. Buyers have a greater tendency to put in a purchase offer when your space looks modern and updated. Working with a realtor can help you determine what type of renovation will benefit you the most. In some housing markets, major kitchen renovations may actually be more cost-effective than minor renovations. It all depends on where you live and the housing demand at the time you are trying to sell. Again, we recommend working with a professional to determine what type of remodel will be most cost-effective.
How do I ensure a return-on-investment from my kitchen remodel?
If you’re looking to remodel for a lower cost, there are some tips you can use to maximize your return on investment. Some examples include purchasing matching appliances rather than splurging on stainless steel, refinishing cabinets instead of installing new ones, refreshing sink grout and installing an eye-catching backsplash. These are cost-effective ways to give your kitchen a facelift.
Inspiration for kitchen renovations that add value
Like we mentioned earlier, the most likely way to complete kitchen renovations that add value is opting for minor renovations. Minor renovations typically cost around $20,000. In this scenario, some elements of your kitchen will remain in place and the basic footprint will likely stay the same.
Focus on upgrading countertops to solid surface or stone, like quartz or granite. When selling your home, buyers will be enticed by elegant countertops, particularly if you spring for a current theme, like all-white or dramatic contrasting colors. Instead of installing new cabinets, strip, sand, and repaint your existing ones and add some new hardware for a more finished look.
Flooring is another quick and easy fix for a dated kitchen. Today’s buyers want durable finishes in neutral colors, so choosing a rectangular porcelain tile or wood-look tile are both excellent choices. For a few dollars per square foot, you can transform your kitchen space into a more modern, upgraded version of itself and improve your home’s value in the process.
Replace your kitchen faucet with a new, dramatic statement faucet from a leading brand. Touchless faucets are the newest trend and allow hands-free operation for messy kitchen jobs. How about lighting? If you have an island or peninsula, consider pendant lights to highlight the space and add some color. Overhead can lighting is ideal in a kitchen, but in a pinch you can substitute an older fixture with a newer, brighter LED ceiling-mounted light.
It doesn’t take much to spruce up your kitchen space; in fact, just a few tweaks here and there can add up to big changes. You don’t need to drain your bank account in order to complete renovations that add value. Simply applying a coat of paint to your cabinets in a color that pops and adding new hardware can completely reinvigorate your kitchen, and provide inspiration for additional renovations that add value, and no professional contractors are required.
At Chris Riggins Construction, we are here to guide you through each step of your kitchen remodeling project. We can help you create a finished kitchen remodel that increases property value and provides a space you and your family will enjoy for many years to come. Contact us today to learn how Chris Riggins Construction can bring the vision for your dream home to life!