Does Renovating Your Kitchen Increase Your Home’s Value?
One question we get asked a lot at Cabinetmaker’s Choice is whether or not updating or renovating a kitchen can increase the value of a home, especially compared to focusing on other spaces throughout the house. After all, most people spend a lot of their time in the kitchen, but do they think about the area and what they need from it?
Fear not! Updating your kitchen is one of the best things you can do to increase your home’s value, regardless of whether you’re getting it ready for a future sale or just making sure you’re keeping up to date with new trends. So let’s examine how and why these renovations can increase your home’s value and what they mean in the long run!
Why does a kitchen remodel up your home’s value? Because it is honestly one of the first and most extensive parts of the house that a new buyer focuses on. They picture themselves in the space and the less they have to do to make it livable or nicer looking, the better. Buyers typically rate kitchens higher on their priority lists than other property amenities such as garages, baths, master bedrooms, etc. However, given that kitchen remodels often cost between $20,000 and $120,000, it is essential to comprehend which renovations affect your return on investment (ROI) and how.
According to Better Homes and Gardens, homeowners may anticipate a return on investment in a new kitchen of 52% if they decide to sell their house. The precise amount you’ll recover is based on several variables, including the home’s worth, the homes in your community, and the project’s quality.
Next question, what should you focus on to add value? Well, that depends a lot on your budget, how long you want to spend in the house, whether or not you are focusing on selling now or long-term, and a few other things. But here are a couple of changes you might focus on:
- A size or configuration change: A kitchen’s improvement and expansion can increase a home’s value; however, it can be pretty pricey. If your budget doesn’t allow for a complete remodel, consider making less expensive design changes, such as putting in a small island or raising kitchen cabinets to create more space.
- Replacing out-of-date/ineffective components: Try upping the value of your kitchen by replacing outdated or inefficient features, such as upgrading to energy-efficient windows or buying new appliances.
- Visual upgrades: Enhancing a kitchen’s appearance is another approach to increase its worth. You could consider upgrading the cabinetry, adding ornamental lighting, or putting in an eye-catching backsplash. Other options include changing the countertops, upgrading fixtures, or even regrouting/tiling the floor.
- Make the space more accessible: A kitchen can be made more accessible for people with restricted mobility by lowering cabinets, widening the area beneath sinks and work surfaces, leaving enough clearance for wheelchairs or walkers, and doing other things. This could be a great way to get older individuals or those with handicaps to pay more attention to your home, as they can more easily see themselves in it!
So, in the end, is a kitchen renovation ‘worth it’? A well-done kitchen renovation will increase your home value, and even if you decide you aren’t selling or are doing it just because you want to, it’s still a huge benefit to your home. And if you want the best when it comes to your cabinetry, look no further than Cabinetmaker’s Choice. Contact us today to get your journey started.