How Does Kitchen Remodeling Affect My Home’s Value?
Kitchen remodeling projects can improve the worth of your house when selling.
But, when remodeling your kitchen, the return on investment that you will see depends on several factors.
These include:
- Where you live
- How much your remodel cost
- Which upgrades do you choose for your kitchen
Cost of kitchen remodeling
The cost of kitchen remodeling depends on certain factors such as kitchen area, appliances, the material used, etc.
According to Remodeling Magazine’s 2018 Cost vs. Value Report, on average, a kitchen with the below specifications can be remodeled for almost $64,000(which is quite expensive);
- 200 square feet area
- An island
- Wooden cabinets
- Standard sink and faucet
- Laminate countertops
Similarly, a gourmet kitchen with custom cabinets, granite countertops, built-in & commercial-grade appliances, and a tile backsplash may cost you almost $126,000.
On the other hand, more affordable renovations can include updating hardware and cabinet fronts, changing appliances, new flooring, and new laminate counters, which may cost you around $21,000.
So how much do people generally spend on kitchen remodeling?
70% of those who remodeled their kitchens spent an average of between $5000-$50000. Just one out of ten homeowners went for expensive renovations exceeding $100,000.
Conclusion? A kitchen remodeling can get quite expensive.
How To Set Budget For Kitchen Remodeling
Even if you have a limited budget for kitchen remodeling, you still have to allocate it wisely.
- Should you go for new hardware?
- How much should you spend on cabinets?
- Are new light fixtures essential right now?
Here are some tips to reach a decision faster.
3 budgeting tips for kitchen remodeling
- Allocate a significant portion of your budget to expenses for renovations you want to retain for a longer duration, i.e., cabinetry, appliances, etc.
- Renovate your kitchen according to your neighborhood, don’t overspend on unnecessary materials.
- Renovations sometimes can exceed your budget, so setting aside 10 to 15 percent of the total budget for unplanned expenses is crucial.
Tips To Save Money On Kitchen Remodeling
First, always create a plan before starting any renovations. You will eventually add more costs to your budget if you keep changing your mind during this process.
Here are some valuable tips to get things done in a cost-efficient way;
– Refinishing or painting your cabinets can be a better alternative than throwing them away. Or, if painting is not enough, consider refacing the cabinetry.
– Repainting kitchen appliances is a good option if they are in good shape.
– A new backsplash can add new life to your kitchen, and the material is very economical.
– Rather than choosing real hardwood or slate floors, you can go for Vinyl flooring; it is more cost-efficient and still looks refreshing.
3 Common Kitchen Remodeling Mistakes You Should Avoid
Apart from those money-saving tips, here are some common kitchen remodeling mistakes you should avoid;
- Make sure that the aisles are not too tight. You want your kitchen aisles to accommodate all that goes on in a kitchen. The ideal width for aisles would be 42-48 inches.
- Oversizing or overloading the islands is not a good idea. If you have a bigger kitchen space, it is better to have two islands than one super-sized island.
- Impulsive decisions related to kitchen redesign can be a costly mistake. Things in showrooms look different, and when it’s installed in your kitchen, they give a completely different view. Therefore, it is better to bring samples home and then decide after.
Average ROI on Kitchen Remodeling
How much you recoup for the investment you made on kitchen remodeling depends on certain factors such as your area/city/state, type of renovations, etc.
The Average ROI Stats on Kitchen Remodeling;
- For a major kitchen remodeling, the average ROI is 54%.
- Similarly, the average ROI for minor kitchen remodeling is 81%.
- If you have a house in the Pacific area of the country, the average ROI on smaller remodeling projects will be 93%.
Top 3 Benefits Of Kitchen Remodeling
1. Safety
Your kitchen is a place where you cannot compromise on safety measures. Old electrical appliances, slippery surfaces, “depreciated” cooking ranges, etc., can be a risk to your safety. So, when it comes to remodeling your kitchen, make sure that you are using modern appliances, materials, and techniques to ensure the safety of your loved ones.
2. Increased Energy Efficiency
Installing the new and latest appliances is common in kitchen remodeling. These appliances are energy-efficient and can reduce your house’s overall energy consumption and save money.
3. High Resale Value
Kitchen remodeling is an investment that boosts the resale value of your home. Buyers always keep kitchens as their top priority whenever they examine a house.
Final Words
There’s no question that remodeling your kitchen can increase your home’s value and give you a serious advantage when you’re ready to sell your home. But, planning a remodel that gives you the best possible ROI can be challenging.
So, make sure you follow the above tips if you want to succeed on all your kitchen remodeling projects!
I hope this post helps, looking forward to joining you all in this journey to Financial Freedom & Education!
