How much does a kitchen remodel add to home value?
If you are looking for different ways to add value to your home, you will have a number of different options at your disposal. From extensions to renovations; there are plenty of ways to make your home more valuable. When it comes to home buyers, the two rooms that people tend to pay most attention to are the bathroom and the kitchen. In this blog post, we are going to focus on the latter, helping you to understand how much a kitchen remodel can add to the value of your property.
Cost of a kitchen remodel
Firstly, we need to establish the cost of a kitchen remodel. There is no denying that you are going to need to put your hand in your pocket in order to make money. You are going to be looking at a cost between $35,000 and $55,000 if you are going to maintain the existing footprint of your kitchen yet make updates to all of your outdated pieces and replace your countertops. However, if you are going to have the entire kitchen gutted so that you can effectively create a new room in every sense of the word – meaning a new layout, new dimensions, and new everything – then you can spend as much as $120,000.
It is important, therefore, to understand that your kitchen remodel can be as cheap or as expensive as you want it to be. However, when making decisions, you need to consider the ROI at all times. After all, the purpose of your remodel is to add value. Therefore, going for the cheapest options available are not going to help you with your end goal. This does not mean you have to spend a fortune either. It is all about making the right decisions. This is something that an experienced contractor will be able to help you with.
ROI on a kitchen remodel
When it comes to working out the ROI on your kitchen remodel, it is really going to depend on the condition of your property and the price point that it is going to be sold at. Research indicates that you are probably going to recoup anything between 60 and 80 percent of what you paid on the remodel. This was determined in the Remodeling Magazine’s 2019 Cost vs. Value Report. However, there are a lot of homeowners that have managed to recoup more than this, so it really is unique to you and your property.
Hopefully, you now have a better understanding of how much value you can add to your home by renovating your kitchen. Of course, there are a number of different factors that are going to need to be considered when it comes to the exact amount of money you can expect to receive. This includes the current state of your kitchen and the improvements that are made. Nevertheless, we hope that this has helped you to see that remodelling your kitchen can be very valuable overall.
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