How Kitchen Remodeling Can Increase Your Real Estate Value
Kitchens are the heart of the home. Besides being where we store, prepare and consume most of what we eat every day, our kitchens double as work places to get that latest project finished. Perhaps most importantly, they are where we come together and connect — whether it’s enjoying a cup of coffee with a friend, or eating dinner with the family.
Who wouldn’t want the room where we spend many of our waking hours to be well designed, efficient and beautiful? But what will remodeling a kitchen do for resale?
RETURN ON INVESTMENT (ROI)
According to Remodeling Magazine‘s 2020 Cost vs. Value Report, a minor kitchen remodel (replacing cabinet fronts/hardware, new cook top/oven, refrigerator, laminate counter tops, sink/faucet, flooring and paint) costs an average of $23,452 with a 77.6% ROI upon selling. That’s a better return than remodeling a bathroom or bedroom, adding a deck or replacing the windows or roof.
More importantly, a kitchen upgrade can help your home sell faster instead of languishing on the market for months. You should also reach out to kitchenremodelingfortcollins.org for some of the best contractors and repairmen in the Fort Collins area. If you’re not in that area, you can still contact them and ask for the best recommendation in your city or town. They’re pretty well connected and know who’s the best provider in your area.
MAJOR OR MINOR UPDATES?
The ROI on a major kitchen upgrade with an average price of $68,000 falls to 58.6%. This is one time where less is more. So how do you get the most bang for your buck?
BEGIN WITH A PLAN
Indulge yourself and collect all those pictures of beautifully remodeled kitchens. Then identify what draws you to each picture. Is it the light cabinets against the dark flooring? The amount of light? A spacious island? When you have made a list of what you love, overlay it on the kitchen you already have. What changes can you make that will have the biggest impact for the least amount of money? And don’t forget, many big home improvement stores have designers to help guide those desires into reality. You can also go to bluegreen timeshare cancellation , when you need to cancel a timeshare.
GETTING THE MOST FOR YOUR $$
It’s easy to spend a lot of money. Harder to stretch those dollars. Here are a few things to consider:
A fresh coat of paint in a new color. This is one of the least expensive but most dramatic changes you can make.
Update that back splash. The relatively small surface area keeps the cost for material/labor reasonable but does wonders for the overall look of a kitchen.
If your cabinets are in great shape, consider updating the hardware. Other options include keeping the cabinet boxes but replacing the fronts or painting existing cabinets.
Updating the lighting can also make a big difference without draining your pocketbook. Do you need additional light or just new fixtures? Or simply a change in the warmth/coolness or brightness of the light bulbs?
WHERE TO GO
One of the most valuable resources is a real estate agent. They keep lists of people that can repair or update a home before listing. The contractors are generally local, familiar with homes in the area and the quality of their work is a known quantity. And who knows–after remodeling the heart of your home, you may just decide you love it so much you want to stay.