So far, the industry standard ROI for mid-range kitchen remodeling falls between 50 and 60% of your total remodeling budget. A new kitchen adds value to a home. It's one of the most popular rooms in the house and it's the room where you and your family spend the most time. It's no wonder that kitchens are one of the first rooms homeowners look at when thinking about renovating their homes.
It's so popular that real estate experts have included kitchen upgrades and full kitchen renovations as second and third on a list of home renovations that add value to your home. Renovating your kitchen can be expensive very quickly, especially if you dream of custom cabinets, quartz countertops, and spacious islands. Changing kitchen lighting can be as simple as buying a new fixture, but it's one of the best projects for a good ROI. Cabinets are one of the most expensive parts of a kitchen renovation, accounting for 30% of your total expenditure.
Plus, your new kitchen sink and panoramic window are fulfilling your lifelong dream of standing at the kitchen sink and looking out onto your patio. In a major kitchen remodel, you can take many of the same actions, but the finishes will be of higher quality, think high-end custom cabinets, stone countertops, high-end appliances, an imported ceramic or glass tile splash guard, an undercounter sink, a faucet with water filtration and lighting improvements, which could include general and task lighting, as well as LED lighting under the cabinet. Kitchens and bathrooms are the areas of a home where you can tell if money has been well spent or not, says architect Steve Straughan, partner at Los Angeles-based KAA Design Group. An open kitchen floor plan may be attractive initially, but not if it costs half the kitchen cabinets and storage.
Whether you're planning a few well-chosen upgrades or a complete overhaul of your current space, kitchen removals don't come cheap. And on a scale of one to 10, the NAR reports that the joy score of a kitchen renovation is a solid 10, both for homeowners who hire a professional to do their remodeling and for those who undertake the project on their own. But that's if you're doing a kitchen remodel that's in line with what other homeowners in your area are doing and what buyers are looking for. The National Association of Realtors indicates that a kitchen renovation has a joy score of 10 out of 10, regardless of whether the work was done by a professional or the homeowner.
In other words, a kitchen remodel is one of the best projects to undertake if you want to increase the value of your home. According to data from the National Association of Realtors, 80% of potential buyers consider the kitchen to be one of the most important, if not the most important, spaces in the house. As mentioned earlier, think about your remodel from the perspective of using the kitchen every day, and you'll be on the right path to a value-boosting renovation.