In most cases, you can count on your updated kitchen to increase the value of your home. Not surprisingly, buyers are willing to pay more for high-end finishes and well-thought-out upgrades. 80% of homebuyers ranked the kitchen on their list of the three most important spaces, according to a recent survey. 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. But investing thousands of dollars in a complete kitchen transformation before listing your home might not be the best investment.
Unless your kitchen is extremely outdated, dysfunctional, or damaged, the chances that you will see a 100 percent return on investment on a kitchen remodel are rare. However, giving your kitchen a mini face wash may be enough to compete with other houses on the market without breaking the bank. Increasing the functionality of your kitchen by adding a desk area or multipurpose area is an increasingly popular way to add value to kitchens amid the COVID-19 pandemic, as many people continue to spend most of their time at home. With a newly remodeled kitchen, you can enter the sales process with the confidence that everything is in order and in good condition.
If you're in a region where a minor kitchen remodel doesn't yield high yields, it might be worth considering a home improvement that does. As you come up with a home renovation budget and determine what efforts are worthwhile, you'll need to assess whether the expense of a major kitchen remodel is efficiently offset by the increase in home value that can be afforded. The most cost-effective materials are laminate, butcher's block or stainless steel (a look that only works in modern kitchens). Better Homes and Gardens says homeowners can expect a return of around 52% on their investment in a new kitchen if they sell their home.
Although adding a kitchen island has a lot of benefits, be prepared to spend a little money, as this type of improvement requires quite a substantial investment. An impressive kitchen is both a focal point of a home and a great selling feature when it comes time to put your property on the market. So what's going on? Next, we'll go over what you need to know in answer to the question: Does a kitchen renovation increase the value of the home? , including how you can make the most of your remodeling investment. The key to keep in mind here is that just as an impressive, renovated kitchen can sell a home, an outdated kitchen can hinder a sale.
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 backsplash, 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. Doing your home kitchen remodel yourself can be cheap or heavy on your pockets, especially when you want custom cabinets and countertops. Just like with tile backsplash, you can't undermine the impact of having good lighting inside your kitchen. Beatrice de Jong, Broker and Consumer Trend Expert at Opendoor, says they're still the best bet when it comes to adding value to a kitchen.