How a Kitchen Remodel Can Increase the Value of Your Home
Homeowners looking to increase their home’s value before listing the home for sale should carefully consider which improvements will add the most value to their home. Many home remodeling projects are bound to increase the value of your home, but it all depends on your budget and house condition.
Homeowners may go with bathroom remodelings or additional decks to entice buyers. A kitchen remodel, however, is the project that has stood above almost every other home remodeling or renovation in the past years.
Whether you plan to sell your home immediately or want a fully updated kitchen to enjoy for years to come, the pros of kitchen remodelings often outweigh the cons.
The Impact of an Updated Kitchen
Kitchens are often described as the heart of a home. It is where families come together to cook meals, hand down secret recipes, and have heart-warming conversations.
Signs of wear and tear are commonly found in kitchens. This is especially true for homes with large families. The combination of daily use, high foot traffic, high heat, and water pipes makes kitchens prone to various types of damage.
This is also why many homebuyers look closely at kitchens. As a damage-prone and much-used area, a well-maintained kitchen can be taken as a sign of a well-maintained home. Additionally, updating your kitchen allows you to fully showcase its functionality and beauty, even after years of faithful use for you and your family.
A kitchen remodel not only helps improve the resale value, but also the owners’ quality of life and happiness.
DanaKing.com is a trusted St. Louis home remodeling company, but we know our word may not be enough to convince others. So, take a look at what other industry experts say, too.
In the 2019 Remodeling Impact Report, kitchen renovations ranked as the third most popular type of home improvement project. Meanwhile, the 2021 Cost vs Value Report from Remodeling Magazine ranks kitchen remodels as the third-best home improvement project to recoup costs.
Does a Kitchen Remodel Truly Increase Home Value?
Yes, a kitchen remodel truly does improve your home’s resale value. However, take note that there is still a difference between raising your home’s value and recouping all your spending or investment on the project.
It is rare to receive a 100% return on any home improvement investment. The highest-ranked project in Remodeling Magazine’s 2021 Cost vs Value report does not recover even 95% of total costs. A garage door replacement, while cost-efficient, only has a 93.8% return on investment.
Average Recouped Costs for a Kitchen Remodel
You need to carefully evaluate both your budget and the current state of your kitchen if you want maximum return on investment. Not all remodeling costs may be worth your time and budget, regardless of how substantial it may be.
First, take note of anything that requires basic or practical repairs, such as leaking faucets and rusted cabinet hinges. A beautiful but faulty kitchen would still rank lower than a simple yet functional one.
Then, look into kitchen feature upgrades that cost less but provide high returns.
The Remodeling Magazine’s 2021 Cost vs Value notes that a kitchen remodel with minor changes using midrange products recoups over 72% of costs incurred. An average minor kitchen remodel costs just over $26,000 and recovers almost $19,000 in expenses via a higher home resale value.
The magazine recommends smaller changes, such as replacing cabinet fronts, installing new hardware, and replacing laminate countertops, for a low-cost project with higher resale value.
For major upgrades, though, you can completely gut the cabinets and commission built-in sliding shelves, upgrade to a ceramic or glass backsplash, and install a high-end under-mount sink. Such a project can cost upwards of $145,000 and recoup 54% of the costs.
Kitchen Features That Best Improves Resale Value
DanaKing.com can help you identify which parts of your kitchen can provide the best results when remodeled. Here are some of the most popular kitchen features and possible upgrade options:
- Cabinets and drawers: Replace the cabinet doors and drawer pulls for a minor kitchen remodel or gut and change the cabinet boxes completely for a major renovation.
- Countertops and backsplashes: Update to granite countertops for high-end remodels or quartz for a less costly option. Colorful backsplash tiles can improve the atmosphere and overall appeal despite being a small change.
- Appliances and light fixtures: Switch to smart and energy-efficient appliances, like inverter fridges and LED lights, as more homebuyers prefer eco-friendly options.
- Kitchen sink: Match the kitchen sink and faucets to new drawer pulls and countertops.
Love it or Sell it?
Beyond recouping costs, a kitchen remodel project can improve your overall happiness and enjoyment of your home. The Joy Score, which ranks homeowner happiness from one to ten, ranks professionally upgraded kitchens at a 9.2!
A beautifully renovated kitchen results in 90% of homeowners wanting to spend more time at home. And, with the current pandemic where we have little to no choice but stay at home, renovation projects are even more valuable. Kitchen and other home remodeling projects can greatly improve our overall disposition and mental health.
If You Decide to Remodel, an Expert Can Help
Speaking with a trusted St. Louis home remodeling company, like Dana King Home Remodeling, can help you figure out a kitchen remodeling plan and budget.
Kitchen remodel projects are truly worth it. A more appealing kitchen design is not only a motivating factor for buyers but also helps improve the house’s selling price.
Even if you don’t recoup 100% of your renovation costs, you can still improve your home’s overall resale value. Moreover, if you are not planning on selling right away, a kitchen remodel raises your happiness at home. And that is something you cannot put a price on.