When it comes to increasing the value of your home, remodeling your kitchen is one of the most popular options. But is it worth it? The answer depends on a variety of factors, including the region, the local market, and the level of renovation. In general, homeowners can expect to recover around 52% of their investment in a new kitchen if they sell their home. However, investing thousands of dollars in a complete kitchen transformation before you list your house for sale might not be the best investment.
Unless your kitchen is extremely outdated, dysfunctional, or damaged, the chances of you getting a 100 percent return on investment in a kitchen remodel are slim. But giving your kitchen a little facelift may be enough to compete with other houses on the market without breaking the bank. If you don't want to go through the headache, time and expense of a minor or major kitchen remodel and there's nothing functionally wrong with your kitchen, selling without remodeling first could be your best option. The average performance of a kitchen remodel varies greatly depending on the region, the local market and the level of renovation that is done.
As you budget for home renovation 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 allows. Real estate investor Donald Olhausen suggests adding a kitchen island as one of the best ways to increase the value of your kitchen when embarking on a renovation. In all regions of the report, a minor kitchen remodel offers the best return on investment of any type of kitchen remodel. And on a scale of one to 10, the National Association of Realtors (NAR) reports that the joy score of a kitchen renovation is a solid 10, both for homeowners who hire a professional to do the remodeling and for those who undertake the project on their own.
With thousands of online home listings at your fingertips, it's easy to compare your home to the latest and greatest kitchen trends. Yes, a new kitchen is likely to attract new buyers, but quartz countertops and a Viking range aren't going to save the deal if the home inspection reveals serious problems elsewhere in the house. Old, outdated, and malfunctioning appliances are one of the main reasons homeowners renovate a kitchen or move to a new house entirely. If you're in a region where a minor kitchen remodel doesn't have great benefits, it might be worth considering a home improvement that does. From a financial point of view, the best (and most intelligent) type of kitchen remodeling is one you can enjoy for a few years before selling it, since it's unlikely that you'll get back 100 percent of the money you spend on renovation.
Remodeling magazine classifies minor kitchen removals in the “mid-range” cost category due to its limited scope. So does remodeling your kitchen add value? The answer depends on many factors including location and level of renovation. Investing in minor renovations such as adding an island or updating appliances can help increase your home's value without breaking the bank. However, if you're looking for maximum return on investment it's best to wait until after you've sold your home before undertaking any major renovations.
Leave Message