The focal point of every home is the kitchen. It can improve the overall appearance of a home. A kitchen’s aesthetics and efficiency also follow if you design and organize it well. When it isn’t, it may make a whole house appear antiquated and unorganized, which could be a significant issue if you are planning to sell your property.
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As per the National Association of Realtors, approximately 80% of potential buyers regard the kitchen as perhaps the most significant, if not the most important, room in the house. Many people said they are ready to spend much more money to have a better kitchen than to invest in a cheaper property without one. Hence, if you want to increase your home’s value, a kitchen makeover is undoubtedly one of the ideal tasks to undertake.
But, how does a kitchen makeover add sufficient value to your home? Why are consumers willing to spend much more for a good kitchen? Well, keep reading to learn more!
Is a Good Kitchen Renovation worth it?
The short answer is yes. Many agents will inform you that the kitchen sells homes, but improving the property’s value and earning a significant profit is different. When creating a home remodeling budget and deciding which projects are worthwhile, consider if the cost of a complete kitchen remodeling is effectively compensated by the gain in house value that it provides.
The table below shows Remodeling magazine’s Cost vs. Value analysis findings in 2020. This table shows how varying forms of renovation projects enhance property value.
| Minor Kitchen Remodel – Mid range | Major Kitchen Remodel – Mid range | Major Kitchen Remodel – Upscale | |
|---|---|---|---|
| Average cost | $23,452 | $68,490 | $135,547 |
| Average resale value | $18,206 | $40,127 | $72,993 |
| Recouped expenses | 77.6% | 58.6% | 53.9% |
Although the data above shows the approximate cost, resale, and gain in the US housing market, this data can still be applied in the case of the housing market in Canada. As seen in the table, home renovation projects rarely, if ever, yield a 100 percent financial return. The cost recovery value for mid-grade kitchen renovation projects was 72.2 percent in a 2021 research on Cost vs. Value by Remodeling Magazine. According to the same research, a mid-grade makeover is the third most expensive home upgrade project. However, because it raises the property’s value, a kitchen makeover has a positive return on investment. It is critical to conduct a thorough cost-benefit study to evaluate whether investing vast amounts of money (the estimated price of all kitchen improvements is about $25,000 or $150 per sq foot) to improve the value of your property is worthwhile.
It is important to remember that, just as a beautiful, renovated kitchen can sell a property, an older kitchen can prevent one from selling. Even if you cannot execute a total kitchen makeover, you will benefit from making targeted improvements in your kitchen space.
Top Kitchen Updates to Add Value to Your Home
A $25,000+ remodeling expenditure is out of reach for many families. As a result, breaking down a remodel into its constituent parts and picking and choosing the improvements that create the most impact on your budget and your goals can sometimes be a wise option. Here are some kitchen renovation ideas that will boost the value of a property without necessitating a big remodel and are an excellent starting point if you want to spread your budget as far as possible.
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- Modifying your kitchen’s layout
Modifying the arrangement of your kitchen, rather than ripping and replacing, affects the placement of things in your kitchen. It aims to make the most of your kitchen’s space, usefulness, and worktops. It also necessitates additional construction and installation.
You can try to install appliances and move them around with a redesigned plan renovation. However, such activities require relocating or replacing plumbing and electrical wirings, which might increase spending. - Repainting old kitchen cabinets and adding new and modern hardware
Kitchen Cabinets are among the most costly aspects of a kitchen remodel, accounting for about 30 to 40% of the total cost. Working with your existing cabinets rather than investing in a new one will save you a lot of money. You can entirely transform your cabinets for under $200 in paint and $300 in hardware, with no expensive installation necessary. You can spend more money trimming your old kitchen cabinets to make them appear shorter and extend to the ceilings or undertake another personal project to add elevation without replacing everything. - Install new lighting fixtures
In each space, including your kitchen, lights are essential characteristics. When it captures the attention, an accent lighting fixture (at minimum, a sleek, sophisticated style) will create a great impression and create an atmosphere for the remainder of the space’s design and vibe. If you are unsure where to begin, hire an expert to advise you or rewire current electrical wiring so you may install a distinctive style of the fixture. - Invest in new modern kitchen appliances
If the essentials, such as upgraded appliances, are already present, it’s much more straightforward for buyers to imagine applying their modifications to a kitchen. While it will still be expensive, focusing your kitchen makeover budget on items like a new refrigerator, modernized stove, or double oven increases the space’s utility. It is among the quickest modifications you can do. And, because appliances are frequently on clearance, you will almost certainly be able to obtain a good bargain if you schedule your buy well. - Replace old and worn kitchen countertops
The countertops in your kitchen are a centerpiece that may either make or break your space. As a result, investing in a kitchen countertop update can yield meaningful improvement. Search for materials like laminate and wood that are less expensive yet still look clean and modern. The modern production method has made these materials appear and feel much more premium than they used to be before, making them an excellent choice for updating an outdated kitchen.
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- Update the backsplash in your kitchen
An updated tile backsplash may tie a kitchen’s color scheme altogether, and the materials you need are typically inexpensive. Paying for labor is not expensive, but doing it yourself would be even cheaper. - Replace the Kitchen Sink
Installing a new kitchen sink seems like an upgrade that gets you more value for the money than you might imagine. Owners spend countless hours at the kitchen sink, so if it is missing in aesthetic or practicality, they will immediately notice it. You may add a fast and meaningful accent that buyers will love for approximately $500 total for the cost of a new kitchen sink and assembly.
Final Thoughts:
A new kitchen can increase the value of a home. It is one of the house’s most famous areas because it is where you and your family frequently interact. It is no surprise one of the very first places potential buyers and homeowners examine when upgrading their homes is the kitchen. According to housing market experts, this is why kitchen updates and complete kitchen improvements are second and third on a list of home modifications that add value to your property.
However, in the end, the decision is yours! If owning a kitchen you love being in is vital to you, whether you plan to sell or update your kitchen, you should consider a kitchen renovation.
References:
- Better Homes And Gardens. 5 Kitchen Upgrades That Add the Most Value to Your Home. Retrieved from: https://www.bhg.com/kitchen/remodeling/planning/kitchen-upgrades-cost-value/. Retrieved on 22 May 2022.
- Home Serve. 2021. How Much Value Does a Kitchen Remodel Add to Your Home?. Retrieved from: https://www.homeserve.com/en-us/blog/home-improvement/kitchen-remodel-home-value/. Retrieved on 22 May 2022.
- Moving.com. 2020. Does a Kitchen Renovation Increase Home Value?. Retrieved from: https://www.moving.com/tips/does-a-kitchen-renovation-increase-home-value/. Retrieved on 22 May 2022.
- Ramsey. 2021. How Will Kitchen Remodeling Affect Your Home’s Value?. Retrieved from: https://www.ramseysolutions.com/real-estate/how-will-a-kitchen-renovation-affect-value. Retrieved on 22 May 2022.
- Remodeling Magazine. 2020. 2020 Cost VS Value Report. Retrieved from: https://www.remodeling.hw.net/cost-vs-value/2020/. Retrieved on 22 May 2022.
- Remodeling Magazine. 2021. 2021 Cost VS Value Report. Retrieved from: https://www.remodeling.hw.net/cost-vs-value/2021/. Retrieved on 22 May 2022.
