There’s a popular saying that kitchens and bathrooms sell homes. Having a nice, updated kitchen enhances a home’s appeal, since many potential buyers prefer newer aesthetics and functional layouts.
As many as 55% of homeowners and home buyers claimed that a decent kitchen may persuade them to buy a property they otherwise wouldn’t, a Rocket Homes poll found. Because of this, many real estate agents recommend that sellers invest in kitchen renovations before listing their homes.
But how much does a kitchen remodel affect home resale value? Is it worth the investment?
Yes, a well-executed kitchen renovation can increase the value of your home. The kitchen is one of the most scrutinized areas by potential buyers during the home buying process. It can make or break a home’s appeal. A modern, stylish, and functional kitchen can be a strong selling point, while a dated and dysfunctional one may deter potential buyers.
According to a report by Remodeling Magazine, a minor kitchen remodel (midrange) recoups an average of 85.7% of its cost upon resale. A major kitchen remodel (midrange) recoups around 41.8% of its cost. These statistics prove that investing in a kitchen remodel can pay off handsomely in terms of boosting home resale value.
It’s easy to go overboard on a kitchen renovation. So what exactly should you do to your kitchen to get the most bang for your buck? How can you ensure your investment is a smart one? Follow these tips:
Every homeowner wants a kitchen they love — one where they can move around easily and access everything quickly. If resale value is in the back of your mind during your kitchen remodel, make the layout and functionality a priority. A well-designed kitchen that maximizes storage space and provides easy flow is a major selling point for most homebuyers. A functional kitchen with a well-thought-out work triangle (the distance between the sink, stove, and refrigerator) is not only convenient for the current homeowner but also appealing to potential buyers.
If your kitchen cabinets are outdated or showing signs of wear, investing in new cabinetry can significantly boost the appeal of your kitchen. If the structure of your existing cabinets is sound, you could save money by refacing the cabinet front instead of replacing the entire cabinet. No matter what you decide, choose high-quality, durable materials and modern designs that complement the overall aesthetics of your home. Updating cabinet hardware, such as handles and knobs, is another way to give your kitchen a fresh, contemporary look without breaking the bank.
Nothing says “wow” like stylish and high-quality countertops. Consider replacing old, scratched surfaces with durable options like quartz, granite, or butcher block. Stainless steel appliances are still a big hit among buyers and can add a touch of sophistication to your kitchen.
Good lighting works wonders if your goal is to make your kitchen feel more inviting and functional. Install energy-efficient LED lights under cabinets, pendant lights above the kitchen island, and dimmer switches to create the perfect ambiance. You can even customize the hardware on your kitchen appliances like your refrigerator, oven, dishwasher and more. Updating faucets and other fixtures can also add a touch of luxury without blowing your budget.
A coat of fresh paint can work wonders in brightening up your kitchen. Choose neutral, timeless colors that appeal to a broad range of tastes. You could also consider upgrading your kitchen flooring with durable and stylish options like hardwood, tile, or luxury vinyl plank.
While kitchen renovations can add value to your home, it’s essential to strike the right balance between cost and return on investment. The key is to avoid overspending on unnecessary luxuries and focus on upgrades that offer the best value for your investment. Aim to spend around 5-15% of your home’s total value on a kitchen remodel to achieve the optimal return on investment (ROI).
A well-planned kitchen remodel can increase the resale value of your home. Work with your kitchen designer to create a kitchen that appeals to potential buyers and makes your home stand out in the market. As you do, remember to stick to a reasonable budget and avoid going overboard with extravagant upgrades — this strategy will help you reap the most rewards upon resale.
Every home deserves a kitchen that’s beautiful, welcoming, and functional — designed for the way you live. Established by two long-time central Ohio homebuilders and craftsmen, The Creative Kitchen Co. offers customized kitchen remodeling and refacing solutions. Contact us for more information.