Is a Kitchen Remodel a Good Investment?
How much does a kitchen remodel increase home value?
If you’re considering placing your home on the market in the near future, you may be wondering what will get you the most ROI: a kitchen remodel or bathroom remodel. Real estate experts will tell you that both are wise choices and depending on the condition of your bathroom(s), a kitchen remodel can be the prime choice to make.
When it comes to a kitchen remodel, the questions are endless, and with that in mind, we plan to answer some heavy hitting questions in this piece. If you’re going to go to the expense and trouble of a kitchen remodel to sell house, you want to make sure you’re choosing the right things so that you get the most from your kitchen remodel budget and the most ROI possible.
Professional remodel contractors and real estate experts estimate that with a $35,000 investment for a kitchen upgrade will increase the value of your home around $20,000. That is a 57% return on your investment. Go with the full kitchen remodel and renovation, your ROI increases to 62% with an investment up to $65,000.
You’re basically looking at getting 50 cents for every dollar you spend either way. So, yes, you need to do some homework before making that big of an investment. If less expensive cosmetic fixes on a smaller frame will do the trick, why spend that kind of money? Things like deep cleaning, fresh paint, new sink hardware and update the cabinetry pulls, then that may be the better way to go.
Consider what it is going to cost for bigger upgrades like installing new countertops. If you’re planning to sell soon, what do other houses on the market in your area have in the kitchen? A home in a low to mid-range market, high-end countertops could do more harm than good when it comes to selling the house.
However, if the comparable properties around you have granite countertops and you want to sell your house for a like-amount, either upgrade the countertops or accept a lower selling price. Going with a lower selling price just might save you some money.
What is the most expensive part of a kitchen remodel?
The cabinetry is usually the most expensive component with a price tag of around $15,000. A kitchen remodel that includes new appliances, you can expect to spend around $8,000 to $8,500 and if you’re going to update the countertops, ballpark cost of $6,000.
How do you update old cabinets?
We know that kitchen remodel updates can be expensive, but instead of replacing the kitchen cabinetry, they can be refreshed for less money and still give you a kitchen remodel to be proud of:
- Paint the Existing Doors
A great way to change your kitchen cabinetry is with paint. If you have wooden cabinetry, over time, they get dirty, faded, and look worn and new pain will make them look completely different. Use a grease and water resistant paint to keep any splash marks minimal.
- Vinyl Wrap the Existing Doors
A method that has become popular in recent years is vinyl wrapping, primarily on cars, but it can used on kitchen cabinet doors too. Vinyl is available in a variety of finishes from a high gloss to matte, patterned, textured, wood effect or a wide range of colors. There is a vinyl wrap to match any kitchen remodel décor.
- Add Lighting
Add under cabinet lighting will give the kitchen cabinets a totally different appearance and feel. This can be done easily with LED light strips and provide a real cost-effective upgrade to the kitchen.
- Add Molding
A decorative strip of wood molding will give you kitchen cabinetry a different appearance when added to the bottom, sides, or tops of the cabinet doors.
- Replace the Doors
Replacing the cabinetry doors will change the appearance of the entire kitchen and you won’t need to change anything with the cabinetry structure. Replacing the doors is much more cost-effective than a total new cabinet system and keep your kitchen remodel under budget.