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Is your kitchen stuck in a time warp from the 80s? You know what I mean - that closed-off style, those plain oak cabinets, that clunky island, those not-so-pretty taupe countertops, and that peel-and-stick tile flooring. If that's the case, maybe it's time for a kitchen upgrade. Not only will it give your home a fresh look, but it could also potentially increase its value when you decide to sell. So, let's get real for a minute. How much of a boost can you expect in home value from a kitchen remodel?
Just wanted to give you a heads-up about something. When it comes to remodeling your kitchen, you might not actually recoup all the money you put into it when you sell your house. It's a pretty common project, but the return on investment tends to be on the lower side. So, before you start tearing things apart, it's a good idea to do your homework. Look into the costs, the potential benefits, and ways you can cut down on expenses. That way, you'll be well-informed and prepared for whatever comes your way!
Cost of a kitchen remodel
Kitchen remodels are definitely not cheap, no matter how you slice it. According to Christina Kolb, a designer with Kowalske Kitchen Bath in Delafield, WI, even if you’re just making small changes like getting new countertops and updating old fixtures without expanding the kitchen, you can expect to spend somewhere between $35,000 and $55,000.
Well, let me tell you, she's not just your ordinary kitchen designer. This lady has tackled some serious projects! I'm talking about ripping out everything in the kitchen, reconfiguring the whole layout, giving it a major upgrade, and sometimes even relocating it to a different room. And let me warn you, these transformations don't come cheap. We're talking anywhere between $80,000 and $120,000. It's all about bringing those kitchen dreams to life!
According to Remodeling Magazine's 2019 Cost vs. Value Report, the cost of a mid-range remodel is around $66,000. So, it's like the perfect balance between the super pricey and the more budget-friendly renovations.
ROI on a kitchen remodel
I've got some interesting info for you about kitchen remodels and how they impact the value of your home. According to Derek Gilbert, who's a top agent with Keller Williams DTC in Colorado, here's the deal: when you decide to sell your home after a kitchen remodel, you can expect to recoup around 60% of the costs you put into that remodel. Pretty cool, right? So, if you're thinking about giving your kitchen a makeover, it's good to keep in mind how it might affect the resale value down the line.
Did you know that Remodeling Magazine’s 2019 Cost vs. Value Report supports this claim? It says that depending on the size of the remodeling job you do, you can expect to recoup around 60% to 80% of what you spent. And guess what? HomeLight’s Top Agent Insights Report for Q1 2019 also backs it up. According to the agents surveyed, if you spend around $23,140 on a kitchen upgrade, you can expect to increase your sale price by just $23,122 - that's almost a 100% return on investment!
When it comes to selling your home and calculating your return on investment (ROI), two things hold the key. First and foremost, the condition of your home will greatly influence the amount of return you can expect. So, it's essential to ensure that your home is in great shape before putting it on the market. Secondly, the price point at which you decide to sell will also have a significant impact on your ROI. It's crucial to carefully consider the selling price to make sure you maximize your return. By taking these factors into account, you can boost your ROI and make the most out of your home sale.
““I don’t think that a remodel itself specifically adds value unless the home is in a certain level of condition,””
““The mistake I see with a lot of sellers is they think just by remodeling a kitchen or a bathroom, they’re going to immediately increase the value of their home.
”
““The mistake I see with a lot of sellers is they think just by remodeling a kitchen or a bathroom, they’re going to immediately increase the value of their home.”
““So when we’re evaluating whether to improve a kitchen, I take a look at what the cost of that project is going to be, what we see for the aftermarket repaired value of the home, and if it makes sense to actually do that investment if they’re going to be selling the home.””
The kitchen remodel ‘Joy Factor’
Did you know that according to the National Association of Realtors’ 2019 Remodeling Impact Report, a whopping 72% of home renovations done by professionals were focused on the indoors? It's amazing how much attention people give to enhancing the interior spaces of their homes!
Guess what? If you decide to take matters into your own hands and tackle a home improvement project all by yourself, the success rate skyrockets up to 77%! Pretty impressive, right? But wait, there's more. The second most popular project among homeowners is none other than kitchens. People just can't seem to resist giving their cooking space a fabulous makeover!
When we talk about how happy homeowners are with their projects, we use a number called the Joy Score. It measures happiness on a scale from 1 to 10. So, professionally upgraded kitchens received a Joy Score of 9.2, which is really high. And guess what? Both professional renovations and DIY updates and renovations got a perfect score of 10. That means homeowners were super happy with those projects.
We've noticed something pretty interesting. It turns out that after giving their kitchens a complete makeover, about 90% of homeowners have shared that they feel more inclined to spend time in their homes. And guess what? You can even find this sentiment echoed in various blog posts by people who have gone through the same experience. One homeowner, Liz Joy from Pure Joy Home, completely transformed her kitchen and is now over the moon with happiness. In fact, she loves her new kitchen so much that she jokingly declared she'd even sleep on a sleeping bag atop her brand-new island if it were possible!
You know what's really amazing? The way her brand new kitchen sink and picture window are making her lifelong dream of standing at the sink and looking out over her yard come true. It's just so fulfilling for her!
So, here's the thing. If you're thinking about remodeling your kitchen, do it for yourself, not for the sake of making money when you sell your house. You see, there's no guarantee that you'll make a big profit from it, financially speaking. The real moral of the story is that you should prioritize your own happiness and satisfaction when it comes to home improvements.
Top 3 kitchen remodeling projects with the best ROI
If your budget isn't as big as you thought, don't worry! There's still an opportunity to give your kitchen a makeover without breaking the bank. Opt for smaller projects that can give you a big return on your investment. These projects will make your kitchen shine without draining your wallet.
Swap out your hardware
Hey there! If you're looking to spruce up your kitchen without breaking the bank, I've got just the trick for you. Replacing your cabinet hardware is by far the easiest and most affordable way to give your kitchen a fresh new look.
If you have old oak cabinets that you can't replace, Kolb suggests going for a matte black pull. It's a quick and easy way to give your outdated cabinets a modern touch. The best part? Pulls are super affordable, with prices reaching a maximum of around $5 per pull. Just remember to also get a matching faucet to avoid that awkward mismatched hardware look.
Recommended Products (all are the top sellers at Home Depot for matte black kitchen hardware):
Update your lighting
You know, if you want to spruce up your kitchen, one of the easiest things you can do is switch up the lighting. It's as simple as replacing an old fixture with a new one, and let me tell you, it's one of the smartest investments you can make. Not only will it make your kitchen look fantastic, but you'll also see a great return on your investment. Trust me, it's totally worth it!
““New lighting is huge”
“It’s one of the first things people see when they walk into the room. If you have something that is updated, attractive, and blends in, it makes the whole space feel more updated.”
”
No need to stress about calling an electrician and dealing with a complete rewiring job. Just replace the current wiring with something more stylish and modern instead.
Recommended Products (all on the affordable side and 5-star top-rated products by customers on Amazon):
Paint your cabinets
Don't worry about giving your kitchen cabinets a fresh coat of paint. It's actually a super easy and wallet-friendly way to give your space a modern upgrade. According to experts Gilbert and Kolb, white is still a trendy choice, especially if your walls have warm tones. So go ahead and unleash your inner painter!
Recommended Products (all are top-selling cabinet painting kits at Home Depot):
How to keep costs low on your kitchen remodel
1. Choose cheaper materials
When it comes to saving money on the materials you use, countertops and floors are a good place to start. According to experts Kolb and Gilbert, people these days seem to favor quartz countertops, but they can be quite pricey. So, instead of going for the expensive option, you could consider more affordable alternatives like Formica (Home Depot has a nice etched stone version) or butcher block (Lowe's has a birch option).
““Choose something that will make it look clean, is less of an investment for you, and less of a heartbreak for a buyer who doesn’t like it, Do the same with floors; a cheaper laminate or vinyl plank, like the New Haven Harbor Oak laminate or Pioneer Park vinyl plank from Lumber Liquidators, looks just as good as hardwood.””
2. Use what you have
No need to stress about buying brand new cabinets to replace your old oak ones. You can totally give them a fancy upgrade by staining them! And guess what? It's even cheaper than painting them. Just take out the cabinet doors, give everything a good sanding, apply a wood conditioner, and then put on two coats of stain. Voila! Your cabinets will look classy and sleek without breaking the bank.
If you want to make sure you get a nice, even coverage when staining, why not give a gel stain a try? Minwax has a great line of gel stains that you can use.
Or, if you want to switch things up and go for a more modern look, think about removing the doors from your cabinets and transforming your kitchen into an open-shelving layout. It's a bit different, but still very stylish. Just make sure you have some putty on hand to fill in the holes where the hinges used to be, and don't forget a saw to get rid of any vertical dividers you don't want. Then all you have to do is paint and seal your shelves to give them a fresh, new look. Easy peasy!
3. Take out a little less
Hey there! If you're thinking about creating a more open and spacious kitchen, you might have considered removing that whole wall, right? Well, I hear you, but let me fill you in on an alternative that could save you both money and some serious stress. Rather than going all-in and tackling the costly and time-consuming process of taking down the entire wall, why not consider opening up just a part of it to create a handy pass-through window? It's a great compromise that still gives you that open feel without breaking the bank or driving yourself crazy.
So here's the thing. If you want to create the illusion of having more space in your home, but you don't want to deal with all the trouble that comes with it, I've got a solution for you. Instead of going through the whole process of tearing down a wall, why not consider pulling out an island? According to Gilbert, islands are much more on-trend these days and they can give you that same spacious feel without all the hassle.
4. Just leave it as is
Hey, if your kitchen is in really bad shape or requires a lot of work to bring it up to modern standards before selling, don't stress about it. According to Kolb, the next person who buys your house will probably end up remodeling it anyway. So instead of spending a ton of money to fix it up yourself, just leave it be and let them take care of it when the time comes.
How to find the right contractor for your kitchen update
You know, every business person out there will tell you that the best form of flattery is when someone personally recommends you. And when it comes to finding a reliable contractor for your remodeling project, who better to ask than your own neighbors? Just reach out to them and don't forget to check out websites like Nextdoor. You'll get the scoop on which companies people in your area trust and highly recommend.
Well, if you're not able to do that, don't worry! There are a few other ways you can find a contractor.
Online
Have you heard of Angie’s List and Houzz? These platforms are super helpful when it comes to finding a reliable contractor in no time. It's actually quite easy to use. With Houzz, you can simply search by ZIP code or project type, and voila! You'll find a list of local companies specializing in the specific projects you need. And the best part? You can check out project photos and read reviews from folks who have hired those companies before. So, you can pick the right contractor with confidence!
If you need to get in touch with someone, you can find all their contact information right there. Or, if you prefer, you can reach out to them directly through the website. Now, when it comes to Angie's List, they've got a little survey for you to fill out about your project. Once you do that, you'll get a list of companies that match your needs. You can check that list out on the site or they'll just shoot it over to you by email. Easy peasy, right?
Local real estate agents
When it comes to finding a contractor, you can trust local real estate agents more than anyone else. They're not only familiar with your neighborhood, but they also do a lot of business there. Plus, if you're planning to sell your home, you'll be working with a real estate agent anyways. And guess what? They have a network of dependable contractors they can recommend to you. So, they're definitely your go-to resource for finding the right person for the job!
““A lot of the contractors come from the neighborhoods we’re working in,”
“There are contractors that live there that know those homes, that have been remodeling those homes for years. They do a great job of keeping up on the trends of the neighborhood. They know how much money to put into those properties because they live there and they’ve been doing those projects.”
”
Where not to look
““I tend to find that a lot of those contractors are really expensive,”
“Unless you have a higher-value home, you might end up overspending on the contractor, and that’s going to eat a lot into your budget.””
You’ll be disappointed with how much a kitchen remodel adds in value
When it comes to choosing a contractor for your kitchen remodeling project, remember that it might not turn out exactly the way you envision it. While move-in ready kitchens are in demand, going for extensive renovations may not result in recouping all the money you spent. Rather than spending a fortune on something that may need to be ripped out later, consider opting for more affordable updates that have broad appeal. If your goal is to remodel and sell your home, it might be better to go for smaller projects or even skip the kitchen remodel altogether. After all, every buyer has their own preferences and desires.
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