Will a Kitchen Remodel Really Add to Your Home’s Overall Value?
When considering any type of home renovation, people will oftentimes gravitate to the kitchen and the bathrooms. One reason for this is because updating these areas can help to increase the overall value of the property.
But, just how much of an increase can you expect?
According to the Zillow Group Consumer Housing Trend Report, 58% of buyers who purchased a new home in the past year said that having their preferred style of kitchen was either “extremely” or “very” important to their home buying decision.
However, depending on the type of remodel you do, it could also turn potential buyers off if the color scheme and/or functionality doesn’t meet potential buyers’ tastes. In fact, based on a study by Remodeling magazine, kitchen remodels can be split into two types – major and minor.
Major kitchen remodel projects can be even further broken down into upscale and mid-range. (Which one is which depends on several factors, such as the quality of the finishes, and the overall extent of the project.)
In either case, though, the return on investment is rarely, if ever, 100%. Based on the average home sale return in 2018, a minor kitchen remodel’s return on investment averaged just above 81%, with an average cost of roughly $21,200.
The average return on a major upscale kitchen remodel is just shy of 54%. But if you’re not planning to sell your home any time soon, the financial return on investment should carry far less weight than the functionality and customization that you will gain going forward.
Schedule A Consultation
Everyone’s taste can differ when it comes to a major or a minor kitchen remodel. That’s why the first step should be to discuss your goals and your budget with a home renovation expert. At LP Design & Renovation, we’ll take your ideas and turn them into reality.