How Does Kitchen Remodeling Impact the Value of My Home (Or Does It?)
With a thought to selling my home, I had an appraiser come around to evaluate it.
I was aghast when the appraised value fell far too short of my expectations, and my apathy was jolted. Looking around, I realized that the time had come to give my kitchen a face-lift, since the area was the most outdated part of the house.
The kitchen is the hub of any home 1, and a well-appointed one is a pleasure to work and eat in. Whether it be just to modernize and infuse fresh life into your home, or targeting a home-buyer, the kitchen necessitates a make-over. Most buyers take the basics of a home for granted, and the kitchen really gets concentrated attention.
Do not DIY!
Don’t make the mistake of taking the DIY route; it will just backfire and all the effort wasted. Availing of professional services, keeping the budget in mind, and carefully choosing options does ensure getting the ideal ROI. By market standards, a good rule of thumb is 6-10 % of your total home value being budgeted for kitchen remodeling 2. By all means, do some research and consider references when choosing the professional you hire. Spending a little on professional help makes the difference between a lackadaisical job and a job well-done.
Keep It Simple
While remodeling, keep the general layout of the house in mind, so that the kitchen space keeps up with the feel of the house and is not a drastic step away from it. Breaking down intermediary walls will open up the whole living area, and impart airiness and light. This simple procedure, which is pocket friendly as well, can instantly change the whole look of the living space. This feature is also something that appeals to most buyers, and can favorably impact the value of your home.
According to the Remodeling Magazine, the only home improvement likely to return more at resale was a minor (roughly $15,000) kitchen remodel, which returned 92.9 % (Remodeling Magazine: http://www.remodeling.hw.net/).3 Of course, it all depends on your budget, and how upscale or modest you want to get.
While we all have our pet peeves and fads, it’s best to tread a median path: the prospective buyer may have some ideas in mind as well, and subdued, neutral fittings and colorways will let the next owner build their own look without having to resort to major changes.
Flooring, work spaces, cabinetry- the three most important aspects to kitchen remodeling- need attention to the aesthetics as well as costs. Neutral colored tiles are the best bet for flooring, as the upkeep is easy, unless you would rather go for the flow of hardwood floors from the living area into the kitchen. The wood floor can be inexpensively stained to give a fresh look to the kitchen.
Create some Space
The hall mark of an ideal, user-friendly kitchen is its appointments, and cabinet space is a large part of this. Organized, minimal maintenance, yet aesthetically pleasing, cabinetry can make or break a kitchen.
An instant and cost-effective way is to give tired cabinets a fresh coat of paint, with the addition of new hardware. The paint can complement fresh color on the walls. Soft-close doors and drawers are another inexpensive way to upgrade your kitchen. The thoughtfulness put into remodeling the kitchen for optimal use assures a prospective buyer of the worthiness of their investment.
If unhappy with the current space usage, the more expensive option of new cabinetry is plausible. Customized cabinetry, and the full use of available space in the kitchen can be optimized. Regular floor cabinets can be combined with wall-mounted ones to store and display china and glassware, as well as create more storage. Some research and consultation will open up any number of cost-effective opportunities 4.
It’s essential to have upgraded appliances in any kitchen. Adding value by modestly upgrading to maintenance -free appliances can make a huge difference 5. Kitchen lighting is also an important factor which will extend the value of your home, and new additions need not be expensive. Strategic placement of light-fixtures give an instant face-lift to the kitchen area, which is used not only for cooking, but eating as well.
The Counter top - Granite or Quartz?
Workspace is dear to everyone’s heart, and a hardy, heat-resistant and long-wearing material for counter tops is granite. Granite and Quartz are being touted as the most efficient and appealing materials for countertops, although neither comes cheap. Personal preference holds sway over all other factors.
Granite is au-natural, stone, and with proper maintenance can last a life time and more. Granite comes in myriads of naturally veined colorways, but requires resealing ever year to maintain its surface. However, it’s very beauty makes all the other minor imperfections fade. It is the most popular material for countertops, and well worth the investment.
Quartz, on the other hand is slightly more expensive, and has a 7% resin component, which makes it more hardy and practically maintenance-free once it’s installed. 6 However, over time it can show color variations on account of exposure to sunlight. It is, after all, a man-made material, and may not have the same appeal as granite.
Both materials need an expert’s hand for installation, since their cutting and shaping is tricky.7 Choosing the apt fit for your kitchen will require some time and consultations, along with proposals from sellers in order to get the perfect match for your taste and budget.
As my kitchen remodeling was in its last phase, I had it reevaluated, and this time the price quoted was way higher than before. Thoughtfully, the installation of brand new stainless steel appliances and the cheery look of the freshly remodeled kitchen would now attract the desired kind of buyer attention.
All of the above contribute to adding value to a house, whether for personal or resale reasons. MasterBrand Cabinets conducted a survey and found that “homeowners who shell out $54,000 on a kitchen remodel can count on adding about $44,000 to their home’s asking price, for an 81% ROI.” 8
The end result was that after the kitchen was remodeled, its value gained strength. Once I had totaled all my investments, and compared them with the price now on the market, I stood to make a small profit. I can now proudly say that the hard work and the money were well invested. A simple thing as a remodeled kitchen can work wonders for a home, and bring good returns on ROI.