Kitchen Renovations Offer Reasonable Returns

You get what you pay for.

APR. 12, 2019

 

6:03 A.M.

 

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from The LizLuke Team of Long & Foster Real Estate

Your house may be for sale but your kitchen is the key selling point.  According to Realtor.com, 80% of homebuyers placed the kitchen in their list of top three most important spaces.  An updated kitchen can distinguish your home as the shining star among many.  In turn, you may sell your home faster and for more money. That’s great news if you’re thinking about selling.  

In most cases, your updated kitchen will boost the value of your home.  A NAR (National Association of Realtors) Home Features Survey, reported that buyers are willing to pay more for high-end finishes and thoughtful upgrades.  

But, just because your home value goes up doesn’t necessarily mean that you will recoup the total cost of remodeling when you sell.  As the adage goes - you get what you pay for.  The average return on a kitchen remodel depends on how much you spend and which renovations you choose. Nationwide, the average amount recouped for a major upscale kitchen remodel is about 50%, while minor remodels can return up to 80%.  

To Remodel or Not?

The answer depends on your circumstances and real estate goals.  If you’re planning to sell in the next few months, have the budget for updates and can recoup costs with confidence - why not?  

If you’re uncertain about what you’ll get in return, choose a few smart renovations that fit your budget. The right upgrades can boost your home value and attract the right buyers - ones who value your curated kitchen updates.  Among the most valued enhancements are new cabinetry, hardware, lighting and backsplash.  

Plan to enjoy the kitchen yourself? A kitchen that you love can positively impact your day-to-day life.  According to a 2017 Houzz U.S. Kitchen Trends Study, 33% of those who remodeled said they have a healthier lifestyle.  Nearly 50% said they have more family time and 41% said they cook more at home.