When you want to spice things up around the house, the kitchen is a great place to start. Whether you only want to make a few minor changes or go with a major upscale kitchen remodel, there are many great reasons to pursue this kind of project. That’s because residential kitchen remodels can provide an impressive return on investment (ROI) for any home size.
So, how much value does a kitchen remodel add to a home? The answer isn’t so simple. Several factors can impact your final kitchen remodel ROI, including:
- Where you live
- Your current kitchen condition
- Kitchen features and material choices
- DIY remodels vs. professional work
- And more
Even a minor kitchen remodel can have a huge impact on your home value. Take a closer look at what factors affect your kitchen remodel ROI and how much prospective home buyers are willing to pay for your place.
Current Average Costs (and ROIs) for Kitchen Remodels ????
A remodeled kitchen can cost anywhere from $13,000 to $40,000 or more, depending on a variety of factors. The current national average cost of a minor kitchen remodel is around $25,500 while the average cost of a major remodel is closer to $65,000.
We know those numbers can look scary, but a kitchen remodel can be seriously smart money spent. The money invested in remodeling your kitchen will have a high return on investment, especially if you’re trying to sell your home. The national average ROI for a minor kitchen remodel is 81%. If your cost is around the national average of $25,000, you can expect your home to increase in value around $18,000, which will work in your favor during resale.
How Much Value Does a Kitchen Remodel Add to Your Home? ????
There are many factors that contribute to the average return you’ll receive for a newly remodeled kitchen that many homeowners forget to consider. Those include:
The Local and National Market
Where you live will make a big difference in the final cost of your kitchen remodel. Not all regions of the country are created equal, and you’ll have to spend more money, even on minor remodels, to match the local real estate market as well as the average local cost for home services.
States like California, parts of the Pacific region like Oregon and Washington, are known for their higher living costs. You can expect to pay more for your kitchen renovation if you reside in one of these places. If you live near Indianapolis and other major cities throughout the midwest, you can expect more of a modest cost and return.
National trends and the economy also play a significant role in how much you can expect to recoup from a kitchen remodel. One good resource we recommend is the Cost vs. Value Report by Remodeling.HW. This report can give you the latest insight for which home improvements offer the greatest returns (one of the top is kitchen remodels), and how much you can expect to spend based on your location.
The Condition of Your Existing Kitchen
Of course, if your kitchen’s in decent condition (or you made some upgrades a few years ago), you might only need to make a few minor changes to get a decent return. Maybe you only need a new kitchen sink or new appliances to give your home value a bit of a boost.
Minor Kitchen Upgrades vs. Major Remodels
Even a minor kitchen remodel can add value to your home. You can invest just a little and still see a major return. Consider these quick, cheap upgrades for your kitchen:
- New tile backsplash
- A fresh coat of paint
- Updated cabinet hardware
- Refinished cabinet fronts
- Efficient, modern light fixtures
Minor kitchen remodels are the perfect project if you have other areas of your home to address as well. But if you’re going for a full-blown, brand-new kitchen, you need to consider the quality of materials you choose.
Materials Used for Remodeling
High-end kitchen remodeling projects will cost a pretty penny, but the average ROI for renovations of this size and scope is staggering. However, you’ll have to invest in quality materials, including:
- Custom cabinets
- Stainless steel, high-efficiency appliances
- Marble, granite, or quartz countertops (but butcher block is a cheap, chic, and trendy alternative)
- Genuine hardwood flooring
- Modern plumbing and lighting fixtures (touchless kitchen sink, smartphone-controlled lights, etc.)
Prospective home buyers will be looking for these high-end materials, especially if you’re located in a high-end market. You can’t cut corners when it comes to quality if you want to sell your house quickly.
Specific Kitchen Features
With all that said about materials, you also want to make sure you design your new kitchen with intent. Work with an experienced home remodeler to design a modern kitchen with popular features people will pay more for, such as:
- Open-concept floorplans
- Kitchen islands with sink and microwave
- Adequate cabinet storage
- Hi-tech appliances
- Under-cabinet and recessed lighting
- Industrial range hoods and vents
Stylistic and Aesthetic Choices
It can be easy to lean into your preferred style when sprucing up your house, but this can negatively impact your kitchen remodel ROI if you choose an aesthetic that doesn’t appeal to most homeowners. Just ask any real estate agent.
It’s important to look at examples of modern kitchens to get inspiration for thoughtful upgrades that make more sense stylistically.
Deciding If You’ll DIY Anything
Another factor that can affect your final ROI is DIY! A crafty homeowner can handle some parts of a kitchen remodeling project, which can help cut costs and save money on your kitchen remodel.
It makes sense to apply fresh paint or install new hardware and drawer pulls yourself. But for important spaces such as the kitchen, we recommend working closely with an experienced contractor for the more involved aspects of the project to ensure everything’s done properly.
Other Home Renovations
You also need to think about other areas of your home, particularly if you’re planning to put it on the market. Don’t spend all your money on kitchen renovations if other popular rooms need attention, like:
- Living rooms
- Family rooms
- Unfinished basements
- Outdated bathrooms
Remodeling your kitchen can raise your home’s value, but it won’t be by much if the other rooms in your house are ignored. If you want to sell your home, ensure that you’re paying attention to all areas that need work, even if it will be a more time-consuming process. We promise it’ll be worth it when you see the return on investment you’ll receive.
Boost Your Home Value With Help From The Heartland Builders ????
If you’re looking to give your home a little bit of facelift, the kitchen is a fantastic place to start. Even a minor kitchen remodel can give you a solid return on your investment. So, when you’re ready to raise your home value, put your trust in the reliable kitchen remodeling team at The Heartland Builders.
Contact us today to get the ball rolling on your kitchen remodel!