If you want to spice things up with a stylish showpiece in your home, the kitchen is the hottest place to be. It’s no surprise that the kitchen space is one of the most important to potential home buyers. And if you’ve got the budget, why not enjoy those bonuses in your own home right now?
People choose kitchen remodeling for a variety of reasons. According to a 2017 Houzz study, 43% of respondents remodeled because they could “no longer stand the old kitchen.” Following closely behind, 40% said they wanted to update their kitchen all along but just became financially ready.
It makes sense that the price tag can stop some people from a renovation project. Whether you’re planning for just a few well-chosen updates or a complete overhaul of your current space, kitchen remodels don’t come cheap. So how do you know if it’s the right investment for you and your home? Is it really worth it?
How Will a Kitchen Renovation Affect Your Home Value?
In most cases, you can count on your updated kitchen to boost the value of your home. It’s no shock that buyers are willing to pay more for high-end finishes and thoughtful upgrades.
According to a recent survey, 80% of homebuyers placed the kitchen in their list of top three most important spaces.
And of buyers who bought homes without certain features, 69% of those surveyed said they would have paid more for new appliances and 55% said they would have paid more for granite counters.
Kitchen Remodeling Stats
An updated kitchen can help your house stand out for prospective buyers, which can help you sell faster and for more money. That’s great news if you’re thinking about selling in the future. But just because your home value goes up doesn’t necessarily mean that you will recoup the total cost of remodeling when you sell.
What Is the Average ROI of a Kitchen Remodel?
How much you can typically recoup on a renovation has a lot to do with how much you spend and what kind of renovations you choose. For example, the national average ROI for a major upscale kitchen remodel is almost 54%. That means you recoup about $68,000 after spending around $126,000.
What about a smaller renovation project? The average cost of a minor kitchen remodel is about $21,000, and the average amount recouped is $17,000. That’s an ROI of 81%.
Your ROI can also be influenced by where you live. For example, while the national average ROI for a minor remodel is 81%, the percentage increases to 93% if you live in the Pacific area of the country. Do you live in North Dakota or Iowa? You can only expect to recoup 68% of the cost based on national averages.
There’s no one-size-fits-all ROI for kitchen remodeling. Your ROI depends on the specifics of your local market, which is why we always recommend talking to an expert real estate agent. They’ll be able to give you solid advice about which kitchen renovations offer the best returns.
Is It Worth It?
The answer depends on you and your goals. Let’s look at it this way: If you are planning to sell your house in two months, it may not be smart to put $60,000 into a new kitchen if your real estate agent only thinks you’ll recoup $40,000. That’s $20,000 down the drain! In that case, it makes more sense to do a few smart renovations that may only cost $5,000. The right updates can give your home value a boost before hitting the market—and help you attract as many buyers as possible!
What if you plan to enjoy the kitchen yourself? Having a kitchen that you love can impact your day-to-day life in positive ways. Of those who remodeled in 2017, 33% said they have a healthier lifestyle after renovating their kitchen. Nearly 50% said they have more family time, and 41% said they cook more at home. It’s hard to deny those benefits!
Stats of Kitchen Remodeling Results
Even if you don’t recoup the whole cost of your remodel when you sell, updating your kitchen can still be a good investment for you and your family.
At Corbella Kitchen & Bath, in Jacksonville FL, we pride ourselves on creatively designing spaces, not reselling the “basic cookie-cutter looks” most showrooms push out their doors. Experience is one of our strong points in designing home spaces. We have been in the remodeling industry since 1996 and bring years of experience to your project. We specialize in full kitchen and bathroom remodeling services, made available with our certified plumber and electrician.