You might ask this question if you’re one of the 24% wanting to remodel your home. However, you might have a limited budget for your project.
If you can only afford a kitchen remodel, you aim to make the most out of it. Without knowing its value, you won’t know whether your current project is profitable.
Read on as we answer your question and give some kitchen remodel tips:
How Much Does a Kitchen Remodel Add to Home Value?
A modern kitchen remodel project is a sound decision since people are more willing to buy your home. It’s because improving kitchen designs also count as functional property improvements.
Right now, the standard ROI of an average kitchen makeover is between 50% and 60% of your budget. For example, a $69,000 kitchen remodeling project could yield a return of at least $34,500.
A minor kitchen upgrade will often yield a higher ROI of up to 80%. For example, a $24,000 makeover will recover $19,200.
Your location also plays a part in your kitchen upgrade ROI. For example, the national average is 68%. If you live in the Pacific region, the returns could be as high as 93%.
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What are the Most Valuable Kitchen Upgrades?
Are you planning to DIY a kitchen remodeling project? If so, consider your priorities to avoid shooting in the dark. You can use your small budget more efficiently.
Cabinet Refacing and Refinishing
Avoid installing new wall-hung and base kitchen cabinets since they could cost thousands of dollars. Instead, resurface and update their hardware and final finish.
Pushing through new cabinet installation could cost at least $5,000. It might be equal to 29% of your budget. Meanwhile, refacing or refinishing the cabinets will only cost 10% to 15%.
Kitchen Countertop Upgrades
Never install granite or quartz slab countertops. Their aesthetics are tempting, but they’re costly. Consider cheaper materials like the following:
- Granite remnants
Despite their price, your kitchen countertops will still look stunning. You can also opt for porcelain or low-quality stone slabs.
New Kitchen Appliances
The majority of home buyers will pay more if they see new appliances. Installing modern appliances like double ovens help improve kitchen functionality. It makes future clients better realize their homes.
Modern Tile Backsplash
Your refaced cabinets and kitchen counters will look better with a new tile backsplash. Consider using geometric designs and vibrant color palettes. Look into trending kitchen designs for a more concrete idea.
Install similar color tones to transition seamlessly with your countertops. The best part is the costs for these tiles are cheaper than other remodeling elements.
Raise Your Kitchen Home Value Now
We hope our guide answered your question, “how much does a kitchen remodel add to home value?” Use what you learned to ensure your project yields the best ROI.
Did you find this post helpful? If so, learn other home improvement tips by reading our other articles today.