Small kitchen projects see a return on investment of more than 83%, according to the latest version of Cost vs. An updated kitchen can help your home stand out to potential buyers, which can help you sell faster and for more money. That's good news if you're thinking of selling in the future. But just because the value of your home goes up doesn't necessarily mean you'll recover the full cost of the remodel when you sell.
The general rule of thumb is that the less money spent on upgrading the kitchen before resale, the better. Your goal is to achieve a new look without spending too much or updating too much. In all regions of the report, a minor kitchen remodel offers the best return on investment of any type of kitchen remodel. Remodeling a kitchen is one of the best ways to increase the value of a home.
But cost rarely returns an equal value. Still, you're more likely to recover more of the money spent on minor upgrades than major renovations. Based on the list of projects in the house above, we can also see that “major kitchen remodel has an 80% ROI after one year, ranking No. 4 in terms of ROI on the list.
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. Minor renovations tend to incorporate many aspects of existing kitchens, with functional and aesthetic changes, but not excessive. The cost implication of remodeling a kitchen depends to a large extent, firstly, on the size of the kitchen space and, secondly, on the design decision. By installing new double ovens, a four-burner gas range, a refrigerator and other appliances, you are improving the functionality of the kitchen and helping your customer realize their vision for their next future kitchen.
Installing a new tile backsplash with geometric designs and exciting color palettes would complement your newly renovated kitchen cabinets and countertops. In a major kitchen remodel, you can take many of the same actions, but the finishes will be of higher quality, think high-end custom cabinets, stone countertops, high-end appliances, an imported ceramic or glass tile backsplash, an undercounter sink, a faucet with water filtration and lighting improvements, which could include general and task lighting, as well as LED lighting under the cabinet. For example, in a minor kitchen remodel, you can replace countertops, cabinet boxes, paint colors, hardware, etc. Semi-custom or stock cabinets will fall under the category of “mid-range remodels”, while fully custom cabinets will be considered “exclusive”.
Be sure to consult a local real estate agent to find out what people in your area are looking for in terms of kitchens. Major renovations are generally considered “mid-range” or “high-end” remodeling, and this additional categorization will depend on the quality and finishes of the new equipment being selected for the kitchen. An exclusive remodel is very similar to a mid-range remodel in terms of changing the design, improving functionality, and the full list of things you might consider doing in your kitchen. It's better to combine your appliances (so they're all black or white) than to spend all your money on a sleek stainless steel appliance that will stand out and make your kitchen look partially improved.
If you reconfigure the kitchen, it will cost more and you will need contractors for at least part of the project. Much less expensive than replacing cabinets completely or even replacing door fronts, repainting or repainting your cabinets can go a long way in giving your kitchen a fresh and new look. .
