After choosing to renovate your kitchen, the next big decision is how much you’re willing to spend. You want your kitchen renovation to stay within your budget, but you also want to get the best value for your money. These tips will show you how to renovate your kitchen cost-effectively.
Advantages of Renovating
As you begin planning your renovation, take time to clearly define the purpose for the renovation. There are some excellent reasons to invest in such a big project.
Increase the Resale Value of Your Home
The kitchen is considered one of the top 3 most important spaces in your home according to homebuyers. Of buyers who bought homes without certain features, 69% said they would have paid more for new appliances and 55% would have paid more for granite countertops.
An updated kitchen typically boosts the value of your home. Buyers are willing to pay for attractive details and functional improvements. An upgraded kitchen can make your home stand out from the rest and sell faster and for more money.
Improve Your Lifestyle
A third of homeowners report they are enjoying healthier lifestyles after their kitchen renovation. Common reasons include:
- More family time
- More home cooking
- More entertaining
- Less takeout
If your current kitchen has poor storage or inefficient functionality, an upgrade can also benefit your family simply by making the space easier to work in.
7 Ways to Improve ROI on Your Kitchen Renovation
Apart from the temporary inconvenience of a dismantled kitchen, there’s really only one potential disadvantage of a kitchen renovation: the risk of a low return. However, it’s a risk that can easily be avoided to ensure your kitchen renovation is cost-effective.
1. Time Your Renovation Strategically
Timing is an important factor to consider in your kitchen renovation. If you’re planning to sell your home in 2 months, it’s probably not the best time to pour $50,000 into a new kitchen if your realtor thinks you’ll only recoup $30,000. In that case, strategically updating a few things within a $5,000 budget might be a better idea.
2. Use a Neutral Color Scheme
It might seem logical to design your kitchen with some stand-out colors, but if you’re expecting to resell your home, a neutral color scheme is your best bet. It’s easy to adjust a neutral color scheme to bright and bold tastes with accessories like artwork, tea towels, dishes, and other decor.
3. Stick to Transitional Styling
A transitional kitchen combines the familiarity of traditional style with the appeal of modern design. This will be attractive to more people than something with less style flexibility. If resale is your goal, simple and approachable should be your style.
4. Keep the Tile Simple
It’s fun to incorporate some feature tiles into your backsplash, but it’s not advised if you’re thinking of reselling your home. As with color scheme and styling, tile features are limiting. You can add interest to neutral-colored tiling by choosing different shapes, patterns, or textures.
5. Invest in a Quartz Countertop
A Quartz countertop is a top-quality addition to your new kitchen. You can’t beat the durability and it looks stunning. It’s a worthwhile investment.
6. Choose Stainless Steel Appliances
If resale is on your radar, stainless steel appliances will be your best option for ROI because it’s currently the most popular finish for appliances.
7. Match the Quality of the Rest of Your Home
A key factor to ensure a good ROI is to blend your kitchen upgrades to the quality of the rest of your home. An over-the-top, ultra-modern kitchen with chef-level appliances will stick out like a sore thumb in a 40-year-old home with original design finishes.
5 Important Considerations Before Starting Your Kitchen Renovation
Apart from the kitchen design itself, there are 3 main factors to consider before you dive into your renovation project. Careful consideration in these areas will keep your kitchen renovation cost-effective.
Naturally, your kitchen renovation won’t be cost-effective if you don’t control the costs in the first place. Plan your renovation budget strategically (see this helpful guide) and do what it takes to keep your project under budget.
2. DIY vs: Professional
Do your research before committing to DIY your kitchen reno. Carefully consider the work and time involved, the necessary tools and skills, and the impact of the quality and cost of a DIY renovation. This decision is not strictly about money. Your time and energy have value, too. (Check out this detailed list of things to think about when deciding between DIY or hiring a professional.)
The right kitchen designer will instill confidence, eliminate stress, and help turn your kitchen dream into reality. They will also know how to get the best value out of your kitchen renovation budget. Choose a designer you are confident in and feel comfortable with.
Especially if you’re not planning to resell your home within the next year or two, your kitchen renovation should have your own lifestyle in mind. You’re the one who will be using it so it needs to be a space that works for you.
If you have a large family or enjoy entertaining a lot, your kitchen renovation will probably look different from that of a busy professional couple who only eat meals at home on the weekends.
Along with lifestyle is the functionality you want out of your kitchen. This includes things like storage and appliances.
Think about everything you store in your kitchen: pots, pans, cutting boards, knives, cutlery, dinnerware, wine glasses, spices, gadgets, serving dishes, baking dishes, mixing bowls, garbage/compost/recycling and more. Consider organizers, dividers, and deep drawers, for example.
Your appliances have a significant impact on the value of your kitchen, but there’s no need to invest in top-of-the-line appliances if they’re way beyond what you need. For example, the average cook doesn’t need a chef-grade six-burner cooktop. Along similar lines, a large family that goes through a lot of dishes would benefit from a higher quality dishwasher.
Plan Your Cost-Effective Kitchen Renovation
You can renovate your kitchen cost-effectively. With a bit of strategic planning, your new kitchen will add value to your home and enhance your lifestyle.
Our kitchen design and renovation team is committed to help you get the best return on investment from your kitchen renovation. Contact us today for a free consultation.