If you’re trying to decide whether or not to renovate your kitchen, you’re probably wondering if a kitchen renovation is worth the return on investment. Do the benefits outweigh the costs, time, and energy? Let’s explore some points to ponder as you evaluate whether a kitchen remodel is right for you.
Does a Kitchen Renovation Increase Home Value?A well-designed kitchen can elevate the appearance and functionality of your entire home. In contrast, an outdated and inefficient kitchen can really bring down the look and feel of the house. The kitchen is considered one of the top 3 most important spaces in your home according to homebuyers. Here are some interesting statistics about kitchen renovations and home value:
- A kitchen renovation is the 3rd most popular type of home improvement. General kitchen upgrades are the 2nd.
- 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.
The Cost of a Kitchen RenovationEven so, for most homeowners, the cost of a kitchen renovation is a determining factor in the decision to renovate or not. Even when you carefully plan a cost-effective kitchen renovation and manage to keep it within your budget, a kitchen remodel is a big commitment. You want to be sure it’s worth the investment. Of all home renovations, a kitchen remodel is in the highest category with an estimated return on investment (ROI) of 75-100%. That said, the ROI on your kitchen renovation will depend on how much you spend, the scope of the project, and where you live. For a home valued in the low or mid-range, a luxurious high-end remodeled kitchen could actually hurt the resale value of your home. But if most of your neighbors have granite countertops while yours are basic laminate, for example, upgrading your countertops to granite would likely be worthwhile.
How to Improve ROI on Your Kitchen RenovationApart 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. Here are 7 ways to improve the ROI on your kitchen renovation:
- Time your renovation strategically.
- Use a neutral color scheme.
- Stick to transitional styling.
- Keep the tile simple.
- Invest in a quartz countertop.
- Choose stainless steel appliances.
- Match the quality of the rest of your home.
8 Ways to Keep Costs Low on Your Kitchen RenovationRegardless of the scope of your kitchen renovation, there are ways you can keep costs down to help increase your return on investment.
1. Use what you have.Cabinets tend to be an average of 30% of the cost of a kitchen renovation. If your existing cabinetry is still in good condition, consider updating it at a fraction of the cost by refinishing or painting it. Spend a bit of money on some finishing material (trim) to extend the look of your cabinets to the ceiling,
2. Choose cheaper materials.Trending countertops and flooring or other components can sometimes be pricier options. You can still get a fabulous new kitchen with cheaper choices. For example, vinyl plank flooring is more affordable than hardwood. It’s not exactly the same, but it’s durable, practical, and can look just as beautiful.
3. Remove less.Maybe your dream kitchen involves removing an entire wall to open up your main living space. To keep the cost down, remove only part of the wall to create a pass-through window. You’ll end up with a more open feel for a fraction of the work and cost. A similar option is to remove your kitchen island.
4. Change your knobs and drawer pulls.The quickest, easiest, cheapest way to update the look of your kitchen is to replace the hardware. New knobs and drawer pulls will instantly give your kitchen a fresh feel.
5. Update your lighting.Light fixtures can be prominent features in your kitchen. They are often one of the first things people see when they walk into the room. Update your kitchen to more modern, statement lighting to draw the eye and set the tone for the space.
6. Replace your countertops.Outdated countertops seriously age your kitchen. Replace them affordably with a modern laminate or upgrade to a butcher block, granite, or quartz option. It’s a simple way to revive an older kitchen.
7. Update your appliances.Especially if you’re planning to sell your home, updating your appliances is a must. Keep your eyes open for sales and replace each appliance to add functionality and give your kitchen an up-to-date look. 8. Swap out your sink. A new sink can add a splash of fresh style to your kitchen. Don’t forget to replace your kitchen faucet, too. These features are high-use pieces in every kitchen, but they can also offer stunning aesthetic appeal.
Is a Kitchen Renovation Worth It?Only you can determine if a kitchen renovation is worth it. Apart from the financial aspect, there is the enjoyment factor to consider. After renovating their kitchen, 33% of homeowners experienced a healthier lifestyle. Nearly 50% enjoyed more family time, and 41% cooked at home more. Timing matters, too. If you’re planning to sell your house in 2 months, now might not be the best time to spend tens of thousands of dollars on a major kitchen renovation if your realtor isn’t confident you’ll recoup your costs. In that case, it might be best to update a few things for less money. However, if you’ll be living in the home for a while, the enjoyment factor might increase your personal ROI. There’s also the rest of the house to consider. If you have a leaky roof or a dying water heater, that repair should probably be prioritized above a kitchen remodel. The renovation experts at Riverstone Kitchens & Renovations can help you think through your kitchen remodel. We can provide you with several options to help you gain the highest return on your investment. Call us today for a free consultation!
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