Have you decided it is time to upgrade your kitchen design? The kitchen is the center of the home, so remodeling this space requires time and attention, not to mention sufficient funds. A kitchen renovation is an investment in your home, and like any investment you must consider the return you expect from this outlay of time and money.
The value of updating your kitchen is largely influenced by your motivation. Are you remodeling for personal use because you plan to stay in your home long term, or are you updating the kitchen as an investment to improve the resale value of your home?
Remodeling for Personal Use
As the hub of the home, an out of date kitchen that is no longer suitable to your family’s needs can greatly impact on your quality of life. When remodeling for personal use, the value gained is largely emotional rather than monetary.
In this case, focus on what will give you the greatest pleasure and enhance the quality of your lifestyle. Spend on items you love, like specialized storage for all your baking supplies, a customized island with ample seating, or unique materials such as reclaimed barn wood. Also make sure you plan for your family’s requirements for the period of time when you expect to have the new kitchen, allowing for new family members and the family's age profile.
Remodeling for Resale
If you are remodeling to impact on resale value, your goal must be a direct monetary return from your investment. Once you get potential buyers in the front door, the quality of the kitchen can make or break the sale of a home. Kitchens are central to the home and they are not easy to remodel, so any potential homeowner will appreciate seeing an updated kitchen ready to use.
Here are several factors to consider when remodeling your kitchen for resale value:
1. Your local market
Do not skimp on essential items that will add to the appeal of your kitchen design, but likewise make sure you do not price yourself out of your local market. Consider the value of homes in your local area, the value of your own home, and the big features found in homes selling in your neighborhood. Talk to real estate agents if possible or check out real estate websites.
2. Style that will sell
You may love the sleek lines of a modern kitchen, but remember you are designing this kitchen to appeal to other people. First, stick to a kitchen style that complements your overall home style. Second, pick a style, appliances, color scheme, and accessories that will fit the tastes and requirements of other people. For example, a transitional style kitchen will fit almost any house and area, along with good quality stainless steel appliances.
3. Set your priorities
The question is not just how much you can afford to spend, but how much you should spend based on what you can recoup in resale value. According to Remodeling Magazine’s report on Cost v. Value, the cost of a mid-range kitchen renovation in the mid-Atlantic region is $61,399, of which you can recoup 62.1%, while an upscale kitchen remodel is about $122,150, of which you can expect to recoup 58.9%. In weighing up your budget choices, think about which items are must haves and which ones are going to help you achieve the best return to maximize this resale value. Also look at which items are lower priorities and can be left out. For example, is it enough to change the hardware but keep the cabinets, perhaps in order to allow other items like new countertops?
4. Add eye catching features
Leave some space in your budget for a few eye catching features. A granite countertop or even an engineered quartz countertop with the appearance of granite is always a plus. Cabinet lighting, specialized storage accessories, a pull-out pantry, or a tile feature all will boost the appeal of your kitchen to potential home buyers.
If you do not plan to sell your home, many of these rules go out the window. In this case, you should pack in as many desired features as you can reasonably afford in order to get the most out of your remodeling project. Consider why you want to update your kitchen, then examine how to get the maximum value out of your renovation. Contact us today to find out more about the value of a kitchen remodel and check out our kitchen design gallery for more inspiration.