Kitchens are always called the heart of the home so when you’re giving you house a full heart transplant there are so many things to consider. Being financially ready for your remodel, choosing something that will last stylistically, and getting materials and installations right can really impact any remodel. Kitchens leave a lot of room for error because there are so many moving parts and everything could be customized depending on your desired look and feel! That’s why it’s so exciting and could be a huge cash cow when done effectively, the typical kitchen remodel has an ROI between 54% and 81% depending on how extensive it is.
These tips will help you think of your remodel holistically and hopefully by the end of this article you’ll feel more prepared than ever before heading into your home renovation! Let’s see!
FINANCES
Making sure you’re financially ready for a remodel is important and increasing the property value comes with things that you don’t want to replace often. Speaking for a kitchen that means the appliances and cabinetry. Consider longevity and layout when installing a custom arrangement, usability and functionality play a huge role in how a kitchen can increase your home’s value and a beautiful looking kitchen is only as valuable as it is functional. If budget allows, splurging on quality and thoughtful upgrades can go a long way, 80% of home buyers list kitchens as their most important spaces in a home. 69% of home buyers in 2018 said they would have paid more for new appliances and 55% said the same about the cost for granite counters. Budgeting in for quality may seem overwhelming at first but considering the investment, it might be worth it in the end. Having a beautiful and desirable granite countertop in your kitchen is a big selling point.
TIMELINE
A huge consideration! If you’re looking to remodel your home in order to sell in the near future, it might not be a wise decision to dump a ton of money into a kitchen remodel. A few strategic upgrades might be a better option, a new stove, fridge, or even a backsplash and front cabinets could be a less extensive way to dress up the look of your home and be able to list it at a higher price. If your timeline is more drawn out and you’re looking to spend much more time in the home, it could be more beneficial to invest in your desired kitchen because you’ll be able to use it while living there! That’s, after all, the point isn’t it? Generally, 2 years is a good benchmark because a typical simple kitchen remodel is starting at about $15,000-$25,000 depending on what you have done. This money is an investment only if you plan to use the kitchen and enjoy it because you’ll rarely see 100% of the investment back in the sale so opting for smart upgrades for a quick sell would make more sense.
THE SELL
It’s important to note that usually there is money lost on a kitchen investment. You’re putting in thousands and seeing about 65-80% back depending on the location and the type of market your home is in. There are many benefits of a kitchen remodel but one big one is it increases the speed at which your home is sold. Having a new or updated kitchen, the heart of a home, is a big selling point for realtors trying to move properties and regardless of whether you make your full investment back, selling quickly is always a positive thing. Contact some local realtors before the remodel and see what other properties in your area are listed at, it’s also nice to note that your remodel won’t put your home at the top of the local listings, you want to increase your home value enough so that buyers aren’t intimidated by an overwhelming price tag!
TYPES OF REMODELS
Basic remodels that won’t set you back too much and will provide a nice return are:
- Cabinet front painting
- Cabinet front replacement
- Drawer front painting
- Drawer front replacement
- New hardware
- New fixtures
- Wall paint
- Neutral color schemes
- Update light fixtures
Matching appliances (if you can’t repair them, replace them and wait until the end of the year for steep discounts and big savings!)
- Updating the backsplash
- Open shelving
- More involved remodels
- Appliance replacement
- New cabinets
- New countertops with quality countertop material
- Custom layout
- Rerouting plumbing
- Replacing the floor
- Adding an island
- Extending countertop space
- Building a pantry
- Incorporating a breakfast nook/eat in kitchen
These ideas have been pulled from top real estate and interior design resources for a list of the most effective and frequently done remodeling jobs. In order to increase the value of your home time or money must be put in to see a return. In essence, it’s all about your budget, don’t feel bad about reaching out to local professionals for a second opinion. Whether it’s a realtor to find out about the current market or a contractor to get an idea on how much it would cost to hire someone to take a job off of your hands.
Budget about 10-15% of however much you’re planning to spend for incidentals too, nothing happens as its planned and having a pad in your intended spend before heading into a remodel will help you to keep things moving along at a reasonable pace. Nothing halts a remodeling project like a budget hiccup so if you can try to prevent them before they even start by planning accordingly.
A remodel is something that takes time and is a process so planning and adhering to a schedule and budget will hopefully help to make things run smoothly and ideally land you with the return you want when selling your home! Coming up with a cohesive idea that is not only functional but also stylish today and will be stylish in the coming future is the key when remodeling, especially to see a return on that initial spend. Doing proper outreach and research is critical so you can hopefully keep costs low and profit margins high! Good luck!
