Changing your kitchen does not need to be a complete remodel. Instead, make some easier changes to gain function and style. Here are a few easy-to-implement and cost-effective renovations.
Updating and upgrading the kitchen can increase your home value by sticking to a few important rules. First, opt for clean, classic designs and functional upgrades. Also, try to avoid using highly personalized designs. Instead, choose simple and sleek additions many will love instead of just a select few.
Focus on specific changes to increase your home value. For example, countertops make a huge difference in appearance, and new homeowners do not want construction countertops. Instead, consider changing dated items like faucets, skins, and lighting. If you cannot afford to replace cabinets, at least give them a fresh contemporary update with paint and sleek hardware.
Do not worry about decor or adding tons of color. The new owners can add their own styles and pops of pigment to subdued kitchens. Too much decor - especially too personalized - can scare off potential buyers. However, changing out a dysfunctional layout can improve your sale.
A recently finished kitchen is also one of the influencing aspects for 80 percent of purchasers in the market when selecting and valuing a home. The average return on kitchen remodels is between 50 and 80 percent, depending on the size of the remodel. Either way, the increased value makes it a worthwhile venture, but the numbers change depending on location, chosen upgrades, and the remodel costs.
ROI stands for Return on Investment and references the value you gain from a remodel. For smaller remodels of under $25,000, the recouped cost is about 77 percent. Midrange remodels recoup about 59 percent, while major remodels recoup about 54 percent.
Yes, but only if you are remodeling your kitchen to match what other homeowners in your neighborhood are doing and what purchasers want. While you are unlikely to get a 100 percent return on your investment, you may be able to reduce the time it takes to sell. A kitchen remodel should be budgeted at no more than 15-20 percent of the home's worth in order to make it a cost-effective change.