It’s a well-known fact that kitchens sell houses.
Half of current homebuyers say that having their preferred style of kitchen is extremely important in choosing their next home. Because of this, giving your kitchen a facelift can allow your house a chance to compete with other houses on the market – without breaking the bank. When looking at return on investment, most kitchen upgrades can be broken into two different categories, the minor remodel & the major remodel. Each have their own pros and cons.
First, let’s look at the minor remodel. This type of upgrade would include one or a few of the following: replacements of cabinet doors, installing new hardware, upgrading countertops, purchasing new appliances, repainting cabinets and walls, and potentially installing new floors. This mini facelift gives your kitchen a fresh and updated look at a relatively affordable price.
The major remodel consists of an overhaul of the whole kitchen. This would include moving walls and rearranging the layout to improve functionality. If you have space, adding an island would also fall under this category as well as installing custom cabinets, purchasing a new sink, new flooring, tiling a new backsplash, or installing new lighting. A major remodel is a large project and requires a bigger budget.
To help decide whether you are ready to take on a minor or major renovation, we’ve broken down some common updates and their relative ROI. Choose a few or choose them all for a full home facelift.
ROI: As high as 80%-100%
Cabinets are one of the first things people notice when entering a kitchen. They are also items that can be updated a little or a lot depending on budget. For a minor remodel, shoot for resurfacing existing cabinets and swapping out hardware. Both will give you a fresh look and save you money. Bigger budget? Select custom cabinets and scratch resistant paint. Spring for upgraded handles, soft close hardware, lux inserts and bespoke interior and undermount lighting. Custom stains and colors can also be matched to your perfect vision and paired with smart storage solutions like built in racks, pull down shelving and other modern conveniences.
Durable, well-made countertops help recoup a bigger investment. Quartz, stone, or granite can quickly modernize a space while keeping it fresh and appealing to most future buyers. Keep a neutral palette to ensure maximum longevity and opt for smart, sturdy materials that will be durable and easy to maintain. Consider upkeep vs style, and factor in how you, family and visitors will use the space. Beautiful materials like marble are classic and timeless but do require a level of care to avoid chips and stains. Quartz is more affordable and comes in a rainbow of colors and is great for a home with a kitchen constantly in use.
When it comes to appliances, go big. The more high-end the appliance, the more return on investment.
Splurge worthy smart appliances bring the “tech” into the kitchen. Complete with computer-based features that can be accessed via smart phones, installing the newest and most consumer-friendly dishwashers, stoves, and refrigerators will have even the most beginner cook begging for a chance to utilize the kitchen. Not only do appliances elevate the look of the kitchen, but they can make the life of a home cook a little easier. Saving both time and cost in the long run. When installed correctly and placed in the kitchen in the correct flow, appliances are items that do not need to be maintained or updated very often – so once they’re in, homeowners can enjoy the look and functionality of their new space with ease.
ROI: Up to 70%-80%
Due to the amount of foot traffic in and around the kitchen, replacing your kitchen floor is another great option to recoup your costs. Invest in the right flooring is key, as kitchen floors are subject to most of the wear and tear in the home. Subject to spills, dirt, grime and high-foot traffic, luxury vinyl, laminate, tile, and stone are some great options to consider. Modern laminate is more water resistant than ever and vinyl can be patterned to mimic the look of almost any surface. In addition, they are both affordable and easy to install and maintain. Tile or concrete are also a great option due to their waterproof quality and heat resistance.
A kitchen remodel, no matter how big or small, can completely transform your home. Creating a bright and beautiful kitchen will not only refresh your space but welcome prospective buyers into your home and increase your return on investment in the future.