Kitchen Remodeling: How Will It Affect The Value Of Your Home
If you want to amplify things with an undeniably trendsetting showpiece in your house, then the kitchen is the best place to start with. It is no wonder that the kitchen area is one of the spaces most crucial to prospective home buyers. So, if you can afford it, why not relish those rewards in your home right now?
For the most part, people pick kitchen remodeling for multiple reasons. In a 2017 Houzz study, 43 percent of respondents reconstructed because their kitchen is no longer appealing. Forty percent of respondents wanted to remodel their kitchen but cannot afford to do so.
The price tag could undoubtedly stop some homeowners from a remodeling project. Whether you are planning a complete overhaul or just a few well-chosen updates, kitchen remodels does not come affordable. Thus, how would you know if it is the correct investment for your home? Is it worth it?
For a little help, we will walk you through these questions and help you remodel your kitchen the right way.
Cost
Kitchen remodeling can get costly in a short period, particularly if your dreams of spacious islands, quartz counters, and custom cabinets. According to the 2018 Cost vs. Value Report from Remodeling Magazine, the average cost to remodel a 200-square-foot kitchen with a standard sink, laminate countertops, an island, and wood cabinets is at least 64,000 dollars.
This cost also comprises of flooring, lighting, and new appliances. However, it is possible to spend much less or much more than that. Say, for instance, a gourmet kitchen with a tile backsplash, custom cabinets, and granite countertops, along with commercial-grade and built-in appliances, could cost at least 126,000 dollars.
Moreover, a simpler renovation that comprises of adding ready-to-assemble kitchen cabinets, installing new flooring, replacing appliances, choosing new laminate counters could cost at least 21,000 dollars.
What do most homeowners spend in a kitchen remodeling project? About 70 percent of those who finished a kitchen renovation in 2017 spent at least 50,000 dollars. Only one in ten homeowners spent at least a hundred thousand dollars.
So, how much would kitchen remodeling in NYC cost? Well, that would depend on your budget and preferences. Well, it depends on your budget and your preferences.
Budgeting
If you want a successful renovation, you must first set your budget. How much are you willing to spend on light fixtures, cabinets, new hardware? With that said, you need a solid plan, outlining what things you need to deal with and how much you should spend.
In this way, you can track all your expenses throughout the renovation. With a firm budget in mind, you can, without a doubt, make kitchen renovation decisions with certainty.
Home Value
In many instances, a kitchen remodeling project can boost or raise the value of your home. It is no wonder that homebuyers are likely to pay more for thoughtful upgrades and high-end finishes.
Eighty percent of homebuyers, according to a recent survey, place the kitchen in the top three list of the most important areas in the house. Sixty-nine percent of those who purchased homes without such features said that they would’ve paid more for brand-new appliances. Lastly, 55 percent said they would’ve paid more for granite counters.
A remodeled kitchen space can make your house stand out for potential homebuyers, which can aid you in selling it in no time and for more money. Well, it is excellent news, especially if you are planning to sell or rent out your home in the long run.
However, keep in mind that even if your home value increases, it does automatically mean that you’ll recover the total expenses of renovating when you sell.
Real Estate Agent
Look for an experienced realtor to figure out how much money you’d spend on your kitchen remodeling project without going overboard. Soon, when it is time to put your home on sale, your realtor will leverage the standout feature of your home to entice homebuyers and receive a great price.
Takeaway
Is a kitchen renovation worth it? Well, the answer largely depends on your intentions and on your decisions. For instance, if you’re planning to put your home on sale in the next two months, it might not be ideal to invest 60,000 dollars into a new kitchen if your realtor thinks you will recover 40,000 dollars.
Imagine that it is 20,000 dollars down the drain! For this reason, it is much better to do well-chosen kitchen upgrades that might only cost at least 5,000 dollars. The correct updates can provide your home value a huge increase before it hits the market. Plus, it can attract as many homebuyers as possible.
Even if you do not recover the entire expense of your renovation when you sell, it is still a great investment for you and your whole family.
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