The Real Facts on ROI of a Kitchen Remodel
While a kitchen remodel does return an ROI when a home is sold, it is not the primary reason individuals do this type of remodel.
There is generally a price increase when selling a home with a newer kitchen rather than an outdated and rather ugly old-fashioned one, but it is not as great as most homeowners think.
The ROI results from the functionality and improved look, which drives the ROI. A kitchen that is only remodeled by repainting and/or cabinet replacement will return less than one that is fully remodeled.
To put it simply, the more a homeowner puts into a kitchen remodel, the greater the ROI. Buyers generally look at a kitchen and bathroom first when making decisions on purchases, as these spaces are the hubs of all homes.
Total remodeling, of course, will be more costly, but the fact remains that a great-looking and spacious kitchen space returns the investment not just by increasing the sales price but by making a home sell more quickly when put on the market.
Time IS money when selling! Buyers also look for newer upgrades to enhance energy savings and conserve water. Proper lighting does this, as does newer plumbing and electrical work.
Safety is assessed as older wiring, which can especially cause buyers to be suspicious of the safety of cooking in a kitchen. Needless to say, sufficient storage is more convenient and safety-oriented.
Natural light is always sought for the energy efficiency of a kitchen as well as the aesthetic, and newer lighting enhances this aspect as well, so windows and overhead energy-efficient lighting should be addressed.
Overcrowding of old cabinetry that lends itself to clumsy encounters in the kitchen can turn buyers off rather quickly when assessing a home to purchase.
Overall, a homeowner who remodels a kitchen will see the ROI returned when the home is sold, but enjoy the home more while living there.
The golden rule usually is to do as much within a given budget as possible, without going over budget and regretting unnecessary upgrades.
A pro with decades of experience can assist homeowners in choosing the best upgrades that will fit their budget, make the kitchen a better place to cook and congregate, and yet return the best ROI on the kitchen remodeling monies spent!
