A kitchen is the heart of the home and a space dedicated to meal preparation, family gatherings, and even entertainment. So, it’s no surprise that an updated and aesthetically pleasing kitchen can boost a home’s value. There are different reasons why homeowners choose to remodel their kitchens – some do it because the space has become outdated and they can no longer stand it, while others do it because of the lack of functionality. Another reason may be that they want a new look for their kitchen and have saved enough money to make the much-desired transformation.
Whatever the reason, a kitchen renovation can be a great idea, but the price tag prevents homeowners from starting such a project. On average, giving your kitchen a makeover in 2023 starts from $26,256, but it can go up to $64,000. It’s worth noting that each project is unique, and the costs can differ depending on different factors, including the extent of the renovation, workmanship, the materials used, and last-minute changes.
Is a kitchen remodel worth your money?
Depending on your location and the scope of your kitchen remodelling project, you can get an ROI of 31.7% – 85.7% – higher than other renovations like garage door replacement or HVAC conversion. So, to answer the question, a kitchen makeover is worth it for many reasons, such as:
- Improving the layout. Your kitchen layout plays a major role in its functionality, making cooking and other essential tasks easy or challenging. So, if your kitchen’s current layout isn’t practical, you can plan a new one – this will not only benefit you, but if you decide to sell your home, it will also give potential buyers the impression that there is more space in the kitchen.
- Increasing the safety of the space. By remodelling your kitchen, you can solve problems such as dripping faucets, cracked kitchen walls, and broken cabinets, which can pose some risks to those living in the home.
- Tackling functionality issues. A poorly planned kitchen can pose different functionality issues, including inaccessible cabinets, insufficient lighting, poor air conditioning, and so on. However, you can address all of them at once by upgrading your cooking space.
- Boosting its appearance. Over time, your kitchen may not look as attractive as it once was. Besides, your aesthetic preferences may change over time, and you may simply wish your kitchen looked different. Fortunately, this can be achieved through remodelling by using your creativity and getting inspired by the latest trends. For instance, the shaker kitchen style is a timeless and elegant design choice, and due to its versatility, it works with nearly any countertop, flooring, and appliance. Besides, if you opt for shakers, you will get the best bang for your buck.
What kitchen upgrades add the most value to your kitchen
The kitchen has a significant impact on your home’s sale price, but it’s essential to point out that some upgrades can result in a higher resale value, such as:
Installing a kitchen island
A kitchen island that is both functional and beautiful can be a great addition to your home. Buyers prefer those spaces with more seating areas and storage, and a kitchen island provides both.
Upgrading the kitchen cabinets
Cabinets are the most essential element in the kitchen, so it’s not surprising that they can make a significant impact on potential buyers. The good news is that it isn’t even necessary to replace them to give them an upgrade – you can simply reface or paint your existing cabinets. This way, you will improve their functionality and aesthetics while stretching your budget.
Changing your countertops
There was a time when natural stones such as marble and granite were trendy in designing a luxurious kitchen. On the other hand, for smaller budgets, the go-to options were concrete materials and laminate. Now, different countertop materials are available, offering options for every homeowner’s budget without requiring much maintenance. Countertops play a massive role in the aesthetics of a kitchen, so replacing them with new ones will add more value to the space.
Getting new appliances
Before selling your home, you should also consider changing your existing appliances. Just think about it: buyers will look for their dream home, so understandably, they will want to be able to do baking, cooking, and other essential tasks as comfortably as possible. Hence, it only makes sense to upgrade your appliances to more modern ones and make your kitchen more appealing to buyers.
Incorporating a multipurpose area
Since the COVID-19 pandemic, many individuals have transitioned to remote work. However, many of them do not have a room where they can effectively perform their job-related tasks. So, adding a workspace to a kitchen will instantly improve its functionality, guaranteeing you will make a good resale profit.
Avoid overspending on your kitchen remodelling
According to statistics, around 1/3 of homeowners struggle to stay within their budget when making home upgrades. One common problem is spending either too much or too little on the renovation project, which can risk the value of the home. Home remodelling experts recommend following the 5 to 15% rule for a strong ROI. According to this rule, your kitchen renovation should cost over 5% of the total value of your home (this guarantees it will make an impact) but less than 15% (to stay within your budget and avoid breaking the bank).
Here are some aspects to keep in mind when making a budget for your kitchen renovation:
Learn to prioritise
Allocate more of your budget to things like layout, flooring and kitchen cabinets, as you will hardly change them over time, and they are among the best investments you can make in your kitchen.
Don’t over-improve
Before embarking on your kitchen remodelling project, take the time to research the typical home prices and then spend your cash accordingly. Even if you design the perfect home, you may not recover all the money you put into the project because of the lower home prices in your neighbourhood.
Consider extra expenses
You likely know this already, but home remodelling projects never involve less expenses than expected. So, you should consider setting aside money for last-minute expenses: around 10-15% of your budget should be enough.
Last words
Giving your kitchen a makeover will indeed make a difference, especially given that many homeowners are now using this area for different purposes. We hope our guide will help you remodel your kitchen successfully so that you get a good ROI.
