Many homeowners are considering or doing renovations to their homes. We attribute this drive for renovations to first living comfortably, and second, raising the value of their houses. A major renovation investment is a kitchen, especially if one wants to overhaul it.
What is the value of investing in an inexpensive kitchen renovation, specifically if it looks outdated? For one, sell your home or consider refinancing it in the future. Thus, the more modern and practical your kitchen is, the more you attract buyers willing to pay more than the neighborhood housing price.
You might face a time when you need to refinance your home. The more your home value, the more financing you get for your house. Since the housing market is volatile, you might need to consider other aspects that might affect the value of your home. Therefore, the Return on investment (ROI) in your kitchen remodeling is essential.
Thus, what is the recommended budget for a kitchen renovation? The National Kitchen and Bath Association recommends the budget for a kitchen remodel aim at around 15-20% of your home value. Professionals recommend one calculate the ROI of a remodel before starting any renovation.
So when considering the ROI of your kitchen, try to keep it within this percentage range. What are the best ways to maximize the ROI on your kitchen renovation?
1. Invest in durable Countertops
Durable countertops, made from marble and quartz, last a long time. Their clean lines and sleekness do not fade with time and remain within any trend of the year or years to come. Try to install countertops found in the neutral color range so that other kitchen features provide just the right accents.
2. Install Hardy Cabinets
Kitchen cabinets can take a sizable chunk of your budget to remodel your kitchen. An intelligent choice is to invest in cabinets that are durable and stylish. For instance, shaker-style kitchen cabinets made from hardwood such as chestnut or birch can last a long time.
You might not have the budget to buy new cabinets. If this is the case, refinishing, repainting, and installing cabinet handles goes a long way to sprucing up your kitchen.
The functionality of the kitchen matters to many homeowners or buyers. Ample storage spaces and the general layout of the kitchen can make or break the ROI. Cabinet space conservers such as pullout spice racks, pots, and pans drawers are just a few to mention. Choose light color paints for your cabinetry.
3. Replace Appliances
If the kitchen appliances are old, not functioning well, or outdated, consider upgrading them to match your kitchen design. Search for energy-saving appliances that aim to reduce the electricity bill. The size of the appliances is dictated by the space in the kitchen and the needs of your family.
4. Upgrade the Floors
Is your kitchen floor peeling, stained, or making the kitchen look dark and outdated? Then, it is time to upgrade your floors. Durable and beautiful floor tiles and hardwood floors are a good ROI for your remodel.
Sprucing up your floors with high-quality tiles makes them easy to clean and adds the oomph to your kitchen renovation. Floor materials that resist water, stains, mold, and flame give the best ROI.
Make your kitchen design and colors harmonize with the rest of your house. Potential homebuyers appreciate such kitchens and easily understand how the kitchen works in the house’s overall design and architecture. Expert builders state that minor kitchen remodels can give you up to an ROI of 98.5%, and major kitchen remodel ROI is approximately 91%. Since the kitchen is an expensive investment, professionals recommend you work with professional designers. If you can do a DIY professional job on your remodel, you will get more ROI on it.