Your kitchen a relic from the past? Whether you’re looking to sell your home or simply want to enjoy an updated kitchen, remodeling can add value and create a gorgeous, modern kitchen for you and your family to enjoy.
So much of your daily life is spent in the kitchen. From preparing and eating breakfast to family dinners and holiday celebrations, the kitchen is the heart of the home. In updating your kitchen, you can ensure that space better serves your family and makes day to day life simpler. Even if you plan to sell your home in a few years, a kitchen renovation can help maximize the value you get for your home.
In most housing markets, you will not get back everything that you paid for a kitchen remodel, no matter what the size of the project or home. The best way to ensure your home increases in value is to maintain it with updates when needed and stay up to date on the latest home repairs. However, if your home is older or you are ready to update your space, a kitchen remodel is one of the best ways to make it look and feel more modern.
Home Value & ROI
While most people do not remodel their kitchen solely to increase resale value, according to Houzz’s 2019 Kitchen Trends Study about 5-10% of homeowners do cite increasing home value as their primary reason for taking on a kitchen renovation project.
According to Remodeling Magazine’s 2020 Cost vs. Value Report, kitchen remodeling does have a better than average rate of return and although its dependent on the size of the kitchen improvement project, you’ll likely recoup 60% to 80% of what you paid. With that being said, minor kitchen remodels have the best rate of return (generally around 80%) and from 2017-2020 the project consistently ranked in the top 5 home improvement projects for best investment and return value.
Your kitchen’s return on investment (ROI) depends on the location, condition, and selling price of your home. Most kitchen remodeling projects begin at a cost of around $10,000 and continue to climb in price up to several hundreds of thousands. According to HomeGuide, the average kitchen remodeling cost is between $12,800–$21,200 at a range of $100-$250 per square foot. The price of kitchen remodeling and the value that results from those changes is unique to every kitchen design project, but there are a few ways to get the most value for your money.
How To Create Value
Investing in minor updates like replacing countertops and other outdated pieces while maintaining the existing footprint of the kitchen can help you increase your enjoyment of the space, update your home for future buyers, and increase the overall value of your home without breaking the bank. While minor kitchen remodels tend to have the best cost to value ratio, remodeling can do wonders for your appreciation of the space, how potential home buyers view the space, and the space functions to meet your family’s needs.
A large home with a high value is much more likely to appreciate with a kitchen remodel compared to its previous state, which might not net as much profit once it goes up on the market. Similarly, a small home in a neighborhood with older homes or more rundown houses will gain value from a remodel, since it will stand out from other homes in the area and becomes a more attractive option for homebuyers. Looking at photos and writeups of other kitchen remodeling projects can provide you with a good idea of what you may like in your new kitchen, as well as the general price range you should expect for the project.
Regardless of the size of your kitchen remodel, there are chances that you can make to add value. Check out some of the options for kitchens of every size and remodeling budget.
Freshen the space with small updates. Typical costs range from $10,000–$25,000.
With a minor kitchen remodel, the focus is typically on updating noticeably older aspects and creating a new face for the kitchen. From painting and swapping out hardware to new appliances or lights, a minor update will help bring new life into the space without breaking the bank.
- Update paint color
- Swap out cabinet hardware
- Install new light fixtures
- Maintain current kitchen footprint
- Newer matching appliances
Midrange Kitchen Remodel
Swap out older fixtures and appliances. Typical costs range from $25,000–$65,000.
A midrange remodel is the typical remodel for homeowners and usually consists of updating cabinets, countertops, and outdated kitchen appliances. A smaller kitchen can install higher end modern fixtures for this price range, or a larger kitchen could invest in some careful updates to a few aspects of the kitchen that are in dire need of change.
- Install new cabinets
- Create kitchen island
- Install backsplash
- New light fixtures
- Installing vinyl or tile flooring
Upscale Kitchen Remodel
A complete kitchen remodel. Typical costs range from $65,000–$120,000+.
For an upscale remodel, all bets are off. This is the time to create your dream kitchen. Some remodels include a full kitchen gutting and remodel, while others opt for a few luxury items that make the space look and feel opulent. If you have the means, this is the remodel that will make the biggest visual impact.
- New cabinets
- Updated countertops
- New hardwood, tile, slate flooring
- Altered floorplan
- Electrical, plumbing, design work
Ultimately, It’s Up To You
Nobody can tell you when to remodel your kitchen to increase your home value the most. However, you can make efforts to reduce the overall cost of remodeling and design. First and foremost, talk about costs and budget with the remodeling company or designer that will be completing the work. A designer can help you stay in budget and suggest updates with the best return on investment, based on the current age and state of your kitchen. Likewise, speak to a realtor or home selling specialist about what aspects of the kitchen tend to “sell” best. They may even suggest DIT projects that can help boost your home’s value for showings and offers.
A bit of DIY work, using reclaimed materials, and talking to the experts about your budget and goals, can go a long way to adding value to your new kitchen. Whether you find yourself deciding between granite and quartz countertops, or debating which flooring material would look best, there is always a trade-off between aesthetics and cost.
While you are unlikely to recover the entire investment amount of your kitchen remodel, if you plan to sell your home in a few years, it could be worth it to remodel now. You can enjoy a few years in your new kitchen and then recoup most of the cost when you decide to list your home for sale.
Contact Kitchen Design Center
Do you want to modernize your outdated kitchen? Whether you’d like to update your home to get the most out of the sale or just want a nice kitchen that will help your home appreciate over time, we can help.
Contact the experts at Kitchen Design Center in Fairfax, VA to help you turn your dream kitchen into a reality. For Kitchen remodeling and design, contact Kitchen Design Center in Fairfax, VA to help you create your dream kitchen. Call us at 703-244-1220, send us an email at [email protected] or visit our local showroom at 11217 Lee Highway Unit E, Fairfax VA.
