Your kitchen is the most important room in your home. Not only is it the place where you prepare meals for your busy family, but it is also the nerve center of the entire home. Gone are the days when homeowners entertained their guests in formal dining rooms. Today’s homeowners prefer to spend time with their family and friends in the kitchen, where they drink and cook together.
Home values in many parts of the country have exploded in recent years. With newfound equity, an increasing number of homeowners are choosing to start kitchen renovation projects. We found that the national average ROI for a major kitchen remodel is between 54 and 59 percent.
Full kitchen remodels offer excellent returns on investment
Many homebuyers are hunting for homes with updated kitchens. If you decide to go “all-in” on your kitchen remodel by getting new cabinets, hardware, appliances, countertops, lighting, and more, you’re going to help maximize your return-on-investment and boost your home’s curb appeal.
For example, if you spend $64,000 on your kitchen remodel, you can expect to see a return of $38,000. If you spend $125,000, you can plan for a $67,000 return on your investment when you sell your home.
Kitchen cabinetry upgrades boost resale value
Kitchen cabinet design is critical to the overall look and functionality of any kitchen. It is also a smart use of your renovation funds. While high-end cabinetry can be expensive to install, you can expect to see an 80-100 percent return on your investment when you sell your home.
To get the most out of your new kitchen cabinets, consider working with a designer. Homebuyers value the artisanry of custom cabinetry made from high-end, high-quality materials, and this can be a major selling point for your kitchen.
Hardware makes a big difference
Few things can ruin kitchen cabinets faster than old, damaged, or clunky hardware. When remodeling a kitchen, you usually can’t go wrong with splurging on elegant knobs and pulls. As buyers walk into your kitchen, you want them to be impressed. New hardware gets that job done.
In addition to replacing visible hardware, you can also improve the usefulness of your cabinetry with invisible hinges and slow-close drawers. New hardware is such a difference-maker that you can anticipate a return on investment of between 80 and 90 percent.
Countertops are the key to winning the resale game
If you are like most homeowners, you aren’t only looking to earn top dollar when selling your home. You want to enjoy your kitchen in the present, too. Chances are that a kitchen you love will be one that buyers love, too.
New countertops sit at that perfect intersection of fashionable and functional. That is why granite countertops are such a popular upgrade. Not only are they durable and easy to clean, but granite, marble, and quartz countertops also look great. Overall, they boost the value of your home.
You do not, however, have to choose between just marble or granite. Nowadays, buyers love the look and functionality of quartz countertops. They are moderately priced but can help homeowners get a 60-80 percent return on investment.
High-end appliances offer a wow factor
Major kitchen renovations can be expensive. When choosing appliances, though, you simply cannot compromise on quality. Simply put: if you live in a high-end home, you need high-end appliances.
Homebuyers expect appliances from top-quality brands, complete with modern features and sleek finishes. Opting for the best-of-the-best will allow you to recoup between 60 and 80 percent of your investment. New appliances will also impress anyone who walks through your kitchen, which matters when you are trying to attract buyers in a hot real estate market.
Here is the bottom-line: there is never a bad time to renovate your home. If you are looking for a place to start, focus on the kitchen first for the greatest ROI. By focusing on improving key aspects of this room, you can boost your chances of seeing a significant return on investment.
About the author: Samantha Jones is the senior editor and communications specialist at Superior Stone and Cabinet, the go-to source for custom and wholesale countertops & cabinets in sunny Phoenix, AZ. When not in the office, Samantha really enjoys gourmet cooking and traveling with her pup. She is also an avid reader.