Whether it’s to increase your home’s value before you sell or to finally have the kitchen of your dreams, remodeling a kitchen is a renovation project with a lot of potential payback. Not only would you enjoy a renovated cooking space as long as you live in your home, but your home’s next buyer will enjoy it too. In fact, most buyers today want updated kitchens, according to reports where both minor and major kitchen remodels ranked in the top 10 home renovations for costs recouped.
Along with bathrooms, kitchens are one of the first features buyers notice when they’re shopping for a home. So what’s the secret to getting the most of your kitchen remodel? How do you know what to invest in when you’re looking to make a profit when you decide to sell? The bottom line is this: you need to know what to change and how. With that in mind, here’s a look at the best kitchen renovation projects to take on when you’re looking for the highest returns.
- New Countertops: A whopping 94 percent of homeowners surveyed by Houzz in 2013 said they planned to update their countertops, according to CBS News. The same article says the costs of updates like these can be recouped by as much as 75 percent. What countertops are popular right now? According to HGTV, people like to see eco-friendly composite, granite, quartzite, soapstone, stone, butcher block and solid-surface. Also popular are stainless steel counters and upscale-looking versions of laminate.
- Bright Cabinets: You don’t have to shell out for all new cabinets unless they’re truly shoddy. To give your kitchen cabinets a fresh look, try painting them and updating the hardware instead. This budget-friendly update infuses new life into your space without costing a fortune.
- Stainless Steel Sink: In a 2013 Forbes article about top kitchen renovations to avoid, farmhouse sinks were dubbed a trend that seems to be subsiding. Recommended instead is the ever-popular stainless steel, called “the workhorse of sinks” by an expert quoted in the article.
- Updated Appliances: According to an article at FrontDoor.com, since “the kitchen’s primary function is for preparing and cooking meals … the room is only as good as its appliances.” In fact, some experts rank new appliances as the most important home improvement for the kitchen accordingly. Before you think swapping out appliances will cost too much money, though, consider this: the biggest mistake you could make in a kitchen remodel is overspending. So rather than picking the most expensive option for new appliances, go for mid-range, high-quality appliances in stainless steel. These will look good, add value and give your kitchen updated efficiency and style.
- Timeless Style: No matter what renovations you select, remember to think longevity. Even if your favorite color is bright red, for example, think twice before painting all your kitchen cabinets that color. Generally speaking, when it comes to kitchen finishes, “aim for classic or neutral colors and styles,” says Carl Vogel at This Old House Magazine. In other words, go for natural colors that will still look attractive in five, 10 or 20 years. Classic styles will stand the test of time and won’t run the risk of becoming an eyesore in the future—and even if you’re planning to sell soon and think a certain trend will last a year or so, know your buyer will likely care about resale value farther down the line, too.
According to U.S. News, the average cost of a minor kitchen renovation was $18,856—but sellers can expect to recoup an average 82.7 percent of the project’s cost when they sell; a similar article from HGTV said minor kitchen remodels average around $14,913—but bring in 98 percent of that when resold. In either case, the key to making the most of your remodel’s value is choosing cost-effective updates that will appeal to the broadest range of buyers. By putting in a manageable amount of money toward renovating your kitchen, you set yourself to add value to your home when it’s time to sell.
Provided by mymove.com
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