Spring time brings a desire to throw open your curtains and let the light in! It’s a season of inspiration after a long winter, and if you are considering doing some updates to your home, consider your ROI (return on investment) as you budget for your project.
“According to Remodeling magazine’s annual cost vs. value report, some of the best renovations are those done on the exterior of the home—siding, window, and door replacements—because they immediately improve a home’s curb appeal. “ – money.usnews.com
U.S. News has a great point! First impressions are everything when it comes to selling or buying a home. If you already have great curb appeal and are flipping through magazines looking at dream kitchens, we have some statistics and information to help your kitchen remodeling dream become a reality that will add value to your home!
“The 2010-11 report puts the national average price of a mid-range minor kitchen remodel at $21,695, averaging a return of 72.8 percent…” – http://www.kitchens.com
“The only home improvement likely to return more at resale was a minor (roughly $15,000) kitchen remodel, which returned 92.9 percent. “ – HGTV.com
|PROJECT||JOB COST||RESALE VALUE||COST RECOUPED|
|Minor Kitchen Remodel||$20,830||$16,699||80.2%|
- Chart provided by http://www.remodeling.hw.net
“According to Remodeling magazine’s annual analysis of cost versus value, a kitchen “face-lift” — painting, refinishing surfaces, and upgrading appliances — will return more than a full redesign. The key to spending less is spending it wisely.” – This Old House
With all this expert information, examine the structure of your kitchen. Is the layout functional and does it flow with the rest of the home layout? Are your kitchen cabinets structurally sound? If yes is the answer to these questions, try doing a “face-lift” before calling a contractor.
- Replace your cabinet doors while keeping the cabinet box intact.
- Paint dark wood cabinets white to give an updated look.
- Replace cabinet knobs and pulls.
- Paint walls in light, neutral colors.
- Add color with a tile backsplash.
- Refinish or replace dated or cracked countertops and flooring.
- Replace older appliances with commercial appliances in black, white, or stainless steel.
While focusing on these upgrades and preparing your budget, be cautious of not upgrading to the point that your home becomes overpriced for your neighborhood. If the average sale price of homes in your area are $250,000, your current home is worth $230,000 and you decide to complete a total kitchen remodel of $40,000, your home is now $20,000 above the average price in the area and may not be appealing to buyers. Another perspective to consider is how long you plan to live in your home after completing updates? The longer you live in the home, the more you get to enjoy those beautiful upgrades, and the better chance you have of recouping the costs of updating. Statistically, home prices rise an average of 5% per year so if you are planning to live in this home for several years to come, the rising value of the home may absorb those remodeling costs.
Continue to be inspired! The future is bright, let your home be as well!