Is your kitchen outdated? Do you just want to change it up? Are you planning to resell yourself home and wondering if the resale value will go up if you do renovations on your kitchen? Read on and find out the answers to your questions.
Renovations: How Much to Spend
How much you should spend on renovations will depend on a variety of things.
For example, if you plan to stay in the home for at least five years or more, invest what you can afford for the upgrades and look you want.
If you are doing the renovations to raise the resale value of your home, focus on getting back the maximum return on what you are investing.
You want to get you money back and some extra.
When you do renovations for resale, it is advisable before doing any renovations that you have a home inspection to see if there are issues that should be taken care of that would hurt the resale value of your home.
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You do not want to do cosmetic fixes and then not have money to fix any major issues.
Do Kitchen Renovations pay Off?
Some people feel that the kitchen is the center of the home and that it is the kitchen that sells homes.
This is where people congregate and you want the kitchen to have a good feeling.
The average kitchen remodel will generally pay off more than a renovation that is high-end.
Depending on the size of the renovation you can expect to recoup between 54 to 77 percent of what you spend.
Types of Kitchen Renovations
There are two categories of kitchen renovations; major and minor.
They are broke down based on the quality of the finishes, extent of the project, money and time invested.
There are three factors that you should consider to help you determine which renovation is best to do.
- Budget: When discussing budget you need to figure out what you can afford to invest without dipping into your home equity too much. You should also include some extra money in case you run into an unexpected expense.
- Value of home: The renovation should reflect the price of your home, what it is worth. You want to make sure that the renovation you want to do makes sense for your home.
- Local market: You need to check and see if the buyers in your area are looking for brand-new kitchens or just some minor renovation.
Minor kitchen renovations: With this type of renovation, you will work with much of the kitchen you have.
This means that you are not moving walls to enlarge the kitchen, changing the layout, or gutting it.
One thing you might do is replace the front of the cabinets but keep the actual cabinets. You could also add new handlesto the cabinet doors or new hinges.
You may also decide to upgrade your countertops to quartz or granite, repaint the walls, put in new flooring, or get new appliances that match.
This type of renovation is generally found in the midrange cost category because of the limited work you have to do.
Major kitchen renovations: In this type of renovation there are two types:
- Midrange: With this one, you will most likely be overhauling the entire kitchen. This means that you could be rearranging the layout in order to improve the functionality or even moving walls. Maybe you are adding a kitchen island, appliances that are energy-efficient, semi-custom wood cabinets, new flooring, or stainless steel sink. You may also include walls, ceiling, and trim that is freshly painted.
- Upscale: With this renovation, you may do some of the same changes that you would do in a midrange renovation but the finishes will be of a higher quality. Top-of-the-line stone countertops, custom cabinets, imported glass or ceramic tile backsplash, high-end appliances, faucet with water filtration, under-mount sink, or upgraded lighting. Upgraded lighting can include under-cabinet LED lighting or task lighting. The material for the floor could be wood, tile, or even wood-look tile.
How to Boost Your Kitchen Renovation
- Match appliances: It is advisable that instead of spending money on just one stainless steel appliance, it is better to buy appliances so that they all match, such as all white or black. If you buy one stainless steel appliance, it will stick out and it will look like your kitchen has just been partially upgraded.
- Sink grout: This may sound a bit strange but if you remove and replace any peeling or moldy grout, it can make your sink area look well-maintained and clean. You do not even have to change the faucet or replacing the countertops.
- Paint or refinish the cabinets: It is less expensive to paint or refinish your kitchen cabinets than replacing the door fronts or even the cabinets. Doing this can give your kitchen a fresh-new look. It can be time-consuming but well worth the effort. You can also change the hardware on your cabinets. Just make sure if you repaint or refinish the cabinets that be sure you have cleaned and sanded the cabinets to give them a professional look when you are finished.
- Kitchen faucet: If your kitchen faucet is outdated or cannot be cleaned to look new then you may need to replace it.
- Counters: If your counters are damaged then they should be replaced as they can make your kitchen look outdated if not.
- When doing renovations on your kitchen, have a budget and stick with it. You do not want to go in debt renovating your kitchen because while you will get a return on your investment, it will not be all of what you put into it.
- Make a plan before you do any renovations so you get the ones that are top priority done first.
- If you are doing kitchen renovations to sell your home, have a home inspection done first so if there are major issues you can use the money to get them fixed so the house will be sellable.
- Yes, kitchen renovations do pay off in giving you an entirely new look and some return on your investment.