The experts tell us that when considering a remodeling project, a kitchen “facelift” can almost pay for itself. By some estimates, a minor kitchen remodel can return over 90% of its value during a resale. One key factor in designing a remodeling project that recoups most of its cost is to keep a few ideas in mind.
Customize = Specialize
It’s most likely that you’re considering the remodeling project for your own purposes and not as much concerned about the resale value. It’s your home and you’re not really thinking about the family likely to live there next. In planning your design though, it’s good to remember that the more you customize to fit exactly what you want, the more you narrow the pool of prospective buyers in the future. You may love the Spanish colonial trim on your cabinets and island, but if it’s inconsistent with the rest of the home, you might find yourself undoing it when it comes time to sale.
Update or Remodel
You might be dreaming of a full kitchen remodel like the ones you’ve seen on Pinterest. It’s a fact of life that the more you do the more it will cost. It would be great to know what the sweet spot is where bigger costs stop building value.
According to the 2015 “Cost v. Value Report,” it’s $19,226. Up to that point you can expect to get a little over 80% of the cost back in added value to your home. Now that you know that number, you can start deciding what things are most important. Will you benefit more from updated appliances and refinished cabinets or do you need a bigger overhaul? It’s entirely possible that your kitchen has become so dated that it needs a complete remodel to improve its functionality.
Whether you’re looking at a floor to ceiling demo or just a cabinet and appliance update, it’s good to know what the tipping point is going to be.
Keep It Simple
Most kitchens could benefit from some simple upgrades. Unless you had a custom build, it’s likely that most of the fixtures in your home are builder’s grade. They work just fine, but they probably don’t create the feel you’d like in your own space.
One of the most cost effective upgrades you can make is with your appliances and fixtures. Something as simple as updating the faucet and sink can give the room a different look. The best kitchen faucets today are also more efficient. That can save you on your monthly water bill. At the very least, they give your kitchen a more contemporary look.
The same is true of modern kitchen appliances. They come with an energy star rating that will tell you how much you’re likely to save annually by upgrading. Most of your kitchen appliances are only expected to last ten to fifteen years. If it’s been longer than that since you replaced them, it’s likely that upgrading the current appliances will save you significant money on energy bills right away.
In reality, remodeling is more about building what you want than adding value to your home. You want to build the space that suits you, not the next family who is going to live there. Still, your home is possibly one of your largest investments, and you want to maintain its value. Looking at what you really need and knowing the effective budget can help you create your perfect space and protect your significant investment.