Does Kitchen Remodeling Provide an Acceptable Return on Investment?
When kitchen remodeling is being considered, most homeowners want to know if the project will provide an acceptable return on investment. While different rating organizations provide varying opinions, the return on investment estimates range from approximately 60 percent to well over 80 percent. However, those figures don’t tell the whole story. There are other elements homeowners may want to consider when discussing any remodeling project.
Are There Other Benefits to Consider?
Rather than considering only dollar amounts, take the time to evaluate how a kitchen remodeling project can benefit the home’s residents. If one or more family members love cooking, the kitchen’s look and usability will have definite values. Older, poorly designed kitchens make everyday tasks harder, suggesting it’s important to remember the definition of value and return on investment will not be the same for every property owner.
Many families also use their kitchens as meeting places where family members get together to share their experiences and enjoy time together. A new kitchen with a warm, welcoming island that provides seating for family members is often worth the money invested in the project.
Is the Home Being Sold in the Near Future?
In some areas, homes languish on the market for months because they lack certain amenities. That means a home with an aging or poorly planned kitchen can mean a property won’t sell quickly. When a kitchen has a convenient and usable floor plan, well-designed custom cabinets, and quality countertops, buyers are far more likely to purchase the home. That suggests a home with a remodeled kitchen may allow the property to sell sooner, and most people would consider that to be a good return on their investment.
Take Advantage of Other Remodeling Opportunities
As a rule, homes with dated kitchens also have bathrooms that need updating. It’s often less expensive to deal with bathroom and kitchen remodeling at the same time. Plumbing and electrical issues, for examples, can be dealt with at one time rather than having the plumber or electrician returning and revising those systems twice. It’s always a good idea to explore all your options when updating any part of a home, especially bathroom remodeling, to keep costs as low as possible.
Call for Advice During the Planning Stages
It’s always a good idea to contact a remodeling contractor early in the planning stages to obtain the best overall outcome. The experts know what’s realistic and what ideas should be revised to generate the best results and avoid spending too much on a project.