Remodeling a part of your house is one of the best investments you can make for your property but itโs definitely not a small undertaking. Some people take out loans or even save up for months for a kitchen countertop. Since a house remodeling is not a big investment, a good option would be to remodel your house room-by-room.
The kitchen is one of the best parts of the house to remodel because thereโs just so much you can do with it. You can add a countertop, kitchen cabinets, and even new amenities to help make things easier inside the kitchen. That being said, a kitchen remodeling is one of the most expensive remodels you can spend your money on too.
While expensive, a kitchen renovation actually does more to your home aside from keeping things fresh and making you more comfortable while cooking. What many donโt know is that it can actually effectively increase the value of your home too. Before that though, letโs tread a little into how much youโd spend on a kitchen remodel.
According to experts, youโd spend an average of around $10,000-$20,000 on your kitchen remodeling services. This includes the fees for the contractors, the installation of new countertops, cabinets, walls, and flooring. Of course, it also depends on the size of your kitchen too. Some people go all out when it comes to their kitchen cabinets as well.
Now, we understand your dilemma. You donโt want to spend more for your house. Well, you want to but the budget doesnโt permit it in any way. Thatโs why we suggest saving up for it of course. Perhaps the next thing you need to convince yourself that this is a good decision is to understand that a home remodeling service is actually very good for your homeโs value.
Kitchenโs ROI
Letโs first take a look at the ROI or the return of investment of a kitchen renovation. According to experts, kitchen remodeling is indeed expensive. However, whatโs also worth noting is that they deliver a good cost to value ratio for home owners. This means that if you are a person that loves good returns for his investment, then a kitchen renovation is definitely for you.
According to studies, a kitchen remodeling returns nearly 69% of its overall cost. For bathrooms, the returns are around 57.2% only. Currently, a kitchen renovation service is one of the best ways to increase the value of your home because it offers the best ROI for you and your property. Thatโs not all there is to it too.
Experts also suggest that if homeownerโs are going to get renovation done on their home, itโs best that they focus on the kitchen first. Aside from the fact that the ROI is high, thereโs also a lot of things you can do with your kitchen as well. It offers more flexibility as compared to other room renovations for your home.
Believe it or not, a lot of people actually get their home renovated before they have it sold. This seems counterintuitive. However, there are many merits to renovating your home. Aside from upping your homeโs value, it makes your property several times more attractive to potential buyers in the future.
Another Factor To Consider
Keep in mind that it isnโt actually a guarantee that your homeโs value will be affected by a kitchen renovation. It depends on another factor which is the strength of your neighborhoodโs housing market. The better the condition the market is it, the better it is for your kitchen of course.
One way to know if your neighborhood has a good housing market is if it is close to prime locations such as CBDs, malls, and tourist attractions. These are a guarantee that the house will benefit greatly from investments such as renovations. What can you do if you live in a neighborhood with poor housing?
Even if you live in a neighborhood with a low housing market, that doesnโt mean you canโt get returns out of a renovation. In reality, you can still get returns but they wonโt be as substantial. However, since a kitchen renovation benefits your family nonetheless, itโs still worth getting for your home.
Things You Can Do To Increase Your Kitchenโs Value
There are many ways through which you can actively increase the value of your kitchen – thereby your home, through renovations. One of the best ways to do so is by getting a kitchen countertop. More specifically, we suggest getting a countertop such as granite or marble which are two favorites in the industry.
Natural stone countertops are unique from one another. They are also durable, aesthetically pleasing, and overall, are just a great addition to your kitchen. The best part about them is that they become more expensive over time. As such, getting one of the best countertops for your home is a good investment for your money.
Installing a natural stone countertop can be the biggest investment for your kitchen. The material alone could already cost around $5,000 depending on the type of countertop you install and also depending on the size of your kitchen. Itโs worth it though considering how good it is for your kitchenโs value.
Then you also have to consider other minor kitchen renovation additions. This includes kitchen cabinets, the walls, and the floorings of your kitchen. These donโt add much to the value of your home but they are still good at ensuring that you get your moneyโs worth through such an investment.
Last but not the least, do not sell your home if it has any issues. Problems such as plumbing, broken tiles, and lack of amenities do the opposite of a kitchen renovation. Basically, these actually affect the value of your home negatively. Youโll earn more than youโll lose when you get these problems in your kitchen fixed.
Of course, itโs also a must that you have health hazards removed in your kitchen. You wouldnโt want an accident happening while you or others are moving around.
Why Does Home Value Matter?
By now, you are probably very curious as to why home value actually matters in cases like these. Well, letโs say that you are eventually planning on selling your home in the future. WIth a renovated and updated kitchen, you can expect to get more than what you bought the house for because of the investment.
The way the housing market works is very easy. Property becomes more expensive overtime because of the fact that it becomes less abundant. As such, if you bought your home for $500,000 today, it could be worth at least $800,000 in the future. This makes a property one of the best investments you can make with your money currently.
If you are planning to sell your home in the future, youโd want to have it sell for a high price of course. One of the ways to do this is to take care of your home as you still own it. Another is to simply invest in remodeling services that can significantly increase your homeโs value as well so this makes it a great investment.
Many real estate agents will tell you that one of the best ways to make your home attractive is to make the kitchen more attractive as well. This might seem like an odd suggestion but consider the fact that people spend a huge amount of their time in the kitchen – whether they are eating or cooking.
Creating a kitchen space thatโs both beautiful and functional will do wonders for the overall appeal of your home. Even if the people you are pitching too aren’t actually what one would call as home chefs, a good kitchen is still a good way to attract more potential buyers for your home.
What if you donโt plan to sell your home? Then youโre still benefiting from a kitchen thatโs comfortable and safe to be in! Thereโs no downside to getting a kitchen remodel. Donโt think of it as an extra expense for your home. Instead, think of it as a means of investment for your future.
Whether you plan on selling your home eventually or not, increasing its value is good in many ways. As you can see, home and kitchen renovation actually does wonders for your homeโs value so itโs something that you should consider in the future. Itโs an even bigger help if you actually plan on selling your home.
A kitchen renovation is one of the best investments you can make for your home. Understandably, people have their doubts about it too. After reading this article, we hope that you finally understand the value of investing in a good kitchen. Youโll definitely be proud of what contractors do in the future as well.
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