As a homeowner, there are a number of decisions that you need to make when it comes to your home. This could mean things you want to upgrade because they are older and it’s time for a refresh. It could also mean doing a complete renovation because you want to increase the overall value of your home so you can prepare for a potential sell.
When you are looking at different ways to increase the value of your home, you want to look at the different parts of the home that are most often valued highly on the real estate market. For many, this means the kitchen which is one of the most occupied and trafficked parts of your home.
Adding value to your home should start with an upgraded kitchen as potential home buyers value it as one of the highest parts of the home. However, if you find yourself debating whether you should renovate your kitchen because of the costs, you should understand just how important the kitchen it is and how much value you can add if you remodel your kitchen.
The Initial Costs of a Kitchen Renovation
According to a new Cost vs. Value Report by Remodeling Magazine, the average cost in 2018 to renovate a 200-square-foot kitchen was around $64,000. This included new appliances, flooring, lighting, laminate countertops, sink and faucet, wood cabinets, and an island.
It could be much higher in terms of costs when the kitchen has a backsplash, granite countertops, and custom features. This could cost individuals upwards of $120,000. And a simple remodel could cost just over $21,000 for new appliances, cabinet and hardware updates, laminate countertops, and new floors.
Knowing how much you want to spend when you remodel your kitchen can help you budget correctly, but it also helps to know just how much value you could add to your home by having Gehman Design Remodeling help you.
Creating a Proper Budget with Kitchen Remodeling Contractors
Before you get started on the renovations, it’s helpful to come up with a checklist that you can use to determine what needs to be replaced, what can stay, and what is a priority in your kitchen. Perhaps some parts are more worn than others, these would jump towards the top of the priority list to replace as they can be problematic when determining the value of your home.
Here are a few things you can remember when remodeling your kitchen:
- Hiring a kitchen design company can be a bit of your budget, but remember they are the experts and their opinions can help you get the most out of your renovations. This company can advise you on which materials work best in your area and how to find the deals on what you need to complete the remodel.
- Keep your budget itemized and start with some of the items that you don’t want to have to replace very often. For instance, include the new appliances and cabinets if you’re going to replace them. These should be things that you plan on keeping for the duration of their life expectancy.
- Don’t go above your budget in order to try and make your home the most expensive in your neighborhood. You don’t have to go above and beyond to add value. Speak with a professional who can give you an idea of what works best based on locality.
- Keep a plan in your budget for some unexpected costs that you may encounter. You never know if you’re going to run into potential issues, so having a backup plan is highly recommended.
Once you have a solid budget in place, you can also look for potential parts of your kitchen where you can save money. This can include a number of things that you can do without additional costs, such as:
- Choose backsplash that works: Backsplash is not an expensive accessory to add and it could do wonders in a kitchen. A good backsplash can turn a good kitchen into a great one.
- Make sure your flooring works: You don’t want to go all out on the floors that are highly trafficked and may need replacing before you want to. Some materials are less expensive and still provide the modern and high-end look you desire.
- Refurbish your appliances: If you can still get some good use out of your appliances and they’re simply fading a bit, give them a bit of life with some paint and love. You’d be surprised how a simple update can make your appliances stand out.
- Don’t replace your cabinets: If they’re in good shape, consider a refinish or paint to help save some of your money. Maybe just give them a quick re-facing and get the new look you desire.
The Benefits of Remodeling or Renovating Your Kitchen
Home buyers are often the first to tell you that a kitchen could be one of the top three selling points when looking for a home. As such, the renovations you perform can ensure that you’re giving your home the added value you desire. In fact, 69% of home buyers said they would have paid more for a home if the appliances were new and 55% said they would have paid more had the countertops been granite.
Whether you plan on selling your home or not should not deter you from renovations to your home–especially to your kitchen. In fact, there’s even value for those who complete a remodel or renovation and stay in the home:
- About 75% of homeowners reported having a greater sense to stay in their home after they have completed a remodeling project.
- Roughly 77% of homeowners say they have a major sense of accomplishment once they have completed their project.
- Nearly 65% of homeowners reported increased enjoyment in their own home after completing their remodel or renovations.
When you consider selling your home, you want to ensure that you are taking every step necessary to improve the overall value for your neighborhood. Having a great kitchen can do wonders for the amount you can recover, and if you’re able to find ways to budget and save, you can see a positive return on the amount you spend on your remodel.
Before you get started, you should speak with highly qualified kitchen remodeling contractors who can give you a good overview of what to expect when you remodel your kitchen. This includes an idea on what materials will work best for your home, what you can expect on costs and timeline, ways you can save in certain areas of your home, and how this project can add value to your home.
Our Montgomery County kitchen remodeling contractors are ready to help you. If you’ve been considering remodeling or renovating your home, we’re here to guide you throughout the entire process so you can make the best choices for you. We have a reputable history of providing the best service and making sure our community gets the solutions they need for all of their home and kitchen remodeling needs.