How Will A Kitchen Renovation Affect Your Home's Value?
If you want to spice things up with a stylish showpiece in your home, the kitchen is the hottest place to be. Homebuyers are willing to spend thousands of extra dollars for an updated kitchen. If you've got the budget, why not enjoy those bonuses in your own home right now?
Imposing Price Tag
Kitchen renovations are notoriously expensive. Remodeling magazine's Cost vs. Value Report 2013 says the cost to renovate a 200-square-foot kitchen with wood cabinets, an island, laminate countertops and a standard sink and faucet is about $54,000. That price also includes new appliances, lighting and flooring.
A gourmet kitchen with granite countertops, custom cabinets and a tile backsplash, along with built-in and commercial-grade appliances can nearly double that price tag to $107,000.
Low-Cost Alternatives to Renovating
If your budget isn't quite that generous or you're just looking to refresh the look of your kitchen, consider these ideas:
Pays Off When It's Time to Sell
When you're ready to sell your home, your updated kitchen will boost your home's value. Remodeling magazine estimates you'll recover 60–70% of the cost of your kitchen remodel.
A new kitchen will also grab potential buyers' attention. Not only are homebuyers willing to pay more for a home with new appliances, granite countertops and a kitchen island, but 51% of men and 62% of women said they would fall in love with a home that has a gourmet kitchen.
Stick to the Budget
The budget is essential to a successful kitchen remodel. Here are three budgeting tips to help keep you on track.
Consult a Real Estate Professional
An experienced real estate agent can help you determine how much to spend on your kitchen renovation without overdoing it. And, when it's time to sell your home, your agent will also make the most of your home's standout feature to attract buyers and get a great price.