by Elias Deukmajian | Kitchen Remodel
Home improvement decisions are often difficult to make, especially if you’re unsure of what changes will be most cost-effective in the long-run. Kitchen remodeling is one of the most popular types of home renovations, and if you’re a homeowner, chances are you’ve given this adventure a little thought at least once during the course of your ownership. One of the most common and frequent questions we hear as a construction and kitchen remodeling business is: does kitchen remodeling change the value of a home? The simple answer is, yes; however, there are many different levels of kitchen remodeling that range in changes from minor to major, and it’s important to consider how every choice will impact your home’s value before you decide to follow through. In this article, we’ll discuss some of the significant aspects of kitchen renovation as it relates to your home’s value.
What Prospective Buyers Are Looking ForThis is a tricky question to answer, as every prospective buyer is usually looking for something different in a home – in fact, the kitchen may not even be the most important factor in helping them make a decision on whether to buy a home or not. However, in most cases, a home’s kitchen is a make-it or break-it deal. Most buyers look for the following elements in a kitchen:
- Storage and cabinet space
- Countertop space
- Countertop durability
- Dining and eating areas
- Updated appliances or fixtures
Types of Kitchen RemodelingThere are a few different types of kitchen remodeling. Some are simpler than others, and usually therefore cost quite a bit less money, which can yield a greater return on your home’s value. However, it’s not always about the money you spend; in fact, it’s more about how you spend your money that counts in kitchen remodeling.
Minor ChangesYou might consider changing out appliances, updating fixtures, and deep cleaning or restoring flooring and cabinetry for a quick, simple kitchen update that will save you money, and yield a return.
Major ChangesIf your kitchen requires more in-depth changes, such as layout design or structural changes, plumbing or electrical updates, flooring or cabinetry replacements, etc. you might end up spending a bit more – it’s best to speak with a professional to perform a cost-benefit analysis.
Cost-Benefit AnalysesNot all kitchen renovations are worth the money spent. As we mentioned before, you could be making minor or major changes to your kitchen, which will affect the value significantly differently. Making major changes to your kitchen, such as removing a wall to open the floor plan, could greatly enhance the value of the kitchen, whereas making custom detail changes to a kitchen might not impact the value greatly. It’s important to look at what other homes in the area include in their kitchens and how you can match that in your own home without breaking the bank.
Personal ValueIf you plan on staying in your home for years to come, then you’ll want to think of the longevity of your kitchen remodeling project. Ask yourself the following questions:
- Does the kitchen layout serve me and my family well?
- Does the kitchen design appeal to the vast majority of individuals and families?
- Is the kitchen generally functional?
- Will the design and materials last for years to come?
- How can I restore the kitchen to my liking and add more value to the home?