When we are honest with ourselves, our biggest motivation for remodeling a kitchen is simply that we want to have a nicer kitchen. And there is nothing wrong with that! But partly in order to justify this desire, we want to know whether remodeling the kitchen will increase the value of our home. That’s a bit of a tricky question, since it can depend on many complex factors.
Of course, being a kitchen remodeling company, we wish we could just shout YES! But we want to be fair and honest with you, so we’ll say, “it depends” and then give you a few things to consider.
In the average home, a kitchen remodeling project will increase the value of the home, but not enough that it outweighs the cost of the investment. For example, if you spend $10,000 remodeling the kitchen, it may increase the value of the home by $6,000 to $8,000. This means that your overall ROI (return on investment) is negative.
That said, it still might be worth remodeling the kitchen if you are going to sell your home. Even if it does not increase the market value of the home, it will drastically increase the marketability of the home. That means that it is much more likely to attract showings and offers, so you have a better chance of selling the home for your asking price.
Something else to consider is that in some circumstances, a kitchen remodel will have a positive ROI. One case where this could happen is if your current kitchen is in particularly bad shape. In that case, a modest remodeling may increase the value of the home by more than the cost of the project.
Also, there are smaller changes that can be made in a kitchen, which cost very little but increase the desirability of the home. Painting or restaining your cabinets could fit into this category. Also, adding crown molding, upgrading your cabinet hardware, and modernizing your lighting can all have this same effect.
Nevertheless, as we began this article by stating, your biggest motivation for remodeling your kitchen is probably to make it a more inviting, convenient space to live, work and entertain. If it also increased the value of your home, that’s a great thing too!
If you would like a free estimate for kitchen remodeling, or if you have any questions about renovations of any kind, please give New Life Bath & Kitchen a call. We are happy to serve you in any way we can, and there is no risk, cost or commitment in a phone call!