Will Remodeling My Kitchen Add Value?

Spending the amount of money it takes to update your home usually comes with months of planning, stress and rationalization. Whenever you weigh the pros and cons of a home renovation, the first question that a budget-conscious homeowner will consider is whether it will add returnable value to your home. This is especially true with a kitchen renovation, as this room is typically the most expensive renovation a home will receive. Unfortunately, that question does not have a simple yes or no answer.

At Prince & Sons, we’re constantly working on different types of kitchen renovation projects with a wide variety of budgets, so we know how quickly costs can add up and whether or not it’s “worth it” to renovate. We have put together a few tips that will help balance the scale as to whether a kitchen renovation can not only add value to any home, but your home.

Does a Kitchen Renovation Add Value to Your Home?

If your primary goal in completing a kitchen renovation is to increase the resale “value” of your home, our team would tell you that you could be making a mistake. While a beautiful kitchen renovation could add significant desirability to your home, from an appraisal standpoint, your home value will not see a direct dollar for dollar increase. If you are upgrading your finishes, you will see a bit of an increase in value but the fact of the matter is, even if you renovate, your home will still have only one kitchen just like it had before. 

Here are a few things to think through and consider before you sink a significant amount of money on a remodel.

Is It Worth It? Factors that Drive Value and Desirability

 

  • Sell-ability/Buyers Remember Kitchens – While it may be difficult to assign an exact value to a kitchen renovation, there’s no doubt that buyers will remember an incredibly well designed kitchen and even more importantly, a kitchen that is tight, cramped and dated. Creating a bidding war is about the only way you will see a significant return on your investment and even then, you will need to consider this important variable.
  • How Hot Is The Real-Estate Market in your Neighborhood? – Just because the market is hot doesn’t guarantee you riches if you list your house. If you expect potential buyers to out-of-pocket significant cash above an appraised value, you need to have more tipped in your favor than a nice kitchen. Some of these being good school districts, competitive prices for new or similar houses, and proximity to shopping & major highways, just to list a few. 
  • Enjoy Spending Time in Your Kitchen – Aside from the dollars and cents, your kitchen should be a place where you and your family come to unwind and enjoy each other’s company. With that in mind, there is personal value in renovating your kitchen so that you can enjoy it, regardless of whether you decide to stay in your home or sell it down the road.

Reach Out to Prince & Sons to Learn More About The Benefits of Renovating Your Kitchen

If you’re interested in learning more about some of the benefits of a kitchen renovation, don’t hesitate to reach out to our team today by phone at 919-383-0888. You can also fill out our online form, which will help you to start thinking about the key questions that will determine what you’re looking for in a newly updated kitchen. We look forward to hearing from you soon.

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