Any interior remodel for a home that has become a bit dated improves its value. Still, it is commonly agreed that kitchens and baths have the most significant impact. The value increase of a kitchen remodel is attributed to the fact that kitchens tend to be the central gathering place in the home. People gather around food, whether the family during meal preparation or guests grabbing hors d’oeuvres or another glass of wine.
According to a recent survey, 80% of homebuyers placed the kitchen in the top three most important spaces in a home. Additionally, 69% of homebuyers who purchased homes without certain features claimed they would have paid more for new appliances, and 55% said they would have paid more for granite counters.
An updated kitchen can help your house stand out for prospective buyers, which, in turn, can help you sell faster and for more money.
Average ROI of a Kitchen Remodel
Your overall return on investment has a lot to do with how much you spend and the types of renovations you invest in. There’s no one-size-fits-all ROI for a kitchen remodel. A small kitchen remodel project can be a great investment for your home. Resurfacing kitchen cabinets, changing their hardware, and making other minor improvements can boost your home’s value enough that they come close to paying for themselves.
Small kitchen projects earn a return on investment of more than 83%, according to the latest Cost vs. Value report from Remodeling magazine. That means for every $100 spent on the upgrade, a home’s value increases by $83, on average. That’s a much better return than many owners get from other home projects, including basement additions, bathroom upgrades and even replacing the roof.
Here are the kitchen upgrades that will most increase your home’s value:
- Upgraded Hinges, Pulls, and Knobs
- Cabinets
- Countertops
- A New Kitchen Island
