New Home Complete Kitchen Renovation
When you talk to most realtors, along with the location, they will tell you that kitchens and baths sell homes. More often than not, the kitchen is the most expensive area to tackle. When it comes to home improvements, you can focus on making your home more appealing to potential buyers and a more enjoyable place for you to live. That could depend on how long you plan to stay there. Are you getting your home prepared to sell or getting it ready to live in? Our family spends more time in or around the kitchen than anywhere else in the house. We had gotten to the place in life we no longer wanted to get down and climb halfway into the cabinets to pull things out or to put them back. We plan to live in our home for at least 10 or more years. While the popularity of white cabinets is currently in now, will they be in 10 years?
The National Association of Realtors1 study confirms that kitchens and baths still top the list of interior home improvement projects that appeal to buyers. While the information below suggests a return on your investment of 50% or higher.
- Complete Kitchen Renovation
National Association of the Remodeling Industry’s (NARI®) cost estimate for the project: $68,000
REALTORS® estimated cost recovered: $40,000
Percent of value recovered from the project: 59%
10% of realtors said a completely renovated kitchen most recently helped them clinch a deal, resulting in a closed sale.
- Kitchen Upgrade
NARI’s cost estimate for the project: $38,300
REALTORS® estimated cost recovered: $20,000
Percent of value recovered from the project: 52%
I have spoken with home appraisers, who had stated it is a much less favorable return than that when it comes to your home’s appraised value. Saying there was value in the kitchen before it was upgraded —another reason to do it for you.
Do it for yourself!
Are you getting your home prepared to sell or getting it ready to live in? In our family, we spend more time in or around the kitchen than anywhere else in the house. We have also gotten to the place in life we no longer wanted to get down and climb halfway into the cabinets to pull things out or to put them back. We plan to live in our home for at least 10 or more years. While the popularity of white cabinets is currently in now, will they be in 10 years?
Since we have a long term view, we opted to go with the more enjoyable place to live that could be more appealing to buyers later. Now we didn’t go crazy; we also didn’t go white. Based on what we wanted in our kitchen, we also found it cheaper to do a complete remodel than it was to try and upgrade.
Replacing your dated appliances can be a less expensive alternative to completely gutting a kitchen. We did this, getting our prior home ready to sell. Refinishing cabinets and changing out tile backsplashes can be a cost-effective update and giving a fresh look to your kitchen. However, that was not the case for us. We found it actually cost more. Kitchen improvements can add to the resale value and help your home sale faster. Still, the best reason should be to enjoy your time in your home, with better functionality for the way you live.
Also, keep in mind that if you upgrade your kitchen to a custom kitchen, you will want to be sure to let us know. This helps us ensure, come claim time, that the insurance company pays to put your kitchen back to the custom, not you.