When homeowners are thinking about selling their homes, one of the first things they do is turn a critical eye on their kitchens. How will prospective buyers feel about the scratched hardwood floors, chipped cabinets, and outdated appliances? If their culinary spaces do not hold up to the severest scrutiny, they consider investing in a full kitchen remodel.
If you’re in a similar situation, you may be wondering if remodeling your kitchen is the right move for you. While it’s not all about the numbers, they play a significant role in your decision to hire kitchen contractors. Here’s everything you need to know about how much a full kitchen remodel can increase your home’s value.
How Your Kitchen Renovation Can Increase Resale Value
According to a recent survey, about 80% of homebuyers view the kitchen as one of the top three determining factors when deciding whether to buy a house. If a home has recently been renovated, buyers will be more than willing to pay extra for the modern conveniences the house provides. But is the return on investment (ROI) worth the kitchen remodel costs?
Unfortunately, you will never receive a 100% return on your remodeling investment. However, you can still boost your home’s value and receive significant returns when you sell your house.
The average ROI for mid-range and upscale major kitchen remodels is 50% to 60% of your remodeling budget. Based on this, you will want to carefully plan out your home renovation budget and evaluate whether certain efforts are worth the time and money.
It’s important to note that the expected ROI for your kitchen upgrades will vary based on your location. The good news is that, as a California resident, you can expect an average return of 93% (the national average is 68%).
Don’t Forget to Consider the Joy Score
The value a home improvement project offers does not come down to just dollars and cents. You also need to consider the satisfaction or enjoyment a homeowner gets from having a highly functional and aesthetically pleasing kitchen. This is considered the joy score, and according to the National Association of Realtors (NAR), the score for a kitchen remodel is a 10.
What does this mean? The joy score for a kitchen renovation shows that you can get so much more from a remodel than just an increase in your home’s asking price. You’ll be able to enjoy your kitchen more while you wait for the house to sell, and you’ll make the new homeowner especially happy with a modern cooking space.
Top Kitchen Upgrades You Should Make During Renovation
While planning your full kitchen remodel, make sure you pay particular attention to the following design aspects of your kitchen. Prospective homebuyers have rated these features as some of the most important.
- Kitchen Cabinets
- Kitchen Countertops
- Tile Backsplash
- Kitchen Appliances
- Light Fixtures
- Kitchen Sink and Faucet
Start Your Kitchen Remodeling Project Today
No matter the design elements you choose, you can increase your home value with a full kitchen remodel. You will also get greater satisfaction from your culinary space when it’s designed to your exact specifications. Really, you can’t go wrong with a kitchen remodel!
If you’re interested in upgrading your home and receiving more kitchen renovation tips, contact Preferred Kitchen & Bath today. You can also check out our gallery of past kitchen projects for inspiration. We look forward to hearing from you!