Although remodels of any sort can be major headaches they eventually are worth the effort. Kitchen remodeling projects deliver impressive cost-to-value ratios for homeowners. A 2012 article by United Press International reported that a major kitchen remodel tends to fare better than bathroom remodeling when it comes to improving your overall home value. Remodeling your kitchen has an average return on investment of nearly 69 percent vs. 57.2 percent for bathrooms. Additionally, the National Association of Realtors ranked a well-designed, functional kitchen as the best home interior remodeling project if you want to increase a home’s value.
As home prices increase more and more homeowners are choosing to stay put and remodel instead of buy. The amount spent on remodeling was expected to approach $340 billion in 2018, which is a 7.5 percent increase over last year, according to Harvard’s Joint Center for Housing Studies. If you choose to remodel, the average return on investment in a home’s resale value is 56 percent of the cost of the remodel.
Homeowners that decide on smaller kitchen remodels are also seeing bigger returns. Smaller kitchen remodels pay an 81 percent return, while bigger high-end kitchen remodels have an ROI of 59 percent. The same trend can be true for bathrooms because not everyone likes the latest and greatest expensive trend. However, homebuyers do tend to like appliances and fixtures that are functional and new.
Typically, a smaller kitchen remodel includes the basics like new cabinet doors and drawer fronts, appliances, and quality countertops. What sets it apart from the bigger kitchen remodels is that no plumbing needs to be rerouted or created, flooring improvements are very limited, and there’s a quicker turnaround. Just by replacing old, tired-looking kitchen cabinets and countertops can add immediate home value improvement.
If you’re planning on selling your home a remodeled kitchen can help your house stand out to prospective buyers, which can help you sell faster and for more money. According to a Realtor.com survey, 80 percent of homebuyers placed the kitchen in their list of the top three most important spaces.
Additionally, of the homebuyers surveyed that bought homes without certain features, 69 percent said that they would have paid more for new appliances and 55 percent said that they would have paid more for granite countertops.
Are you ready for a kitchen remodel? Remodeling your kitchen or bath living space doesn’t have to be a daunting task. Your decisions are likely based on three important factors – appearance, functionality, and budget.
AGS Stone will work with you each step of the way from room design and material selection to installation. We recognize that budgets and timelines are important. We are committed to helping you create the kitchen or bath of your dreams in a reasonable time frame and at a price you can afford.