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.
How Much Value Does a Remodel Add?
The return on a kitchen remodel varies depending on the project. Minor kitchen remodels/renovations increase the home’s value by up to 83%. That means that for every $100 spent, the home’s value increases by $83. While not a profit, you have to consider the extra enjoyment of your kitchen as part of the equation.
As remodels get more expensive, the value increase to the home isn’t as extensive. Mid-range kitchen remodels of $30,000 to $50,000 increases the home value by an average of $20,000 to $40,000. It is an average return on the project of about 57%.
Not every part of the remodel creates the same return, so taking a strategic approach is essential, especially when working on a limited budget.
Here are the kitchen upgrades that will most increase your home’s value.
1. Upgraded Hinges, Pulls, and Knobs
Yes, just changing out inexpensive knobs significantly affects your home’s value. With no disruption to your kitchen, just replacing current hinges, pulls, and knobs with updated, sleeker designs give the kitchen a more elegant feel.
They will add 85-100% to your home’s value for every dollar spent. Expect to spend under $1,000 for this easy, cost-effective upgrade.
Whether redesigning, replacing, or resurfacing, new cabinets make a huge difference. Remember, cabinets are visible and comprise a large portion of your kitchen. In the process of updating the look, you might increase kitchen storage as well.
The cost of updating your cabinetry can run from $3,000 to $4,000 but gives you an average return of 80-100%.
3. New Countertops
The elegance, functionality, and low maintenance of quartz or granite countertops make for an upgrade you’ll never regret. They renew your kitchen and make it an even more desirable place to gather.
Depending on the size of your kitchen, expect to spend about $3,500 to $6,500 but see a 60-80% return on your investment.
4. A New Kitchen Island
If you have the space, a new island is a phenomenal kitchen upgrade. It adds counter space, is a gathering point, and might be an informal dining spot. If you redo the countertops along with adding the island, you might also choose to move the sink.
No matter what, it brings more enjoyment to your kitchen while returning an average of 60-80% on your investment. Depending on the size and configuration, plan to spend $1,000 to $6,000.
These are just four basic upgrades that bring a lot to your kitchen and increase your happiness and the value of your home. Redesigning backsplashes, knocking down walls, and replacing flooring are a few other great options.
Maybe you’ve been considering the benefits of upgrading or remodeling your kitchen. Hiring professionals can ensure the return on your investment is maximized. Diamond Hill Builders handles small and large projects, guaranteeing their work. A free quote is just a call away.