Are you thinking about a kitchen remodel in Evansville or Owensboro to increase the resale value of your home? Before you (or your contractor) pick up a sledge hammer and start renovating your kitchen, it’s helpful to know whether a kitchen makeover is the best way to spend your money on the interior of your home. It is a serious commitment in time, money and patience.
You have likely heard that investing in your kitchen gives you the best bang for your buck. Depending on the scope of the work, renovating your kitchen can cost anywhere from several thousand dollars to the upper end of five figures. That’s not chump change, so it’s helpful to know how investing in your kitchen adds value back into your home. Does investing all that money in your home really increase the price tag of your home’s resale value?
THE ROI OF A KITCHEN REMODEL
When it comes to investing your precious dollars into your home, the Remodeling Cost vs. Value Report* has the numbers to back up the commonly-held belief that kitchen remodels net the best return on your investment for interior projects. Keep in mind, every homeowner’s situation is different, and decisions shouldn’t be made solely off of this report data.
The Cost vs. Value Report analyzes the costs and return-on-investment data for 22 popular remodeling projects. The goal of the report is to answer the very question you may be asking yourself: on average, how much does a particular remodeling project add value to your home?
This report collects and analyzes data from all over the nation and ranks the 22 remodeling projects according to their average return on investment. What does it say about remodeling your kitchen? Well, the news is pretty good.
Minor kitchen remodels offer the best ROI.
A minor kitchen remodel earns the distinction as the interior project with the highest average ROI. Nationally, this type of kitchen remodel typically recoups almost three quarters of your costs in increased resale value. For every dollar you invest in your kitchen, you get back almost 75 cents in the resale price tag of your home.
The report also breaks down the data into regions to give you more localized numbers. In the East North Central Region (which includes homes in Evansville, Mount Vernon and Newburgh), a minor kitchen remodel nets an average return on investment of 69.5%. In the East South Central Region (which includes homes in Henderson and Owensboro), a minor kitchen remodel nets an average return on investment of 71.4%.
You’re probably wondering what counts as a minor kitchen remodel. The Cost vs. Value Report defines a minor kitchen remodel as renovating a dated 200-square-foot kitchen by making the following updates.
- Replace cabinet and drawer fronts with shaker-style faces.
- Update the cabinet and drawer hardware.
- Replace the countertops.
- Install new energy efficient range and refrigerator.
- Install new mid-level quality sinks and faucets.
- Add new flooring.
- Paint the walls, trim and ceilings.
Major kitchen remodels net high ROI too.
If you’re debating a larger project, a major kitchen remodel also offers a high average return on investment. The Cost vs. Value Report shows an average ROI of more than 50% for larger kitchen renovations.
The criteria for a major remodel are slightly different. Major kitchen remodels are defined as renovating a dated 200-square-foot kitchen by making the following updates.
- Install new semi-custom cabinets.
- Add a kitchen island.
- Replace the countertops.
- Add a double-tub stainless steel sink.
- Replace the faucet.
- Install new energy efficient appliances including range, vented hood, microwave, dishwasher and garbage disposal.
- Add custom lighting.
- Add new flooring.
- Paint walls, trim and ceilings.
GET PROFESSIONAL HELP WITH YOUR kitchen remodel.
A kitchen remodel is a large undertaking, but you don’t have to go it alone. Our talented team of cabinet designers and product specialists can help you get started on the planning phases of your kitchen remodel in Evansville, Owensboro or any of the surrounding towns. Our team can help you design the floor layout and pick out the cabinets, hardware, countertops, sinks and storage systems to maximize your investment in your kitchen. To contact us, send us a message using the form below.
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Our team of designers and product experts are prepared to assist you in making the best selections for the design, function and budget of your project.
* © 2021 Zonda Media, a Delaware Corporation. Complete data from the Remodeling 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.