How Much Does a Kitchen Upgrade Add to the Home's Value?
Your kitchen can add value to your home whether you opt for an elaborate renovation project or simple cosmetic changes, according to the 2023 Cost vs Value Report. Homeowners typically recoup 31% of what they invest into new kitchens.
Upgrades that draw in buyers should be of particular attention when making upgrades to a property. Here are a few pointers to help get you underway:
Stainless Steel Appliances
Since 1998, stainless steel appliances have been an ideal way to upgrade any kitchen. Their elegant yet timeless appearance complements a wide range of design styles, from contemporary and minimalistic to rustic and farmhouse. Plus, stainless steel resists stains and scratches better than other finishes so its good looks last even longer!
Though other colors are increasingly trendy, stainless steel remains the top choice among homeowners. Alternatives to its classic finish may include Jen-air's "oiled bronze," Whirlpool's "sunset bronze," and Miele's "truffle brown."
An attractive kitchen can be an invaluable selling point when it comes time to put your home up for sale, but don't let money dictate the type of renovations you do. Before making a decision about upgrades that will add the most value, take into account your future plans and length of time you intend on living there before deciding which upgrades add most. Installing an island or replacing cabinets are among the more cost-effective projects with substantial return on investment potential.
Granite countertops are an attractive and long-term addition to any kitchen renovation, yet it's essential not to judge upgrades solely by their financial benefits.
As opposed to man-made materials that require complex processes for production, natural stone countertops are harvested directly from nature and manufactured into countertops - making it both eco-friendly and long-term durable options.
Granite offers the added bonus of being available in a range of colors and finishes, from glossy to honed and matte, depending on your personal taste and needs. Though glossy finishes may remain popular, more recently honed and matte options have gained in popularity as less reflective but still highlight color and conceal crumbs effectively.
Granite fabricators make selecting a countertop easier by providing full slabs to view before making your decision, giving you more opportunities to find something that matches both your style and decor elements in your home.
Adding a Kitchen Island
If your budget permits it, adding a kitchen island is an effective way to increase the value of your home. Not only can it serve as a practical space for chopping vegetables or storing mail and items when entertaining guests; it can also serve as an attractive focal point that showcases your individual style while creating more spaciousness in the room and providing conversation areas during parties.
However, if your renovation budget is limited, consider upgrades that still add appeal such as adding a backsplash or upgrading cabinet hardware - these upgrades could still provide significant returns! Plus, remember that buyers often prioritize kitchen renovation projects over other rooms so even mid-range renovation projects may provide significant return.
If you need advice about which upgrades will add the most value to your home, contacting a real estate agent or broker could help immensely. They're experts at offering tips and advice that could show how best to enhance the kitchen without breaking the bank or discouraging potential buyers.
If you're planning a major kitchen renovation, be sure to prioritize upgrades that will increase value and provide a return on investment. To help, we consulted real estate agents from two hot housing markets as well as an interior designer expert.
Refreshing an outdated kitchen can make all the difference when trying to attract potential homebuyers, and replacing cabinets is an effective way to do just that. Both Gilbert and Kolb recommend going with white cabinetry - still popular among potential home buyers.
Replacing countertops and backsplashes with durable materials like quartz may be less expensive than natural stones like marble, while adding energy efficient appliances with smart technology capabilities and eco-friendliness can boost home value even further. By choosing to upgrade, these upgrades may save homeowners money on utility bills while simultaneously decreasing waste production and environmental impacts.
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