For those considering potential kitchen renovations, one factor that may sway your decision is how these renovations have an impact on the value of your house. The kitchen is often considered the heart of the home, and a complete renovation is a sure way to increase both home value and functionality. However, since complete renovations can be stressful and a little overwhelming, we’ll cover some specific items and appliances you can upgrade or replace to get you started in the right direction.
How Much Does a Kitchen Remodel Increase Home Value?
Finding an exact numerical amount is pretty much impossible considering how different renovations can be for each individual. Home value fluctuations depend on a lot of varying factors, but kitchen renovations are definitely a way to trend upward in that regard.
According to a report by realtor.com, 80% of homebuyers placed the kitchen in their list of top three most important spaces. Out of the individuals who bought homes without certain features, 69% of them said they would have paid more for new appliances, and 55% said they would have paid extra for granite counters. What this indicates is that a renovated kitchen stands out significantly more to home buyers, and that’s where the majority of your property value is placed while trying to sell or appraise.
Kitchen Upgrades That Increase Home Value
Here are some kitchen upgrades that increase home value, as well as how significant they are, and how much they usually cost:
- Appliances – Installing a new and improved oven, a larger stovetop, a fridge, or other appliances immediately improves both kitchen functionality while living in the home, and appeal when looking to sell. The investment may be daunting, but is usually well worth it when going on the market.
- Sink and Faucet – One of the most important facets of a kitchen is a reliable, efficient, and attractive sink and faucet. These items tend to wear faster than others in the kitchen, so getting a fresh set is always recommended when looking to quickly increase value with a lower budget.
- Cabinets – Whether it’s resurfacing, refinishing, painting, or installing new ones, cabinets can be a game changer. Not only do they need to look the part as some of the main focal points of a kitchen, but they need to function well. Be aware that new installation of cabinets will generally spike a budget significantly higher.
- Light Fixtures – A pleasant aesthetic to any kitchen is nice lighting. Consider switching bulbs or fixtures entirely, and get creative with your renovation. Under cabinet lighting can be quite eye catching, and stand alone lamps can add a cool vibe to any space.
- Counter Tops – Nothing brings a kitchen together quite like some quality countertops. Be it granite, quartz or porcelain, putting in a brand new counter can instantly beautify a kitchen, and greatly increase home value.
Is a Kitchen Remodel Worth It?
Kitchen renovations are very much worth it when your home does get appraised, but much of that decision making comes down to budget. The industry’s standard ROI for average-sized kitchen renovations ranges from 50% to 60% of your overall budget. For example, with $70,000 spent on renovations, you can expect to recoup around $35,000 to $42,000. With smaller kitchens, this ROI raises to 75-80%.
Get Started On Your Kitchen Renovations
Reinvent and remodel your home into what you’ve always wanted with Galaxy Granite. We know that every home improvement project requires careful decision-making and attention to detail, and our premium quartz and granite custom countertops are the perfect way to increase your home’s value.