Renovating your kitchen will generally speaking, increase your home’s value. This is true as long as the renovation is done correctly and no major mistakes are made. The reason why a renovation will usually increase the value of your home is because renovations frequently replace outdated appliances, designs, layouts, cabinets, countertops, tables, stools, paint jobs, etc. So, usually, if everything goes correctly, then a kitchen renovation will tend to make your kitchen significantly nicer looking than it was before the renovation.
How much will a kitchen renovation increase my home’s value?
The average kitchen renovation tends to generate about 80 percent ROI. This means that you can expect your home’s value to increase by about 80 percent of the money that you put into your kitchen renovation. So, if your home is worth $200,000 and if you put $50,000 into your kitchen renovation, then you can expect your home to be worth around $240,000 after your kitchen renovation is completed. An 80 percent ROI is not guaranteed of course. However, it is very common for kitchen renovations to create ROIs of 80 percent.
Will a kitchen renovation ever decrease my home’s value?
It is extremely unlikely that a kitchen renovation will decrease the value of your home. There are only a few ways that this could happen. The first way that a kitchen renovation could decrease the value of your home is if a major mistake is made during renovation and is not repaired due to the cost being too high. For example, if major structural damage occurs to your home during the renovation, then this could potentially decrease your home’s value. Or, if your designs are extremely ugly and if people find them off-putting, then this could also decrease your home’s value. However, both of these circumstances are extremely unlikely to ever occur.
Should I move forward with a kitchen renovation?
Whether or not a kitchen renovation is a good idea for you depends on a number of key factors. For example, your current financial situation, your current level of satisfaction with your existing kitchen, and the designs that you have in mind for a new kitchen renovation can all impact whether or not it is smart for you to move forward with a kitchen renovation project. However, as a general rule of thumb, if your kitchen is very outdated and if you have the means to finance a renovation, then it is often a very good idea. This is because people tend to spend a lot of time in their kitchens. Therefore, if your kitchen is very beautiful, then it can improve your quality of life. A good kitchen renovation can also improve the value of your home. So, if you move forward with a kitchen renovation, then you can make more money when you go to sell your home down the line.
If you are interested in setting up a kitchen renovation, then we would love to hear from you. Feel free to give us a call at 780-997-0909 if you would like to get started today!