Kitchen renovations can be expensive. However, they can also raise the value of a home. For this reason, many people specifically look for kitchen renovations that generate solid return on investment, or, ROI. Some kitchen renovations increase the value of a property significantly more than other ones. Average kitchen remodels recoup about 70-80 percent of the amount that the investor puts in. Here is a guide to getting the best ROI on your kitchen renovation.
- Replace outdated appliances
If you want to optimize your ROI for your kitchen remodel, then you are going to have to replace any outdated kitchen appliances. Outdated kitchen appliances are a major turn off to prospective home buyers, so you will definitely have to upgrade them to newer ones if you want to make your home more appealing at the time of sale. Focus on the stove, the refrigerator and the dishwasher.
- Do not over-renovate
This may sound counterintuitive. However, if you over-renovate, then you could end up spending more money then you could possibly hope to get back. After all, homes in a given neighborhood usually have a maximum price that homebuyers are willing to pay. So, if you put $200,000 into your kitchen by buying solid gold hardware and encrusting your countertops with diamonds, don’t expect to get a good ROI. People who are looking to buy your home simply might not be able to afford it. This could cause you to lose money.
- Make sure you spend on the walls
The walls are one of the most noticeable areas of a kitchen. So, if your kitchen currently has outdated wallpaper or is painted an ugly color, then you should definitely spend some money to upgrade this area of your kitchen. The nice thing about spending money on the walls is that it tends to be significantly cheaper than other areas of your kitchen such as the cabinets. However, it can have a major impact on the overall look of your kitchen. So, you can get good ROI by spending here.
- Replace outdated countertops
Like the walls, the countertops are another thing that can have a major impact on the overall attractiveness of your kitchen. If your countertops are ugly, old, and outdated, then you should be able to get good ROI by replacing them with beautiful new countertops. Granite is a very nice option for countertops. However, if you can’t afford granite, then consider going with a nice laminate countertop that looks like granite. Many people who see laminate countertops actually think that they are granite when they are not.
When you are redoing your kitchen, it is important that you spend money on the right things in order to get the best ROI for your project. If you focus on the things mentioned above, then you have a very good chance of getting at least a 70-80 percent ROI for your renovation.
Here at MOD Kitchens, we source all of our materials from Canadian suppliers and when you work with us, you will be helping your fellow Canadian citizens. Call us today at 780-997-0909 to get started!