Kitchen remodels are some of the most popular remodeling projects that homeowners undertake. As such, many homeowners want to know how much return they can expect on their kitchen remodel. Is the money that they are spending now going to be returned to them some day when they sell their house?
There are many factors that determine the return on investment for a kitchen remodel, including geography, the scope of the remodeling project and if the remodel is taste-specific or if it appeals to a large market.
According to HomeAdvisor, the national average cost of a kitchen remodel is just over $22,000, with a range of approximately $12,500 to $33,500. Some projects are much smaller, costing only a few thousand dollars, and high-end remodels can cost much more.
As a return on investment, Remodeling Magazine estimates that a minor kitchen remodel (costing around $15,000) can have a return of 87%. Similarly, a major kitchen remodel (with a cost closer to $40,000) can have a return of 80%. These are higher returns than projects such as a deck or home office but not as high as replacing siding.
However, it’s important to remember that a kitchen remodel is not all about how much return a homeowner can get on their investment. While it is important to spend money wisely when undertaking a renovation project, it’s also important to spend money on improvements that the homeowner will enjoy.
This is one of the most overlooked aspects of kitchen remodels. A kitchen renovation can encompass many things: plumbing, electrical, countertops, cabinets, appliances, flooring, paint and fixtures. But all choices should take personal enjoyment into account. A kitchen renovation should create a joyful, warm and welcoming environment for family and friends.
With careful thought, planning and design, a kitchen remodel can pay off in many ways. A new kitchen can be a space that is enjoyed for many years, but then someday when the homeowner is ready to move on, the costs can be largely recovered.