Home Value and Resale
Kitchen Remodeling can be one of the larger home improvements you will do for your Home. Remodeling is an value proposition and finances must be considered. Kitchen Planning starts with establishing which direction you are headed, and why.
Do your research and find out your home’s existing fair market value. Decide how long you will be staying in your home after you remodel and allow for financial contingencies if you must move for unforseen circumstances. In other words, don’t over-improve your home unless you know you will be staying in your home long enough to prove the return-on-investment.
A general rule of thumb to spend on Kitchen Remodeling is 10%-15% of your Home’s value for and immediate ROI.
Design Factors for Types of Kitchen Remodels
If you have a good handle on your Home’s value, then you should know what you could spend on a Kitchen Remodeling Project. But there is another factor – the value of getting what you want. If you are a great cook or love to bake, then maybe certain appliances or layouts aaply to you. You have to determine cost vs value for yourself and your Home. Some people may also have to figure out exactly what type of Kitchen Remodeling project they really want and how do you decide what type of kitchen remodeling is best for you?
YourSquarefeet can always help you determine the solution to your Kitchen Remodeling.
Kitchen Makeovers are generally quick fixes, mostly done for hateful colors or to put a house up for sale. If you are going to do it , make sure you select a solid surface countertop and stainless steel appliances. Do not put a new solid surface countertop on old cabinets- especially for resale. There is typically no ROI unless you are selling the home.
Kitchen re-facing actually has come a long way. If you have a good layout and good cabinet boxes, it’s not a bad choice. The problem is that not too many kitchens have these qualities by the time someone gets around to thinking about doing this. Either the layout is out-dated or the cabinet box is shot. Plus, if you are going to replace everything else also, you are pushing into the price point of a full kitchen remodel. The ROI is limited.
Replacement in-kind kitchen remodels are basically a full kitchen remodel but using the same layout you already have. It’s always worth having a Designer take a look, there’s not much that can’t be improved upon if it’s 15-20 years old. If it’s a production home where every kitchen in the neighborhood is the same, you will increase your value with something different.
Full Kitchen Remodel
Full Kitchen Remodels are the best of all worlds. This takes full advantage of Kitchen Design and new products. Your immediate ROI is between 75-100% depending on the area of the country.
For more information on the valuation of Remodeling Projects visit the Cost vs Value Report on Remodeling.