Often homeowners are hesitant to begin a remodeling project because of the investment cost versus the return on investment. Some remodeling projects, like adding a swimming pool or home office, will not yield a good ROI when selling a home because people do not see a huge value in that kind of upgrade. But adding a room to a home to add square footage or uplifting a room design can provide immense value to your home and give a return on your remodel investment. One of the best rooms to implement a design facelift is the kitchen. When shopping for a home, people look hard at the kitchen and can often make a decision to buy based on the kitchen alone. By investing just a few thousand dollars in your kitchen upgrade, you can see a great deal more in the sale of your home than you would have before the remodel. Here are a few ways you can see an increase on the return on investment in your kitchen remodel.
The first and most important step to ensure you gain more return on investment is to budget wisely. If you do not provide yourself a budget and start a remodeling project believing that, no matter what you spend you will see a return on your investment, then you may be disappointed at the offers that come in for your home in the future. There are a few things you need to do in order to construct your budget.
- First set the maximum amount you can afford for a kitchen remodel. This ensures you will not go into a debt you can’t afford to change your kitchen design. Just because you have set a budget limit does not mean you should use all of it. There are other factors to consider.
- Look at the value of your neighborhood. If the average home value is $250,000 in your neighborhood, you don’t want to undertake a grand kitchen or remodel project that will make your house worth $350,000. It will be harder to find the right buyer who is willing to pay more in a cheaper neighborhood.
- Next see how much your region is worth in real estate. A certain type of kitchen may be worth $60,000 in one state while being worth $90,000 in another. You don’t want a kitchen that exceeds your average regional price or it will be difficult to sell.
- Decide how long you will stay in your home after your kitchen remodel. The longer you stay in your house, the more the kitchen will be worth in the future. Be careful, though. If you choose a kitchen remodel that is extremely trendy, the longer you wait to sell the quicker it will be out of style and worth less over time.
Make the Style Timeless
You want to implement a kitchen style that is timeless and easy to incorporate with shifting design trends. Kitchen remodels are expensive and you want to choose a more neutral design tone that will please more potential home buyers. Likewise, the style should match the rest of your home’s design. If you have a contemporary home design, you do not want a kitchen that is traditional. The kitchen should blend with the other rooms in the home and not stick out like a sore thumb.
Choose Products Wisely
The type of products and materials you choose will also greatly affect how much return on investment you can receive when you remodel and eventually sell your home. Not only should the materials be high quality and durable, they should remain a popular choice in homes for decades. For instance, you do not want to incorporate brass details from the 90s in your home design because that was a trend. While it may come back, it will not always be a kitchen staple. Consider hardwood or tile floors along with granite countertops for value and longevity.