The answer may depend on what shape your kitchen is in before you start work, how it compares to kitchens in other homes in your neighborhood and what you have done.
Remodeling’s 2023 Cost vs. Value Report provides estimates of how different home improvement projects may affect a home’s value, and it can be a good starting point for investigating how much value a remodel could contribute.
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Home improvement projects may not raise a home’s resale value by as much as they cost. Remodels typically bump up a home’s value by a percentage of what the homeowner spends on them, but that percentage might not be as high as you expect.
When considering a remodel, it makes sense to evaluate a project’s price tag by the portion of the cost that you’re likely to recoup when you sell.
Remodeling’s 2023 Cost vs. Value Report analyzes the cost of kitchen improvement projects for both minor and major remodels. Minor remodels make limited changes and leave many features in place, while major remodels can significantly alter a room.
The report includes the average cost of the following three kitchen remodels — along with the value added to the home by these updates. Keep in mind that returns aren’t guaranteed and that they may vary from the national average depending on where you live.
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Before deciding to remodel, you’ll want to think about which features of your kitchen you plan to change and which you plan to leave in place. It’s a good idea to set a budget, get quotes and figure out how much the work will cost before deciding to proceed with a project.
The following alterations may add value to your home and could be worth considering if you choose to remodel your kitchen.
Expanding and improving a kitchen can add value to a home. Reconfiguring a room can be an expensive undertaking, though. If your budget won’t support a full renovation, you may want to consider a smaller addition or less costly tweaks to the layout, such as adding a small island.
If some kitchen features are old or no longer working well, you may be able to add value by replacing them. You could consider installing new appliances or upgrading to energy-efficient windows.
Making a kitchen more accessible and easier for older adults or people with disabilities to use can increase its value.
Possible improvements include replacing knobs with easy-to-grab handles, adding pull-out boards or turntables that allow convenient access to items in storage, and installing countertops that can withstand heat near cooking areas. Lowering cabinets, opening up knee space under sinks and workspaces, and leaving adequate clearance for wheelchairs or walkers can make a kitchen more accessible for people with limited mobility.
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Another way you could add value to a kitchen is to spruce up its appearance. You may want to consider installing an attractive backsplash, updating cabinets or adding decorative lights. Other possibilities include upgrading the kitchen sink with a newer model and replacing the countertops.
If you’re good with repairs, you might be able to make some improvements — such as replacing knobs and handles or painting cabinets —yourself. But if your goal is an extensive remodel, you’re usually better off hiring a professional to do the work.
A contractor who knows what they’re doing can help you avoid mistakes, get the work done faster and save money. Also, some aspects of a remodel, like plumbing and electrical work, are highly specialized and are best left to the experts.
If you aren’t paying for a kitchen remodel in cash, you have a few options for financing the work.
Remodeling can be an expensive undertaking, so you’ll want to think it through before committing to a project.
© 2023 Zonda Media, a Delaware Corporation. Complete data from the Remodeling 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
Source: https://gardencourte.com
Categories: Kitchens
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