Wednesday, May 22, 2024

How Much Does a Kitchen Remodel Increase Home Value During Sale?

Nine times out of ten, you’re not going to get back what you paid when remodeling a kitchen right before you sell your home. That’s not because remodeling a kitchen is a bad idea. Doing so can add a substantial amount of value to a property, especially if your kitchen fixtures are damaged or seriously dated.

Many homeowners, however, spend far too much money trying to bring their kitchen up to day. As a result, they end up wasting more money than they could ever recover from a sale. Remodeling even an average sized kitchen can cost around £8,000 and it could be even more if you plan on changing the floor plan. However, homeowners that make small simple changes to their kitchen have found that they get all of the benefits of doing so without spending anywhere near as much money.

Low Cost Alternatives to Kitchen Remodeling

Hiring builders to manage a kitchen remodeling project can be extremely expensive, but homeowners that do at least some of the work themselves have had more value added to their homes at a far less pricey rate. While many people might not like the idea of having to do this kind of work on their home, there’s actually quite a bit that can be done without the need for professional assistance.

Adding in new kitchen splashbacks takes little more than adhesive and some spare time, which has made it an attractive project for those who otherwise wouldn’t want to tackle a DIY build. These are functional, so they’ll tend to provide more value than non-functional decorative work. Similar jobs, like those involving putting in self-adhesive laminate flooring tiles, will normally increase the value of a home without running up large bills as well.

However, even homeowners who go this route may find that they’re spending much more than they originally intended to. It’s best to take down dimensions before starting a project so that you can be sure that you’re only going to order materials that you need. This is especially true of those who shop online. That being said, projects have to be carefully selected in order to prevent cost overruns.

Adding Value to a Home in a Reasonable Way

Professional agents are likely to perform a real estate market analysis before they spend even a few pence on a remodeling project, and there’s a good reason for this. They know that most restoration bills outpace any value added to a remodeled property. According to experts, you may only ever recoup around 60-80 percent of what you put into a project. On the other hand, some properties simply won’t sell without at least some work done to the kitchen, so it pays to do your best to reduce costs in order to maximize the return on investment.

Simply painting or recoloring your kitchen could be the most affordable option, and there’s a good chance that it might have quite an impact on the resale value of your home. There was a time when tan and brown interiors dominated the landscape, and these look extremely dated by today’s standards. Covering these over with anything that’s more modern-looking can encourage future home buyers to take a second look at a property that they might have otherwise passed on.

On the other hand, some real estate agents have started to use what they call the joy factor to measure the adequacy of a remodeled kitchen. This is more applicable to those who hope to hold onto their homes for a longer period of time.

Adding Intrinsic Value to Your Kitchen Space

According to one study, 90 percent of homeowners wanted to be in their homes more after they finished remodeling it. While these people may not be concerned with how much monetary value was added, they obviously appreciate the quality of the work done.

Those who plan on occupying their homes for the foreseeable future might still want to explore lower cost solutions to their remodeling problems, but they can probably absorb greater costs than those who are getting ready to sell their houses. If you’re looking to put your house on the market, then you’ll want to try a few simple DIY tactics to bump up the asking price.

Claire James
Claire James
Claire is an accounts manager at Fire Digital UK, an online publishing and content marketing company based in the North West.

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