It may be cliche to say this, but the kitchen truly is the heart of any home. Even as part of your home’s overall value your kitchen is essential.
Our clients ask us all the time “Which room of the house can I get the best return on investment?”
According to the national 2016 averages, a minor kitchen remodel will cost $20,122, while it will increase the resale value by $16,716. By applying some of the latest kitchen trends, a minor kitchen remodel can yield generous returns and add a ton of value to your home.
- Job Cost (Estimate): $20,122
- Resale Value: $16,716
- Total Return On Investment: 81.8 percent
Source: FortuneBuilders.com
Your Kitchen is the Best Room in the House to Invest Money
Even a small remodel when you update countertops and hardware can have a huge impact on your home’s value. So whenever we are asked the above question, we always answer “Yes!”. If you still aren’t convinces you can check out this diagram from Remodel Magazine. It confirms that kitchen remodeling jobs have an average ROI of over 83 percent. Where else in the house are you going to get that kind of return for a reasonable investment. Obviously if you add an addition, or convert your garage into living space your long term ROI might be greater, but those projects also require a significantly higher initial budget.
Source: Remodeling Magazine Cost Vs. Value Report 2016
If you are looking to get the highest return on your kitchen remodeling investment, you may want to avoid making any structural changes. If you start tearing down walls, or relocating plumbing pipes or electrical outlet then you costs are going to skyrocket. And generally with these types of moves the return is not proportional to the extra expense so your overall return decreases.
The bottom line is that if you want to increase your home’s value, kitchen remodeling is a good place to start. You just don’t want to go overboard, and you want to make sure you spend a good deal of time planning your project.
At Renovations & Designs we offer full design build services. If you are ready to remodel the kitchen in your Washington DC home, then we are happy to be of service. Contact us today at (202) 335-9553 to receive a free, no obligation estimate.
