Monday Sep 13th, 2021
You may have heard that kitchens and bathrooms get the most return on your investment. Is this true?
Kitchen renovations, if done properly, can add to the value of the home. Kitchens are where a lot of people spend time in the home and they are one of the most expensive areas of the home in terms of construction cost. Here are some things to consider if doing a kitchen renovation.
If you don’t plan on selling your home soon your, kitchen renovation really may not add much value at all because styles will change and your expensive kitchen remodel may be dated by the time you sell. If you fall in this category, your remodeling should be for your enjoyment and not a potential buyer. Consider spending more money on things that you touch every day such as counters, cabinets, refrigerators, taps, and doorknobs because these will look worn out quickly with everyday use.
If you plan on selling in 5 years or less make sure your kitchen remodel has the most current look because that will be key to selling your home quickly and for top dollar. Custom cabinetry is a good place to spend money if you are going to use your kitchen for a few years because out-of-the-box kitchens such as Ikea or Homedepot, will tend to look worn and will break down faster than custom cabinetry.
In general, on a great kitchen reno, you can double your return on it. If you spend $30k, you can expect to see $60K on the tail-end if done properly.
Make sure that the reno is in line with your home and your neighborhood. Spending $40K on a kitchen renovation won’t make sense if the rest of your home needs a lot of work such as your roof is falling apart or windows or basement are leaking. Buyers would rather buy a sound house than a cosmetic kitchen. Make sure you remodel or reno is worthwhile for your investment before spending the money.
If you have any real estate questions you would like me to answer, please put them in the comments below and I would be happy to make a video to answer your questions
Have an awesome day!