One of the first questions most people ask when considering a Kitchen remodel is how much the updates will improve the value of the home. However, many projects will not improve the value for your home as much as you might think. Sometimes, it is just an accomplishment to get your money back from the remodel when the home is sold.
One notable exception is a kitchen remodel. Kitchen remodels consistently give homeowners some of the best payback of any updates. But, before you go and hire the contractor, if you want to maximize your home’s value and get your money for the remodel back when you sell the house, you have to do the remodel right.
How Much to Spend?
If you are looking at a kitchen remodel as an investment and not just a nice upgrade to your living space, you need to watch your budget. If you spend $100,000 for a state of the art kitchen in your home valued at $330,000, you are never going to get that money back.
It is also possible to be too cheap. It is hard to convince buyers your kitchen has been remodeled if the cabinets look they belong in a 1980s sitcom. If you are going to remodel the kitchen, you need to be prepared to spend some money. Most experts say that you should look to spend between 10% and 25% of the value of your home on a kitchen remodel if you expect to get a return on investment.
Investigate Before You Commit
Before you decide on how you are going to remodel your kitchen, you need to know what features buyers care most about. Your best bet is to talk with contractors and real estate professionals before you commit your resources.
Depending on your kitchen and the market in your area, it may be best to replaces floors and appliances before worrying about countertops and cabinets. You may be able to change out some hardware to refresh your cabinets without having to spend a small fortune replacing the actual cabinets.
It is also important that when the kitchen is finished it still blends in with the rest of the house and matches the exterior. If your buyer falls in love with your home’s craftsman exterior, an ultramodern kitchen may turn them off. The wrong remodel can make it more difficult to sell your house.
If you are considering a kitchen remodel, but want to make sure you are really making the best investment in your home, make sure to do your homework and speak to a knowledgeable and experienced real estate professional.
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