Will a New Kitchen Affect Your Home’s Value?

There is no doubt that kitchen remodeling in Brighton, CO is a big investment. Even a minor remodel costs within the five figures, and some clients are put off the idea on merely price. Others are more interested in what remodeling will do for their home value. A new kitchen can make your home appealing to prospective buyers and offers a better return on investment than other remodeling projects. But if your home value is the only reason you’re thinking of remodeling, you may be disappointed. Here is an overview of remodeling costs and the value of remodeling.

Renovation costs

Around 40 percent of homeowners surveyed stated they remodeled their kitchen because they could no longer tolerate the old one. They wished for better light, more space and new appliances. While they knew none of these efforts would come cheap, they were willing to make the investment.

That’s a good thing, because the average cost of renovating a 200 square foot kitchen is around $64,000. If a homeowner wants gourmet features, a tile backsplash and granite countertops, the price tag easily increases to $126,000. However, a simpler remodel project that includes updating only cabinet fronts and hardware, new laminate counters and new flooring hovers around $21,000.

The value of remodeling

The efforts of a kitchen remodel can boost the value of your home. If you are thinking of selling soon, a new kitchen will attract buyers. Most of them are willing to pay more for higher-end features, and over 80 percent of potential buyers place the kitchen in their top three most important spaces.

Basically, if you add fancy cabinets, granite countertops and new appliances, you will likely sell more quickly and secure your asking price. However, if you are hoping to recoup the entire cost of your remodel and then some, you will likely be disappointed. The average return on investment for a new kitchen is 54 percent, meaning you get back about half of what you paid into the remodel.

If you plan on selling quickly, consider making smaller adjustments. When homeowners invested in a smaller kitchen remodel, with an average cost around $21,000, they recouped about $17,000. That raises the return on investment to 81 percent and also contributes to a quicker sale of the home.

Therefore, if you are looking into a dream kitchen, make the investment for you, not just your home value. If you plan to enjoy the kitchen yourself, that is often worth the effort and pays off in other ways. For example, 41 percent of homeowners find they cook at home more often after a remodel, which means less money spent on takeout and going out to eat. That combined with healthier eating and more family time often places the value of a new kitchen beyond standards involving money.

If you would like to enjoy the monetary and personal benefits of kitchen remodeling, you need a skilled remodeling contractor in Brighton, CO. Jim Cope Construction, LLC offers that assurance. Whether you want minor changes or a complete overhaul, we can do it for you and exceed your expectations. Contact us today to start the process.

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