Many people often wonder if there is a value to remodeling a kitchen, and if so, by how much?
The answer is far more complex than people realize, because value here is somewhat subjective. We will explore three major factors that can answer this question. The first is the recouping value of your project. The second would be the attractiveness level, and the second is the personal comfort value which cannot be defined by simple numbers.
So what is Recouping Value? When you invest money into a new kitchen, and then proceed to sell the property, part of the money is based on the value of the kitchen. This number is determined by trends, individual projects, and individual tastes. For example, a brand new marble countertop and an additional island to your kitchen may look absolutely gorgeous to one person, and ugly to the next. Or the contractor you hired may have over-charged you for the project, and the value is not reflected properly.
As such, we use statistical averages to determine how much exactly projects recoup, by bringing in value. These statistics vary region by region, state by state, but we will use Los Angeles, California as an example.
According to Remodeling Magazine (http://www.remodeling.hw.net/) cost vs value tool, a major kitchen remodeling job can recuperate you nearly 81% of your investment! A minor kitchen remodeling job can recuperate you nearly 87% of your investment
The second value is the attractiveness of your kitchen when you decide to sell your home. Did you know, that since the 70s, kitchen and kitchen additions have been ranked as one of the most important features for couples looking to buy a home?
A report in USAToday tells us the following:
Eat-In Kitchen:
Percentage of home buyers willing to pay more: 40%
Amount willing to pay extra: $1,770
The people most interested in an eat-in kitchen tend to be in the 35-to-54 age range, with 30% of those prospective home buyers indicating this is "very important" in a house. Meanwhile, just 21% of those under 35 years of age and 20% over 55 feel the same way. More people, especially those who are raising families, want kitchens that look into family entertainment rooms. Some have even made it a family hangout by placing big-screen TVs and other electronics in the kitchen. "Buyers who are in families want to be in one space and do it all," DeSimone said.
Kitchen Island:
Percentage of home buyers willing to pay more: 48%
Amount willing to pay extra: $1,370
Kitchen islands are most important to people ages 35 to 54, with 24% indicating that it is a "very important" characteristic. Just 19% of people under 35 and 13% over 55 considered this feature important. DeSimone noted that kitchen islands often come in handy for those who are raising a family. It provides additional room to put out food for the family and allows the kitchen to become more organized. Although the desire for a kitchen island is high, those who do not have one but want one are only willing to shell out $1,370, less than most other features.
New Kitchen Appliances:
Percentage of home buyers willing to pay more: 69%
Amount willing to pay extra: $1,840
About 69% of homeowners said they were willing to spend more money for new kitchen appliances. Unsurprisingly, people who are looking to buy a new home find this far more important than people who are eyeing previously owned homes. People who are the first to live in a specific house tend to want everything to be new in the house because they consider the house truly "their own," DeSimone said. People also do not want to have to deal with the stress of broken appliances. "They don't want to come home after a horrible stressful day at work and find the dishwasher isn't working or the fridge is making noises."
As we can see, kitchens play a significant role in having people pay a little more for a great looking kitchen.
The third value comes from the comfort and the well being your new kitchen provides. Not only by enhancing the aesthetic of the kitchen but the surrounding house as well. A well designed kitchen can tie an entire house together, make life easier for everyone, and be pleasing to the eye.
Since so much time is spent in the Kitchen – preparing food, cleaning dishes, snacking, even just sitting down for a coffee, wouldn’t it of major worth to you then to have the kitchen be designed and remodeled?
In conclusion we can see that the value of a kitchen remodel can be an incredibly positive thing for your home, in the short term but especially in the long term. Not only will you, as a home owner, get to enjoy your brand new kitchen, you would also have the peace of mind to know that when the time is right for you to sell your home, the remodeled kitchen will play a significant role in attracting potential buyers.
Please share your stories of how a great kitchen has helped your home's value!