Owning your home brings with it some great benefits, such as being able to change and update your property to meet your needs and desires. It can seem like the work is never done when it comes renovation, but the end result is usually centered around being happy with where you live. What you want in your home is the first priority to consider before you complete any home project. There are other benefits as well, such as adding value to your property. This can bring you more equity, but it can also increase your list price should you decide to sell your home. There are certain remodeling projects that can add significant value, and give you a leading edge toward attracting more potential buyers to view your home once it is listed. According to the National Association of Realtors® (NAR), one of the best projects for your home is a kitchen remodel or upgrade.
The kitchen is the heart of the home. Updating or renovating your kitchen will bring you a high Return on Investment (ROI). According the NAR 2015 Remodeling Impact Report, Realtors® and homeowners ranked kitchen renovations high on the list. Realtors® surveyed reported that either an upgrade or complete remodel of a kitchen remains at the top of the list of attractive features that buyers are looking for. They also see kitchen projects as bringing the most resale value to a home for sale. Homeowners surveyed indicated the satisfaction and happiness of the end result from a kitchen improvement project was high as well, making these types of project worth it regardless of the cost more often than not.
Part of the report includes a Joy Score for home owners for each type of project. Kitchen upgrades score a 9 out of 10 based on the survey methodology used. In looking at the data presented by the NAR Remodeling Impact Report, homeowners can expect on average a 67% ROI. This is based on an average cost of $30,000 to remodel a kitchen, as noted by the National Association Remodeling Industry, which also participated in the survey for the report. According to Realtors® sellers see an average of $20,000 recovered from the cost once they sell their home. A complete kitchen remodel can bring more impact in terms of what home owners experience for themselves. The Joy Score is at 9.8. The ROI is the same as an upgrade, 67% when it comes time to sell, based on an average cost of $60,000 and cost recovery of $40,000.
There were a variety of reasons for changing kitchens. Replacing worn out surfaces, fixtures and features was the number one factor for homeowners surveyed. Modernizing upgrades was also a key factor, along with looking to improve functionality. These are all great starting points to help determine if it is time for a kitchen remodel. Whether you are planning to sell your home soon or not, I recommend considering a kitchen upgrade or remodel. You will enjoy your home more and add value to your property.
The Friedrich Team is here to help you on the way to finding the home of your dreams. We utilize market research, the latest technologies and best business strategies to go above and beyond your expectations. We are here to help you find solutions just right for you and it all begins with listening to you. Call us at 916-234-6242 or you can email Renee Friedrich or Maic Friedrich and we will bridge your way toward a new home.
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