High ROI Kitchen Renovations
High ROI Kitchen Renovations
A kitchen remodel is a smart choice for homeowners who want to increase the value of their property. It might also help when it some time to sell the home. However, the rules of a remodel may not be as obvious as they first seem. Not every project will lead to better offers on a home, so it helps to understand the average rate of returns before diving in. (The ROI refers to return on investment and represents how much money a person will reap after improving different parts of their kitchen.) Learn more about the underlying principles of home improvement and how to use those guidelines to determine the next project.
When it comes to a kitchen remodel, the buyer needs to think big picture. Just because their kitchen would be coveted by a gourmet chef, doesn't mean they can raise the value of their home by $30,000 more than the average property on their block. The ROI will be limited based on both the condition of the overall home and the budget of home buyers who shop in their area. Do some research on the real estate market first before hiring any contractors or heading to the hardware store.
What a buyer looks for in a neighborhood will depend on its location and functionality. If people are looking for a status home, they're going to want all the latest amenities and gadgets in a kitchen. But Canadian buyers tend to be extremely practical when searching for their next abode. They don't want all the luxuries so much as they want an attractive kitchen that will still be up and running in 15 years. Homeowners should also keep in mind what they want from their kitchen, especially if they aren't getting ready to sell in the next few years.
Switch Out Appliances
Old appliances are a turnoff, and not just because they show their age. An old appliance may not be very efficient, making it frustrating to use it on a daily basis. It may even be a safety hazard if the wiring is old or the vents have warped over time. The appliances don't have to be top-of-the-line, but they should have at least a few features that stand out to new buyers. For example, a self-cleaning oven or a refrigerator with French doors. Energy-efficient appliances can save both current and future homeowners on their utility bills as well. When it comes to the aesthetic features of the appliances, stainless steel is still the most popular choice in Canadian homes today.
Fix the Cabinets
There are a few ways to freshen up the cabinets without replacing them:
- Replace the fixtures: New fixtures update the look of the cabinets and can make them easier to use.
- Stain or paint: A new coat of paint or stain on the cabinets can really help them come back to life.
- Change the doors: The doors of the cabinets take up a lot of surface area, so this trick can really change the look of a kitchen.
- Seal: A well-sealed cabinet can fend off anything from pests and water damage. Resealing them can help cabinets last for many years to come.
Install Timeless Tiles
Thickwood home buyers are often tempted by the more subtle features of the kitchen when they tour through a home. This is a general rule that homeowners would be wise to take to heart no matter what room they're redoing. Tile doesn't have to be a major feature in the home, but it should add to the overall warmth and vibe of the room. For example, installing a neutral color tile in a honeycomb pattern. This way, buyers will notice the quality without feeling overwhelmed by the design.
Paint the Room
From floor to ceiling, paint is one of the smartest projects in terms of ROI. It's not only relatively inexpensive, but it can really change the way a home buyer sees the room. Those who can't afford to replace their chipped floors can instead paint over the flaws with attractive white and black squares. Paint the walls in a light gray or pale yellow, and see how quickly the entire tone of the kitchen changes to a softer and more beautiful room.
The real value of remodeling a kitchen is the act of improving the home. When homeowners take the time to reseal cabinets or to swap out a refrigerator for a more energy-efficient appliance, they send a powerful message to future buyers. Ultimately, it's a sign that people take pride in their home and showed it the respect it deserved while they lived there. It's this kind of reassurance that ultimately has the best returns for homeowners.