Are the Benefits of a Kitchen Renovation Worth the Cost?
If you’re weighing the value of a kitchen renovation, you can rest assured the investment is a sound one. Buyers love new kitchens, so if you plan to sell in the future, an updated kitchen often improves the asking price. The Zillow Group Consumer Housing Trends Report 2018, shows that 58% of home buyers said having their preferred style of kitchen was extremely or very important to their home-buying decision, while 56% valued energy efficiency (which is often improved by a kitchen renovation). Not to mention, you can expect to recoup a great deal of the cost of your kitchen update at resale. According to the National Association of REALTORS, a complete kitchen renovation with a national median cost of $65,000 recovers about 62% of the initial project cost at the home’s resale. But beware: buyers won’t care if the new kitchen is cheaply done. This Old House reminds us that “a shoddy new kitchen is no better than a dingy old one.”
But what if you don’t plan to sell your home in the future? Is investing in a new kitchen worth it? The short answer is “yes,” and there are a multitude of good reasons why. If your family is growing and your current kitchen no longer serves your needs, an upgrade will create instant functionality. And if you’re feeling frustrated with limited storage or a poorly designed layout, a few simple changes could make your time in the kitchen more enjoyable and fulfilling for years to come. Or maybe you’re just plain tired of seeing those ugly yellow countertops from the 70s and worn-out cabinetry from the 80s. Sometimes it’s just time for a style change!
Here’s our list of the top 5 benefits to a completing a kitchen remodel:
1. It improves your home’s value.
When appraised for equity, a new kitchen will boost the appraised value of your home. And it may help you sell your home in the future. Since a new or recently remodeled kitchen is desirable to buyers, your upgrades might even attract competing offers.
2. It provides energy savings.
Updated appliances are more energy efficient. So, a new kitchen could save your household money on energy costs. Yes, upgrading your kitchen is better for the environment. Plus, you can save on your yearly household energy bills.
3. It adds tremendous functionality.
Your kitchen is no longer just a place to cook and store food. It’s likely the most popular room in the home! You might have noticed that your kitchen is becoming the digital hub of your household. Add workstations, charging stations and entertainment centers. These conveniences make the kitchen even more dynamic and multi-functional.
4. It defines your home’s style.
These rooms are no longer the afterthought to a home’s design scheme. In fact, kitchens can define the entire style of a home. They can also provide counterbalance to a more traditional style home by adding a bold splash of personality.
5. It makes your life better now.