Will a Kitchen Remodel Increase Your Home's Value?
Did you know that we spend more than 300 hours per year in our kitchens*?
When you’re looking for a new home (or just dreaming about one), the kitchen can be the room that makes the biggest impact. If a kitchen has outdated appliances, a weird layout, or is noticeably cramped, you definitely notice it.
Whether you like throwing big dinner parties or the only appliances you use are the microwave and the toaster, it's important to feel comfortable in your kitchen. But they can be costly to redo, which is why so many homeowners put this off for the next owner.
Having a nice kitchen impacts more than your wallet. According to NAR's annual Remodeling Impact Report for 2019, homeowners who hired a professional reported a 'Joy Score' of 9.6, while the Do It Yourselfers reported a Joy Score of 9.9. I've included the average return on investment (ROI) of major kitchen remodels below, however can you really put a price on your joy? I'll let you decide.
Major Kitchen Remodel
The average kitchen remodeling costs were compared for 22 kitchen projects. The cost of those projects were compared to the value retained at the time of selling in the United States:
Mid-range Major Remodel Cost: $72,513 | Resale Value: $49,384
Upscale Major Remodel Cost: $143,333 | Resale Value: $89,429
Mid-range Minor Remodel Cost: $24,950 | Resale Value: $21,723
Cost recouped from a mid-range major kitchen remodel
Cost recouped from upscale major kitchen remodel
Cost recouped from a mid-range minor kitchen remodel
For most, it's not just about the resale value.
*Source: Hanley Wood Media, Inc. Remodeling