The
cost for your kitchen remodeling project should be based on the value of
your home. Investing too much could lead to a poor return on investment
or a home valued outside the local market expectations. 15% of home
value is a good rule of thumb for a kitchen remodeling budget. Following
15% of home value, it is not inconceivable to get 80% to 90% or more
return on investment.
Usually you can expect a lower return on investment for more major
remodeling projects due to the increased cost involved in a major
remodeling project. If a kitchen has been neglected or is dilapidated
you can expect a lower return on investment because much of the cost is
consumed by bringing the kitchen to a livable standard rather than
actual improvements.
A 100% return on investment is possible. But rather than working
designing towards that figure, consider livability as a major component
in your kitchen remodeling project budget. Especially if you plan on
living at the home for some time to come. You might even love your new
kitchen so much that you forget about any notion of selling and moving
out.
New kitchen appliances can often be all that is needed in a kitchen
remodel project, and can be relatively inexpensive since there is no
labor involved other than delivery and installation. Plus, since new,
good quality appliances are pleasing to prospective buyers, they can
have a favorable return on investment.
Your homes size and your neighborhood should be considered too. If your
improvement or remodeling project are extensive compared to the rest of
the neighborhood or size of the home, then a high expectation of return
on investment may be unrealistic.
You can also consult a local real estate agent to get a good idea of how
extensive of a kitchen remodeling project to fund. A good real estate
agent with knowledge of your neighborhood should be able to give a good
indication of your remodeling project ideas effect on the value of your
home. Even if your remodel project is for your own satisfaction, and you
have no intent on selling and moving, a real estate agent will usually
have a good idea of how much previous clients spent on their kitchen
remodels, and the resulting increase in home value. Consider offering
the agent a flat fee for their opinion if you have no intent on selling.
To summarize, a kitchen remodeling project can greatly increase the
value of your home, and make it sell faster. Return on investment may,
or may not be important to you depending on if the project is for your
own satisfaction or for selling the home. But do be carefull that your
project does not price your home out of the neighborhood.
Scott Hares writes for
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Kitchen remodeling return on investment A free informational resource
for anyone considering a new kitchen remodeling project.
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