Putting money back into your home is one of the wisest investments you can make. Home improvements boost your quality of life while also increasing the value of your home. When you devote budget to a kitchen renovation, for example, you’ll be getting a majority of your money back when you sell your property (if not more).
Most homeowners know how valuable a renovation is but they still have questions on the specifics. We are always asked ‘how‘ an improved kitchen makes your home more valuable as well as ‘by how much.’ Here is what you need to know about where the resale value of kitchen renovations comes from:
Value #1 – The Immeasurable ROI
Before you start looking at the black-and-white of how much a kitchen renovation will pay you back when it’s time to sell your home, it’s first important to look at the hidden value. A remodeled kitchen is going to provide you years and years of boosted quality of living as you comfortably prep food for your family and entertain your guests. Compare a kitchen renovation to buying a hot tub – you might not ‘make’ any money on the deal but it sure feels nice to be able to relax.
Value #2 – Getting Paid Back Starting on Day One
Renovating your kitchen can be described as an upgrade. In this case these upgrades can immediately start providing a return on investment in the form of lower utility bills. Low water usage faucets and dishwashers can save a considerable amount of costs starting with your first utility bill. Replacing old circuit draining refrigerators with new Energy Star models does the same thing. Even a construction remodel such as framing in a Minneapolis window replacement or installing a skylight can boost the natural light and thus have you rely less on the power grid.
Value #3 – Kitchens Really Do Sell
Think of an impressive kitchen as an elite NFL quarterback. When your QB stands out it can help hide some deficiencies in the rest of your team. The same goes for kitchens when you go to sell your home. Do you think that potential buyers are going to remember an immaculate open concept kitchen with luxurious granite countertops and impeccable wood flooring or the fact that their dream home doesn’t have a bathroom in the basement?
The advice that we always give is that if you’re thinking about remodeling your kitchen do it sooner rather than later. There are some renovation projects such as painting that should be done closer to listing the home on the market to preserve the resale value. The real ROI in a kitchen remodel however comes from the fact that you can use it and enjoy the convenience and comfort of it now, and also recoup the costs in increased market value further down the line. Give Snap Construction a call today and we can start brainstorming some design ideas.
Considering a kitchen remodel? Snap Construction is here to help with any design ideas, window replacement upgrades, and insulation throughout the project.