Because our homes are our biggest investment, there’s always a great deal of interest in improving the home so it is worth more. When choosing home renovation projects, one factor to consider is how much will doing this renovation raise the value of my home?
You don’t have to guess. Building industry and real estate experts track the numbers, so homeowners can reasonably estimate what kind of return on investment they can expect. We decided to look at kitchen remodels, the most popular type of home upgrade. In fact, 1 in 4 homeowners who are planning 2024 renovations are focusing on improving their kitchens. Remodeling Magazine put the ROI at between 52.5 – 71.2 percent; NPR’s Marketplace takes a cooler approach but notes that there’s difficulty accurately valuing one-of-a-kind features that are important to the current owner.
Can You Boost the ROI on a Kitchen Remodel
Surprisingly, there are some factors completely within the homeowner’s control that can help boost the ROI of the kitchen remodel. Investing the time to create a robust, satisfying plan for the new kitchen and then sticking to that plan without making changes during the build keeps costs down, which means your ROI goes up.
Developing this plan for the new kitchen can be complicated. That is where the value of working with a design build kitchen contractor becomes clear. Because you have one team designing and building the kitchen, they can efficiently find the best way to achieve your vision given the unique parameters of your home. It’s also important to create a budget for your renovation ahead of time, and share this with your contractor who can pinpoint potential savings opportunities before the plan is committed to. This team approach helps save money in many other ways as well.
Planning a 2024 or 2025 kitchen remodel? It’s not too soon to get your project on the books.