The answer is YES: kitchens and bathrooms are at the top of the list in terms of return on investment! In the hottest housing markets, springing for a kitchen remodel is a sure-fire investment, often returning 70 – 100 percent of the cost.
Of course there are many other primary factors that will determine your home’s value and those need to be taken into consideration as well. A good realtor will inform you of the variables to consider. Once the market conditions and comparable home values are determined and the overall condition of the home is established as sound, the amenities of the home are considered and the kitchen is the most valuable!
If you are planning to stay in your home and enjoy your new kitchen for a period of years before putting your house on the market, you will probably want to include some personal selections. Some of these may not be the most popular for resale. There is certainly value in your own personal enjoyment! It is intangible, but value nonetheless. In this case, you may want to plan for a minor update later to make the kitchen attractive to more buyers. So it makes sense to limit those personal selections to materials and finishes that can more easily be changed later.
If you are doing your kitchen remodel almost entirely for resale value, it is best to select the materials that will appeal to the largest percentage of your target market. For instance, in most markets stone countertops are a must. Buyers are looking for natural stone such as granite or the latest in quartz products. These are the two most durable choices and will immediately provide a polished, natural look for showing off the kitchen. Next, the cabinets should be wood as opposed to a laminate or other material. Whether they are stained or painted, new home buyers will be looking for wood. Flooring should be either tile, stone or hardwood. Appliances should be high quality and have that stainless, commercial look. Interior storage solutions in cabinets is extremely popular and soft close drawers have become standard with many cabinet companies. This is a sought-after feature in the resale market today.
Further, the style of the kitchen should be in keeping with the architectural style of your home. If you have a traditional style home, a contemporary kitchen will reduce your market significantly and vice versa. It is always safe to go transitional. Keep the selections simple and as neutral as possible without getting too bland. Avoid extremes such as exotic wood and bold colors and contrasts. If possible, make the space as open as possible, even if it means removing a wall or reconfiguring the layout. This is almost always worth the expense.
Finally, hiring a professional kitchen designer and reputable contractor will save unnecessary and costly mistakes. The kitchen is the heart of any home and is where the majority of time is spent as well as the largest return on investment.
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