How Kitchen Remodeling Affects Your Home’s Value

April 15, 2021 1:46 pm Published by Leave your thoughts

If you’re a homeowner considering a remodel, you’re probably thinking about how to maximize the value of the work. You want to remodel for the best return on investment (ROI), but you also want to be able to enjoy the benefits even if you don’t plan on selling anytime soon.

When you’re considering kitchen remodeling in Tyler, TX, we have some good news: this is an excellent choice for boosting your home’s value in the long run. Buyers are always interested in having modern, up-to-date kitchens, and are willing to pay more for them. Read on to find out all the benefits of updating your kitchen.

Cost of a kitchen remodel

The average kitchen remodel comes in at around $64,000. This is for a fairly extensive overhaul, including new everything, from countertops to cabinets, appliances, lighting and a sink. Of course, it’s easy to spend more on this by choosing custom cabinets, granite countertops and high-end appliances.

But it’s also easy to find ways to spend much less. For example, if you only updated cabinet fronts, chose laminate counters, installed a new floor and replaced appliances, that would come in at an average of $21,000. Remember that the cost of the remodel is flexible, and you can make it fit your budget.

Kitchen remodeling and home value

The fact is that potential home buyers are interested in having a modern kitchen. Four out of five people surveyed list the kitchen as one of the top three most important spaces in a home. A majority of home buyers also said they’re willing to pay more for new appliances and granite countertops.

A remodeled kitchen can make your house stand out from the crowd among prospective home buyers. This could mean your house will sell faster and for more money. That’s why updating the kitchen is a win-win for many homeowners—enjoy the kitchen now, then reap the benefits when you sell the home!

How much ROI to expect

The bottom line is that an upscale kitchen remodel typically results in a 54 percent return on investment. This is why many people choose to go big with a kitchen update—smaller renovations typically don’t bring the same boost in value.

It’s also a smart idea to check your local real estate market first. Kitchen remodels have a higher ROI in some areas of the country compared to others. If getting that bang for your buck is crucial to your decision, you’ll want to talk with a real estate agent first. They can tell you whether the market justifies the cost of renovating your kitchen.

When your home needs a kitchen renovation in Tyler, TX, trust Canfield Construction Management. We are an independently-owned business that has been serving customers in Tyler since 2011, and we have more than two decades of experience in the construction, remodeling and renovation industry. Our friendly and professional team will help you build the kitchen of your dreams at a price you can afford. Give us a call right now to set up a free estimate!

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