In the past, over half of Canadian homeowners were planning on undertaking a renovation during the year. Some homeowners will hire a professional while others will do a DIY project. And while some have a relatively conservative budget, others plan to go all out on their next remodeling project. Kitchens are a high-traffic area that is often touted as one of the place to get the best returns on a project. However, is a $60,000 project worth it when looking at the ROI?
Homeowners should feel comfortable that a refurbished kitchen general yields a return of 70 to 100 per cent on a consistent basis. Even though trends change, explore some kitchen renovations project offering homeowners a high ROI upon resale.
Appeal to the Buyer
Homeowners who renovate a kitchen in bad taste or who try to incorporate those short-lived trends may see less of a return when it comes time to sell. Depending on the length of time that elapses, the updates may seem far less attractive to potential buyers. Homeowners should be considering kitchen renovations that have wide-spread appeal. Hot home improvement trends in the past have included a kitchen island, hardwood floor in the kitchen and built-in kitchen appliances. Kitchens with a contemporary look are often the most appealing to buyers.
Any home improvement should be in keeping with the style of the rest of the home. A completely renovated kitchen will feel out of step if the rest of the house looks tired and outdated. Speak with an agent to learn which trends appear to hold their value and pique buyer interest years later.
Kitchen renovations should not make the house feel that different from similar comps. A kitchen renovation in a home that has a higher market value than the average in the neighborhood will see less of a return. Keep in mind the value of the home when estimating the potential return on a kitchen upgrade or any home renovation project.
Choose High ROI Renovations
Not every kitchen update will offer a significant return, but those that can save money or make for a more functional space often hold their value. Individuals living in older homes or any residence with drafts may want to consider the replacement of kitchen windows or upgrade and replace the kitchen appliances. This type of upgrade has been known to yield a return of approximately 75 per cent.
Improving the energy-efficiency of a home can make it easier to heat and cool a home throughout the year. It may also help to sell the West Kelowna Estate home fater and for more money. As the kitchen is a frequently used area, it makes sense to make the space as comfortable as possible for current and future occupants.
Other kitchen upgrades that offer a better than average return include replacing lighting fixtures and doors. These changes can brighten a space and make homeowners feel more secure. A new coat of paint in a neutral colour, such as white or cream, can provide a return that exceeds 100 per cent.
Keep Costs Down
Kitchens are an important area of the home. However, homeowners do not always have to have a big budget to see a significant difference. Changing out kitchen cabinetry can often eat up a good part of the budget allotted for a kitchen renovation. Such a route may not always be necessary.
Saving money on a kitchen projects without sacrificing quality is one way to increase the potential return. Those on a budget may simply want to reface and resurface current kitchen cabinets and replace the hardware of cabinets made of high-quality materials. Semi-custom cabinetry also is an option that is more affordable than going completely custom. Speak with a reputable agent and visit open houses in the community to learn more the local market and kitchen projects with broad appeal.