If you are thinking about doing a kitchen remodel before you put your home on the market, you might be wondering how much value it’s going to add to your home. After all, the kitchen is the first thing most potential buyers look at.
While raising the value of your home is as good a reason as any to upgrade your kitchen, there are lots of other benefits as well. Some of the most common reasons homeowners have for updating their kitchen include:
- The design is outdated
- The layout does not function well
- There is a desire for a larger or open-concept floorplan
- You want to add modern amenities and appliances
If you are getting ready to put your house on the market and your kitchen is stuck in another decade, an upgrade will certainly help you sell faster. However, a new kitchen is not an inexpensive project. If you’re hoping the update will raise the value of your home, you need to know exactly what kind of value you can expect. That way, you can gauge whether it’s a worthwhile endeavor or not.
How Much Will Your Kitchen Renovation Cost?
The costs of a kitchen remodel add up quickly. Features like custom cabinetry and natural stone countertops add to the price tag.
According to Remodeling Magazine’s Cost vs. Value Report for 2019, here are the kinds of returns you can expect in Northern Virginia:
- Minor, Midrange Kitchen Remodel
With an average cost of $21,440 and a resale value of $17,754, you can recoup 83 percent of your outlay.
- Leave existing cabinet boxes but replace front panels and drawer fronts
- New hardware and pulls
- Energy-efficient slide-in refrigerator, cooktop, and range
- Midrange sink and faucet
- Resilient flooring
- Laminate countertops
- New paint and trim
- Major, Midrange Kitchen Remodel
The average cost of a major midrange kitchen remodel is about $63,387, while the resale value is $40,094. You will see a 63.3 percent recoupment on your cost.
- Change the layout to provide better function
- Semi-custom cabinets
- 3’ X 5’ island
- Stainless steel double sink
- Midrange faucet
- Custom lighting
- Energy-efficient range, cooktop, refrigerator, range hood, dishwasher, garbage disposal
- Resilient flooring
- New paint and trim
- Major Upscale Kitchen Remodel
Costs for a major upscale kitchen remodel are in the range of $126,307. Returns average about $82,677, or 65.5 percent.
- Top-of-the-line custom cabinetry with built-in sliding shelves and custom accessories
- Natural stone countertops
- Imported ceramic or glass tile backsplash
- Built-in appliances
- Commercial grade cooktop and range
- Undermount sink
- Designer faucets and fixtures
- Water filtration system
- Custom task lighting, general lighting
- Low-voltage under-cabinet lights
- High-end tile flooring
The report shows that costs in Northern Virginia are not only lower than the national average, but that the expected returns are higher as well. For example, on a major upscale kitchen remodel, the national average recoupment value is less than 60 percent, while the average in Virginia is more than 65 percent.
What do People Typically Spend on a Kitchen Remodel?
Seven out of ten homeowners spent between $5,000 and $50,000 on their kitchen remodel. Only one in ten spent more than $100,000. Ultimately, what you spend is entirely dependent on your wish list and your budget.
Budgeting for your kitchen remodel
Planning well before you begin your remodel is the best way to ensure you get what you want within the constraints of your budget. A solid plan helps your contractor as well, as it keeps the work on track from the start.
If you have an unlimited budget and are not concerned with recouping your investment, the sky’s the limit. However, for the purposes of resale, many aspects can be value-engineered.
Value engineering is a way to get the look and functionality you want without paying top dollar for premium materials. Today, we have lots of choices in terms of materials that look as good and perform even better than their more expensive counterparts. Your contractor will help you choose the best route to take to ensure the best possible results.
Here are some budgeting tips from the pros at Foley:
- Spend more money on the things you don’t want to replace
- Don’t spend more than your neighborhood is worth
- Reserve ten to 15 percent of your budget for unexpected costs
Once you have your budget hammered out, you and your contractor can proceed with confidence.
Are you ready to dive into a kitchen remodel? Speak to us today about how we can help.