How a Kitchen Renovation Raises Your Property Value
The kitchen is one of the most important rooms in the entire home for many people, as it’s where families gather and bond, where events are hosted, and where the majority of people spend their time between that morning cup of coffee and those homecooked meals. While most don’t realize it, the kitchen ends up being the focal point of the home, setting the tone and atmosphere for the rest of the house. For homeowners who are looking to increase the value of their property in the San Diego area, a kitchen renovation is the right choice, as the majority of buyers are willing to pay more for practical upgrades and high-end aesthetics. Read on to learn how a kitchen renovation will raise the value of your property.
- A Kitchen Renovation Increases a Property’s Perceived Value. A home that has a nicer, modern looking kitchen, is going to increase how much buyers think the home is worth. Buyers are willing to spend more on a home that has an upgraded kitchen than one that is in need of an update. Spending money on granite countertops, updated kitchen appliances, gorgeous flooring, and backsplashes will attract higher-paying buyers. For instance, homebuyers are willing to pay more for new appliances and more for granite countertops.
- A Kitchen Renovation Will Increase Overall Selling Price. Just simply renovating your kitchen can boost the overall selling price of the property by 5%. To put this in perspective, a finished basement and a new bathroom come in second and third around the 2.5% mark.
- A Kitchen Renovation Makes Your Home Stand Out. Investing in a kitchen remodel with Precision Home Design & Remodeling is going to make your home stand out in the neighborhood. By spending money on a renovation, you can give your kitchen a high-quality and unique look that does something different than what other competitors are offering on the market.
- You Can Recoup the Majority of the Cost While Increasing Home Value. While the return on investment is determined by where you live, you can recoup anywhere between 68-93% of your investment on minor renovations and over 50% on major renovations on upscale kitchens. Yes, you will not recoup all of the invested money, but you will increase your home value, boost the selling price, bring in more offers while getting to enjoy a newly done kitchen that pays you back a portion when you sell. Can’t get much better than that!
- A Kitchen Renovation Will Sell Your Home Faster. For 80% of homebuyers, the kitchen is one of the most important spaces in the home. Having a renovated kitchen is going to boost how quickly offers come in, especially in a market where other homes around you also have nicer kitchens.
So, whether you choose to opt for a minor kitchen renovation or choose to full renovate the entire kitchen, the key to getting it done right is to sit down with local professionals who understand the market you are in. An expert will help you figure out which improvements will provide you with the best return on investment while simultaneously maximizing your property value. They can also help you consider what your future goals are for the home, to make sure that the renovations you choose to do align with your future goals. For those who want to live in the home for a decade, doing a full kitchen renovation makes sense, while those who are planning on selling in the short term, will want renovations that increase the value of the property quickly. To find out more about renovating your home in the San Diego, California area, please visit us at Precision Home Design & Remodeling.