Investment Potential in Renovating your Kitchen

When you make the decision to renovate your kitchen and begin shopping for a design team and contractor, you should be prepared for some sticker shock. The kitchen is the single most expensive room in your home to renovate and the price can range from a small remodel job of $18,000 to a full scale gutting and major renovation with high end amenities than eclipses $60,000 easily. What you need to tell yourself while evaluating the scope of your project and your budget is that there is light at the end of the tunnel. Studies have shown that bathrooms and kitchens generate the highest return on renovation and remodel investments, and most times the homeowner can expect to 80-100% of the money put into the project come back in the form of appraised value and home sale.

Create a Budget

The general procedure for your kitchen renovation will follow the steps listed below. Areas that tend to heavily impact the cost of a kitchen renovation include cabinetry, countertops, utility installation and the general labor. These costs are significant and the best way to determine what you can afford and to make your hard earned money stretch the furthest is to create a budget. Should you have decent equity built into your home value, you can generally take out a loan against it if necessary.

Bookmark Ideas

After you have a clear cut idea of what you can realistically spend on your kitchen renovation, it is time to start dreaming. By now you’ve probably already subconsciously been thinking of plans for your dream kitchen, but now is the time to do some research and make an “idea folder” that you will carry along to your first meeting with the design team. Dream items include high-end gas ranges, clever storage, granite countertops and hardwood floors among other things.

Contact a Professional Contractor

The next step would be meeting your design and installation contractor to see if your vision will fit your space and how much it will cost to make it happen. There are several variations of cabinetry that range from $50-60/foot to $1200/foot, just depends on how much customization your plan requires. Keep in mind there is no mistaking the quality of hand-crafted, fully customized cabinets and you can expect to see that money back if you decide to sell the house.

Selecting The Right Appliances

Appliances would come next, followed by countertops, backsplashes and flooring. When considering appliances, do not be sucked in by gadgets and the latest wizardry. Think of what you use your appliances for and make a decision based on that information. For instance, if you do not do much cooking at home, no need to spring for top-of-the-line convection ovens and ranges. However stainless steel is trending and it makes for a nice selling point if you do decide to put your house on the market. You should also consider materials that will stand up to reasonable punishment if you are not renovating to flip the house, because the room will still be used by you in some capacity for at least a while longer, so make sure your materials stand up to some pressure. This would mean not opting for the cheapest materials and selecting a contractor that consistently does quality work. These are things to consider when adding amenities to your renovation and they will more than pay for themselves when the time comes to sell.

Investment Potential in Renovating your Kitchen