How much can a new kitchen add to the value of your home?
You could increase the value of your home by around 10% if you give your kitchen and bathroom a makeover, according to research. Whether you have plans to sell up or you simply want a renovation to modernize your property, the benefits of getting a new kitchen mean you can be adding to the value of your home.
Read on to find out more about how much a new kitchen to add to the value of your home.
When Selling Your House
People sell their homes for a variety of different reasons, but often people have their house on the market for many months, and sometimes years before it gets sold. However, according to Ramsey Solutions, a recent survey showed 80% of home buyers regarded the kitchen as the most important place in the house. As a result, there is a current demand for kitchens that have had extra work done to them, which could make your property easier to sell.
The survey also revealed that 69% of homeowners who took part said they would have paid more for a house with new appliances, and 55% said they would have paid more for a property with granite countertops. Therefore, adding value to your home doesn’t have to be too difficult or too expensive. Seek out the stone countertop options at World Stone Group to add value to your home.
The Average Costs
A report by Remodeling Magazine detailed the average cost to renovate a 200-square-foot kitchen to be around $64,000. Only one in ten homeowners spent over $100,000. Such a price includes changes to lighting, flooring cabinets, countertops, and the sink. However, the exact price of a renovated kitchen is dependent on each homeowner’s budget, as bigger projects could cost up to $126,000 if more luxury features were required, such as custom cabinets and granite countertops. The more money you put in, naturally, the more you can sell your house for. However, the changes you make can also fluctuate the cost.
It Doesn’t Need to Cost You a Lot
Bigger products can cost as much as $140,000 compared to making minor changes, such as replacing countertops, which can still add value. However, homeowners don’t always have to spend a fortune on a new kitchen in order to sell their house. According to Forbes, there are many affordable ways you can update your kitchen before putting it onto the market, such as painting the kitchen cabinets and adding new hardware.
Here are some ideas on how you can update your kitchen to save cash:
• Change your countertops to granite, marble, or other preferred textured surfaces.
• Update your lighting, including the addition of LED lights along the bottom of your new kitchen counter to add an extra modern wow-factor.
• Purchase new wall tiles and opt for something sleek and clean looking.
• Consider changing your flooring to fit better with your color scheme.