Kitchens have always served as the heart of the home. Considering the popularity of open-concept kitchen/ living areas, this fact is all the more true than ever. This is why it comes as no surprise that kitchen remodeling is so popular. Not only does a kitchen remodel create an enjoyable space for you to cook, entertain, and gather as a family, but they can also payoff in terms of boosting your home’s resale value. However, how much they pay off is a much trickier question.
Every kitchen remodel is different. Not only because each remodel will cater to the needs and the taste of those who order the change, but also because the work needed will be highly individualized based on the condition, age, layout, and size of the home (even if is electrically powered or it has a gas cooktop). Additionally, the average cost per project varies depending on the size of the kitchen, if any structural changes are needed, and the quality of materials used.
The Average Cost Of A Kitchen Remodel
The average kitchen remodel costs more than $20,000. Additionally, smaller kitchen touch-ups can range from $10,000 – $15,000. You can see why, with so much money invested within one space of a home, a homeowner will want to be sure that they are investing directly into the value of their home as well.
Luckily, a kitchen remodel, if done properly, continue to be one of the best investments a homeowner can make in their house. Updated kitchens are always on the top of the list of what buyers want. However, if you are considering sinking some money into a kitchen remodel this year, there are some things that you may want to keep in mind.
The Return On Investment In A Kitchen Remodel
Firstly, the return that you will get from your kitchen remodel will largely depend on the value of your home, the average value of homes in your neighborhood, the housing market, how soon you sell your home, and the quality of your improvements. For example, installing a $10,000 appliance in a $100,000 house is not likely to pay off.
However, in many markets, a kitchen remodel returns more than 100 percent of the investment cost. This is great news for homeowners in hot markets such as San Diego. where a kitchen remodel can offer triple-digit returns. The numbers show that even when kitchen remodeling San Diego homes with a smaller total investment, the return is still often more than 100 percent of the total cost.
Does a kitchen remodel pay off? The short answer is yes. However, before you make changes in your kitchen, consider the cost, the value of your home, and how the changes will benefit your lifestyle.