The purpose of most home remodeling projects is to simplify our lives by improving our living space. But have you considered how cost effective that upgrade may be in the long run? For many of us budget is a concern when investing in a home improvement project and we want to make every dollar matter. Most importantly, we want to be sure that our remodel makes good financial sense and is a positive return on our investment.
Kitchen Update For Resale Value
Updating an outdated kitchen with fresh new cabinets, appliances, countertops, and fixtures is always a safe bet when expecting a nice return on your investment. When planning your kitchen remodel be sure that your own design aesthetic is not jeopardizing the potential return on investment. It’s best to have a balance of personal taste and popular style in your selections.
Cost vs. Value
According to the Remodeling 2015 Cost vs. Value Report (www. costvsvalue.com), about 67% of the cost is recouped in resale in a major remodel for a midrange kitchen*. This includes semi custom wood cabinets with island, laminate counters, standard double tub sink & faucet, wall oven, cooktop, microwave, dishwasher, garbage disposal, lighting, ventilation, flooring, and painting. If your budget is a concern, kitchen remodeling is considered to be a wise investment for future resale.
*© 2015 Hanley Wood, LLC. Complete data from the Remodel- ing 2015 Cost vs. Value Report can be downloaded free at www. costvsvalue.com.