When looking to increase your home’s value, the best place to start is the kitchen. According to the Appraisal Institute of Canada, each year, kitchen renovation projects record the highest return on investment. Statistics show that 75 to 100 percent of kitchen expenditures are recovered when the home is sold.
Consider the following tips when looking to increase the value of your kitchen.
Do the Research.
Ask a local real estate agent about kitchen necessities in your specific neighborhood and surrounding areas. Research what attracts buyers and what repels them. Because you need to realize a nice Return on Investment (ROI) on your kitchen once it is time to put your home on the market or to receive an appraisal, you must set priorities based on what sells a kitchen.
Simplicity is Key.
One of the most important things to remember when remodeling your kitchen is to choose materials and designs that appeal to the masses. The style and color scheme of your kitchen should be simple and classic. Although bold colors and texture may be on trend, the lifespan of these themes are often short-lived.
Additionally, it is important that you never compromise the architecture of your home. If the exterior of your home is traditional, a contemporary kitchen would not transition well for most buyers.
Avoid Luxurious Accessories.
When selecting materials and appliances for your kitchen, keep your budget in mind. If cabinets are outdated, it may only require new hardware to refresh the look. Steer clear of exotic designs and appliances, and be sure to ask yourself if what you are considering is a necessity for the kitchen or simply a luxury. Don’t select cheap materials and products, but also avoid the highest end items and features.
Kitchen Features to Focus On
Natural stone or quartz countertops are safe selections for increased kitchen value. It is important to never compromise on quality when it comes to your kitchen’s countertops. Select colors and patterns that complement your cabinets and wall colors.
When it it comes to your kitchen, functionality, space, and convenience are important factors homebuyers consider. Implement smart accessories such as pull-out pantries, extra drawers, or corner shelving.
A small change in lighting can change the entire look of your kitchen, enhancing the appeal and ambiance of the room. Additionally, under-cabinet lights can illuminate the workspace countertops. A vintage-style chandelier will give a classic feel to your cooking area.
Replacing all of your kitchen appliances is highly expensive. A more cost-friendly alternative is giving them a facelift. Order new doors or face panels for a cohesive look. Stainless steel skin covers are available for refrigerators, microwaves, dishwashers, and other kitchen appliances. Use these to upgrade the look of your kitchen.
One of the simplest ways to increase the value of your kitchen is by painting or refinishing the walls. Consider bright, inviting colors such as white, ivory, or gray. Color accents can easily be tied in with accessories and appliances. Be mindful of personal color preferences, as they could be a deterrent to prospective buyers.
A kitchen backsplash is the focal point of the room. Select an eye-catching backsplash with materials such as wood, metal, glass, or ceramic tile to add texture to the area.
As a general rule, keep the overall cost of kitchen renovations under 15% of the home’s value in order to receive the maximum return on investment. Minor updates can add immediate value to your kitchen. If you are getting ready to sell or receive a home appraisal, consider these simple changes.
Definitive Valuations is North Alabama’s premiere appraisal firm. Our mission is to provide superior valuation and consulting services in Huntsville, Alabama, and surrounding areas. Our staff strives to understand your needs and to provide the best solution for your situation – whether for financial planning, relocation, tax dispute, legal matters, pre-listing, or any other purposes. Discover more here.