By: Katarina Knoff
The kitchen is a valuable and essential part of your home. From cooking, homework and sharing meals, it is a room where memories are made. It is a space that should be highly functional, and that you should enjoy.
The kitchen is also a key consideration for potential home buyers when choosing a new home. The following tips will help budget and guide a kitchen renovation without breaking the bank, as well as provide steps to follow to ensure a successful remodel.
Remember, a thoughtfully renovated kitchen increases your home resale value.
Tip #1: Strategize Where to Spend the Bulk of Your Money
After deciding to remodel, commit to spending the bulk of your budget on features that you don’t want to replace often – including countertops, appliances and cabinetry. Investing in these things will increase the long-term quality and value of the kitchen.
Tip #2: Talk to a Real Estate Agent
You do not want to over-improve. Once spent, you won’t be able to recover the costs of your upgrades no matter how nice they are. It is helpful to speak with a real estate agent about the comparables of other homes in the area, so you don’t end up losing money when the house sells.
Tip #3: Budget for Unexpected Expenses
No matter how well you think you have planned for a renovation, there are almost always unexpected expenses that arise once a project commences. Plan to set aside 10-15% of your planned budget to account for this.
Tip #4: Plan the Order of the Renovation
When remodeling a kitchen, there is a specific order that things should be done in for maximum efficiency. For example, you will want to install flooring after you have done cabinets.
Here is a suggested order for you to consider during your renovation efforts:
1. Tear Out and Demolition
2. Rough-In Work Including Framing & Plumbing
3. Professional Inspection
4. Finish the Walls
5. Install Windows & Doors
6. Hang Cabinets & Plumbing Fixtures
7. Install New Flooring
8. Install New Appliances
The average return on investment (ROI) for a major upscale kitchen varies depending on where you live. For example, according to daveramsey.com, while the national average ROI for a minor remodel is 81%, the percentage increases to 93% if you live in the Pacific area of the country.
Finally, each kitchen remodel is unique- so there is no one answer for how much it will increase your resale value only that it will definitely add value to your home.