As an experienced kitchen remodeler, I have seen the value that a well-planned kitchen renovation can add to a home. A kitchen remodel can not only improve the functionality and aesthetic of the space, but it can also increase the resale value of the home. In fact, according to Remodeling Magazine’s 2023 Cost vs. Value report, a mid-range kitchen remodel has an average return on investment (ROI) of 73.5%. However, not all kitchen upgrades are created equal when it comes to ROI. In this blog, I will share my insights on which upgrades will add the most value to your home.
Cabinetry
Cabinetry is one of the most important aspects of any kitchen remodel. Upgrading your cabinets can completely transform the look and feel of the space. However, not all cabinet upgrades are created equal. According to a study by the National Association of Realtors, replacing old cabinets with new ones has an average ROI of 62%. On the other hand, refacing existing cabinets has an average ROI of 81%. Refacing involves replacing the doors, drawers, and hardware, while leaving the cabinet boxes in place. This option is typically less expensive than replacing the cabinets entirely, making it a more cost-effective option with a higher ROI.
Countertops
Countertops are another important aspect of any kitchen remodel. Upgrading your countertops can not only improve the functionality of the space, but it can also add to the overall aesthetic. According to the same study by the National Association of Realtors, replacing old countertops with new ones has an average ROI of 56%. However, upgrading to high-end materials such as granite or quartz can have a higher ROI of up to 72%.
Appliances
Upgrading your appliances can also add value to your home. According to the 2023 Cost vs. Value report, replacing old appliances with new ones has an average ROI of 62%. However, upgrading to high-end appliances can have a higher ROI of up to 72%. When choosing appliances, it is important to consider not only the cost but also the energy efficiency and functionality.
Flooring
Upgrading your flooring can also add value to your home. According to the same study by the National Association of Realtors, replacing old flooring with new hardwood floors has an average ROI of 110%. However, this option can be expensive, and homeowners may opt for more cost-effective options such as vinyl or laminate flooring, which have an average ROI of 75% and 72%, respectively.
Lighting
Upgrading your lighting can also improve the functionality and aesthetic of your kitchen. According to the 2023 Cost vs. Value report, adding under-cabinet lighting has an average ROI of 85%. This option not only adds to the overall aesthetic but also improves the functionality of the space by providing additional lighting for tasks such as food preparation.
In conclusion, when planning a kitchen remodel, it is important to consider which upgrades will add the most value to your home. While all upgrades can improve the functionality and aesthetic of the space, some upgrades have a higher ROI than others. By focusing on upgrades such as cabinet refacing, high-end countertops, energy-efficient appliances, hardwood flooring, and under-cabinet lighting, homeowners can maximize their ROI and enjoy a beautiful and functional kitchen for years to come.