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How much does a kitchen remodel increase home value?
If we renovate our kitchen, how much will our home value go up? I know you can't know definitively, but is there a percentage or a range? Thanks!
Asked By Juanita | Vista, CA | 570 views | Remodeling | 1 year ago
Answer(6)
Chris Yochum
Dickson Realty
Every market is going to be different. For the most part in my market I have seen that if you put about $50,000 into your kitchen you will get about $50,000 more for your home. In most cases, I havent seen where it makes sense to upgrade items unless they are in bad shape and damaged. If the kitchen is outdated, you will usually get less for the home. If the kitchen is updated you will usually get more for the home. In many cases its the same amount you put into upgrades.
- 1 year ago
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Lisa and Greg Harris
eXp Realty, LLC
I see you are in California. This is truly a market-specific question. If you are located in an area where the homes are older and many have been updated, it might help to increase the overall values. I work with clients locally to give them an idea of the best place to invest in their home to get the most out of it at when they go to sell the home. I would recommend reaching out to a local REALTOR that can specifically give you an idea of your market to not over-invest and get the most out of your remodel project.
- 1 year ago
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Lynne Pruell
Realty 100 LLC
itchen renovation adds to a home can vary widely depending on a variety of factors, such as the size of the kitchen, the quality of the materials used, and the overall market conditions in your area.
According to the Remodeling 2023 Cost vs. Value Report, a minor kitchen remodel has a national average return on investment (ROI) of 72.2%, while a major kitchen remodel has an average ROI of 57.7%
Working with a reputable contractor and a real estate professional in your area can help you make an informed decision about whether a kitchen renovation is a good investment for your home
- 1 year ago
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Joanne Patience
Iron Valley Real Estate North Florida
That is a great question, Juanita. Each market is different, so you should speak with a local Realtor before making improvements, especially if you are considering selling soon. You may only need to update the appliances, hardware, and light fixtures, or your local market may suggest a complete renovation. Every year a cost vs. value report comes out providing estimated costs. For the Pacific Region - a major upscale kitchen remodel would be approximately 27% recoup in costs, midrange about 38%, and minor about 79%.
- 1 year ago
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Megan Kilmer
Revest Homes, Inc. - Dream Catch Properties
Are you asking as someone who will be living in the home or as someone looking to sell. The homeowner should budget and make renovations that add value for them. If you are selling I would work with a company that FRONTS renovation costs. That means that they are investing with you on prepping the home for market. It takes the emotions out of the process. Working with a professional they are going to tell you what reno is needed and the rate on return. I have had very unhappy clients the dumped 100k into a kitchen remodel that they loved - but it did not improve the value 100K. You can OVER RENO a property. The best thing to do is pull comps and discuss reno with a professional.
- 1 year ago
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Melonie Aldridge
ERA BYARS REALTY
Kitchens can add great value to your home. It will cost you some money upfront but you will reap the benefits in the long run.
- 1 year ago
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